Out of the three states measured, Victoria had the most land sales near the CBD during the March quarter – but no new land is available within 20km of the city for under $1m.
The majority of Aussies are now travelling up to 50km from their capital cities to buy affordable land, according to new research.
The new Radius Report from Oliver Hume Property Group found across three of Australia’s major capitals, two of them had no new land to buy within 10km of their CBDs.
Instead, buyers would typically need to shop between 20km and 50km of their city centres, with land growing more available and affordable the further out they travel.
Almost no new land is available to buy within 10km of Australia’s major CBDs. The majority of buyers are instead travelling up to 50km from their cities to snag affordable spots.
Oliver Hume Property Group chief economist Matt Bell said the report would continue to be updated over time, tracking affordability and supply for buyers and property professionals.
“New house and land communities continue to play a critical role in delivering housing supply and affordability across Australia’s growth markets,” he said.
“This report highlights the reality facing buyers today. Opportunities closer to the CBD remain limited and often come at a premium price point.”
Oliver Hume chief economist Matt Bell said it was important to understand what areas were still affordable for new buyers, and where new infrastructure would need to be made.
The first Radius Report compares land sales data with current construction costs for housing, mapping affordability corridors across Victoria, South-East Queensland and South Australia.
Victoria saw the most land sales during the March quarter, coming in at 3,000 new purchases across 78 suburbs near the city.
Most opportunities for land ranged between 20km and 50km, with the closest opportunities under 20km at packages above $1m.
Living 38km from the city could save you $400,000, compared to buying new land at 11km from Melbourne’s centre.
Packages in suburbs such as Mambourin, 38km from Melbourne’s CBD, reached prices as low as $732,000, compared to $1.03m packages in Sunshine at only 11.6km away.
“Victoria’s growth areas remain the engine room of new housing delivery, offering buyers a broad range of options across Melbourne’s west, north and south-east,” Mr Bell said.
“While affordability pressures remain, buyers can still access new homes at significantly lower price points than those available closer to the CBD.”
Nearly half of all land available within 20km of Brisbane had packages priced at above $1.6m. Picture: TEQ/Richard Greenwood
The closest suburb to Brisbane with available land is Keperra, but buying there would cost you more than $2m.
South-East Queensland sold less than 900 land packages across 33 suburbs during that same quarter, with Tingalpa the most affordable suburb within 20km of Brisbane’s CBD.
Across all suburbs with land available within 20km of the city, nearly half of them had prices above $1.6m, with every package coming in over the $1m mark.
The closest suburb to the city with available land was Keperra, but had an average house and land price of more than $2m.
“South East Queensland continues to experience strong population growth and housing demand, which is reflected in the premium attached to locations closer to Brisbane,” Mr Bell said.
Adelaide was the only capital measured where land was available to buy within 10km of the city.
Prices are still available at a short distance from the city for less than $700,000.
South Australia was the only area where buyers could find land within 10km of its capital city, with packages in Oakden and Morphetville just 9km away.
While only 370 land sales were recorded across 12 suburbs during the March quarter, areas such as Oakden still had house and land packages for around $681,000.
“Adelaide presents a different story to Melbourne and Brisbane, with buyers still able to find new housing opportunities relatively close to the CBD,” Mr Bell said.
English (US) · 