According to the latest HIA-CoreLogic Residential Land Report published today by the Housing Industry Association (HIA), the voice of Australia’s residential building industry, Hobart remains the least expensive capital city land market ($145,000).

HIA Executive Director, Rick Sassin, said that “Whilst the residential land sales have increased across the Nation, Hobart remains the most affordable capital city to build, with the median land price decreasing by 3.3% in September. Whilst there has been a moderate house price rise, the median price for land is the same as a year earlier.

“This further highlights the importance of the cost of the land in the overall affordability of the build. When looking across the other States, and taking into account that the cost of building is similar State to State, it is evident that the price of land really is one of the biggest players in housing affordability.

“Unlike in other States, we don’t foresee an astronomical growth on land prices and we can expect Tasmania to remain the most affordable capital city.”

Source: HIA