South East Corridor

The South East Growth Corridor experienced a notable improvement in sales activity during Q2 2023, with the proportion of sales rising to 21% after gross sales increased by 31% to 451 lots. Casey accounted for the majority of these sales, while Cardinia witnessed a significant surge in demand for vacant lots, contributing to the overall substantial growth.

Nevertheless, average trading days for lots sold in South East Growth Corridor remained the highest among all corridors at an estimated 139 days. This indicates that stock levels remain high, reducing the immediate need for developers to release new lots. As a result, new supply decreased by 26% to a long-term low of 293 lots.

Despite being the most expensive land market among all growth corridors, the median lot prices in the South East rose by 3.5% to $440,000, the highest quarterly rise in prices. Lot sizes also expanded, albeit at a lower growth rate of 1%, to a median size of 392sqm.

Owner occupiers were highest represented in the South East Growth Corridor, with 80% of all sales. However, given the relatively higher pricing for new homes across the growth corridor, first home buyers constituted a lower proportion of buyers at 38%.

Nevertheless, purchasers were predominantly concentrated to the 25-34 year- and 35-49-year-old age cohorts, each representing one third of buyers. Interestingly, the gap between the share of couple with children and couple without children households was narrowest in the South East, accounting for 43% and 37% respectively.

451 Gross Lot Sales

Both Casey and Cardinia saw sizeable increases.

392sqm Median Lot Size

Only a marginal change observed in median lot sizes.

293 New Lot Releases

Overall stock levels remain high resulting is lower new low releases.

$440,000

Median Lot Price

The highest quarterly rise in prices across all growth corridors.

Stock added to market - South East Corridor