30/07/2009 - 00:00

Perth land price up 2.3% in March

30/07/2009 - 00:00

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Perth land price up 2.3% in March

THE cost of land in Perth is creeping higher, with the median price at $225,000 in the March quarter, but prices are more than 10 per cent lower compared to the same period last year.

New figures from the Housing Industry Association and RP Data show the median price of land in Perth rose 2.3 per cent in the March quarter from a base of $220,000 recorded in the previous quarter.

It was the lowest increase compared to other mainland capital cities. The median price in Melbourne, by comparison, surged 9 per cent to $170,000.

Hobart was the only capital city to post a decrease, with the price falling 0.4 per cent to $134,500.

Nationally, the median price of land rose 7.6 per cent to $197,045.

HIA chief economist Harley Dale said the increase poured further cold water on the gloomy assessments of residential property in 2009.

"Very low variable mortgage rates, the first homeowners grant boost, and attractive deals from volume builders have generated increased new home demand," Dr Dale said.

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