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Australia's median land prices rose for the second consecutive quarter in the three months ended June, after declining throughout 2008, the Housing Industry Association said in a report Monday.
According to the HIA's Residential Land Report, the weighted median prices of raw land rose 1.1% in the June quarter to A$174,490. Sydney was the most expensive market with a median price of A$255,000, while Mallee in Victoria remained the most affordable place with a median price of A$70,000. Moreover, of the total 40 non-metropolitan areas surveyed, 25 saw rise in median land values.
"The challenge now is to ensure that land price appreciation does not get out of control the way it so clearly did in the last up-cycle, eroding housing affordability to a disproportionate extent along the way," Harley Dale of the HIA said in a statement.
Meanwhile, Dale pointed out that there were encouraging signs that the volume of land sales were trending higher, supporting the HIA's expectations for a modest recovery in the new home building sector next year. Land sales climbed 1.3% year-on-year in the June quarter, the first rise since the end of 2007.
The HIA noted that with the government's stimulus packages for first home buyers fading and interest rates rising, demand from the first home buyers is likely to decrease as the year progresses. "In balance, investors are likely to become more active as they are much less influenced by rising mortgage rates and issues associated with housing affordability," the HIA added.
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