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ISCOVER
Staff Reporter
A shortage of vacant land in the Geelong and Lara area is pushing prices skywards, according to new research released by PRDnationwide.
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The figures show the median price for vacant land grew by 11.6 per cent between January 2011 and January 2012.
PRDnationwide research analyst Mark Corboy said the growth in the land market despite a flat housing market is a clear indication of the current shortage of available land.
“The Geelong market has been well serviced with new land estates in recent years, and the take up on these properties has been very strong,” he said.
“Whilst there are several projects currently going through the regulatory process, there is a shortage of vacant land currently available in the Geelong/Lara area.”
The research encompasses the metropolitan area of Geelong and surrounding townships including Avalon, Lara, Leopold and Little River.
The housing market did not perform as well – with the median house price remaining unchanged at $340,000, the same as 12 months ago.
“Unit prices, whilst down on the peak of $285,000 from the July 2011 six months, are 3.2 per cent up on January 2011 levels,” said Mr Corboy.
PRDnationwide research reveals the longer term analysis for houses and units shows a ten year growth rate of 8.4 per cent and 7.5 per cent respectively, reflecting the typically steady and reliable nature of the market.
