Land Market

Sales Volumes

The volume of lots sold, in both key metropolitan and regional markets, remained stable in the June quarter 2023 (although lot sales showed an improvement in the latter half of the quarter).

A range of factors underpinned this result including record population growth (underpinned by overseas migration), growing pent-up demand, housing shortages and the end of the post COVID-19 moderation in demand (due to the earlier bring forward of sales).

Lots across metropolitan Melbourne remained on the market for an average of around 160 days during the June quarter 2023.

Time on market has increased significantly since the first interest rate in May 2022 but is expected to stabilise.

Commonly Sold Lots 12.5 x 32m 12.5 x 28m 14 x 32m Median Price Median Size Median Value Rate

$392,500* 379sqm $1,070 per sqm