Land supply under pressure

Land supply under pressure

Posted on Friday, February 07 2014 at 9:54 AM

Residential land supply may be coming under pressure with the volume of sales slipping in the September 2013 quarter, according to the HIA-RP Data Residential Land Report.

Despite the 2.8 per cent
drop, figures showed sales in the land market were up by
almost 40 per cent compared to 12 months earlier.

In addition, the value of
weighted median residential land had increased by 2.9 per cent over the
September quarter.

HIA senior economist Shane
Garrett says supply bottlenecks have affected the residential land market,
resulting in price pressure.

“We have long emphasised the
importance of ensuring that an adequate supply of affordable, shovel-ready land
will be crucial to any sustained recovery in new home building,” Garrett says.

Garrett has called on all levels
of government to reduce excessive taxes and charges on housing and reduce
delays on land releases.

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