According to a new study by the National Land Survey Program, at the end of last year, just three out of 10 lots for sale in new housing estates were accessible to average-income first home buyers.
In Melbourne, just 26% of lot sales met the first home buyer affordability benchmark of $200,000 – down from 90 per cent two years ago. Queensland fared worse than Melbourne, while Adelaide and Perth were the only two capital cities found to be building enough affordable land in new estates.
Residential land sales fell by 74% in the year to September 2010, yet median land prices grew by 25 per cent to $225,750.
In Melbourne, just 26% of lot sales met the first home buyer affordability benchmark of $200,000 – down from 90 per cent two years ago. Queensland fared worse than Melbourne, while Adelaide and Perth were the only two capital cities found to be building enough affordable land in new estates.
Residential land sales fell by 74% in the year to September 2010, yet median land prices grew by 25 per cent to $225,750.
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