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ISCOVER
Mia Santoromito
Residential land sales may currently sit at historically low levels, but the market is slowly starting to claw its way back from the bottom, a HIA-RP Data Residential Land Report has found.
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According to the report, land sales grew by 1.3 per cent over the September 2011 quarter.
While volumes for the September 2011 quarter still remained 16.8 per cent lower than those seen in the September 2010 quarter, the slight improvement was a good sign for the year ahead, HIA chief economist Andrew Harvey said.
"It's a long climb back but at least we have now seen three consecutive quarters in which land sales volumes have increased," he said.
