Thursday, October 20, 2011

Land Sales Down 23% from Last Year

So as they talk about a recovery, the land sales in Perth have gone the other way. Whilst there have been improvements from the June quarter, we are still down 23.5% from last year's figures. Land value is on average $235,000 which is 12% down from the highs in 2006.

Personally I think it is simply because of the quality of land being released. Most land has been released in places that are 20km+ from the CBD and in places further from where house prices have plummeted recently. Just a week ago, articles came out saying that Perth house prices will go up 20% in the coming three years but there doesn't seem to be too many signs of that just yet.

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