Biggin & Scott Land highlighted the impact of immigration and growing population on Melbourne’s greenfield industry.
The NLSP report, prepared by Research 4 and Charter Keck Cramer highlighted Melbourne’s continued outperformance on the volume and affordability of new housing when compared with other capital cities.
Other key findings include:
- Lot Sales – The March quarter posted just over 1,800 lot sales per calendar month. This is the second highest sales rate since June 2005. The last four consecutive quarters has equated to 21,000 lot sales for the past year.
- Pricing – The median price per lot in the March 2016 quarter is $218,000, which is $245,000 below the median lot price in metro Sydney. Over the past year lot prices have moved upward of 3.8%.
- Lot Releases – Over the past three quarters, new lot releases have held at just under 5,500 lots for the quarter. Production levels appear to have reached capacity.
- Stock Overhang – Stock of lots unsold as at the close of the survey was 2,600 lots. This equates to 1.4 months of trading. Stock levels below 2 months of trading indicates a shortage of readily available stock.