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A new report from the Housing Industry Association and CoreLogic RP Data shows there was some relief from the tight land market conditions in the June 2015 quarter.
The June 2015 quarter saw national residential land sales increase by 17.6 per cent, according to the report, while the weighted median residential lot price increased by 0.6 per cent over the quarter to be 5.2 per cent higher than 12 months earlier.
HIA economist Diwa Hopkins said the rise in lands sales was accompanied with an easing of price increase compared with the previous quarter, which saw strong price increases and declining land sales.
“While the June quarter result is an encouraging development, what needs to occur is similar results being sustained over the longer run,” she said.
“That is, a larger and more consistent flow of shovel-ready land needs to be brought online.”
According to Ms Hopkins, policy reforms need to address key land supply bottlenecks such as unnecessarily long planning delays, the slow release of residential land, and excessive infrastructure funding arrangements and zoning restrictions.
[Related: Land constraints driving residential lot prices – report]
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