Vacant land costs more in Perth: report

Perth's residential land market is the third most expensive in the nation, trailing only the Sunshine Coast and Sydney, according to the latest research by the Housing Industry Association and industry analysts RP Data.

But in terms of dollar value per square metre, vacant land in Perth is the most expensive in Australia, at $516/sqm, leading the most expensive market traditionally, Sydney, by $38/sqm.

The HIA-RPdata.com Residential Land Report for the September quarter 2010 showed Perth's median lot price at $245,000, well above the nation's median land value of $186,629.

Median land prices in WA grew 11.4 per cent on the previous quarter, and 8.9 per cent on the same quarter in 2009.

Two regional WA markets, south eastern and south western WA, were also among the top ten most expensive, with median lot prices of $166,000 and $165,000 respectively.

Over the year to 2010, median land values were up 5.2 per cent across Australia, while land sales in the September quarter were down 57 per cent on the corresponding quarter in 2009.

For more on this article go to WA Business News