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Perth land prices drop by 3.9%

PERTH’S median land price fell 3.9 per cent in the December quarter 2008, but still remains the second most expensive in the country behind Sydney. Median land prices reached $220,000 in the last quarter of 2008, the fourth consecutive drop and almost 17 per cent lower than the peak experienced in the December 2007 quarter. Perth recorded the largest drop of all the capital cities for the year, with the Western Australian capital and Sydney the only two cities to record a drop in median lot prices in 2008. Sydney was the most expensive city with a median price of $250,000, while Hobart was the most affordable city at $135,000. On a per-square-metre basis, the median price for a residential lot in Perth was $425, while regional WA was much cheaper at $246. The figures were part of the latest residential land report from Housing Industry Association and RP Data. HIA WA executive director John Dastlik said while land prices had fallen actual sales volumes were still weak. Land sales volumes in Perth were 36 per cent lower at the end of 2008 compared to the December 2007 quarter. Despite this, HIA expects low mortgage rates, stable construction costs and the first homeowners grant boost will make house and land packages an appealing option for some months to come. The figures were part of the latest residential land report from Housing Industry Association and RP Data.

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