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REIWA: Don't read too much into land price increases

People in Western Australia are being advised not to read too much into the September quarter's increase in land prices.

A 12.5 per cent increase was recorded in the September quarter's median price of land, but people should not read too much into this, the Real Estate Institute of Western Australia (REIWA) has warned.

The institute says that this price hike is not due to a shortage, as there are 2,360 blocks on the market, but because of a shift in the location of plots for sale, according to The Australian newspaper.

There has been an increase in the sales of more expensive lots that are closer to the city and fewer sales at the less costly urban fringe.

In the REIWA's November overview, valuer Herron Todd White said that the sale of land in Perth has remained relatively stable.

Last month, a residential land report from the Housing Industry Association showed that land sales had eased in most of Australia's capital cities in the second quarter of the year.

Posted by Craig Francis

- prices, land, sales, REIWA

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