Source; RP Data
Over the 10 years to December 2011, the rate/m2 on residential land has increased at a significant rate across each capital city.? The compound growth rate over the past 10 years is detailed below for each city:
??Sydney ? 5.4%pa
??Melbourne ? 11.7%pa
??Brisbane ? 12.9%pa
??Adelaide ? 14.4%pa
??Perth ? 13.7%pa
??Hobart ? 16.5%pa
Interestingly, if you compare the compound growth rate for land prices over the period to growth in overall house values it appears that the land component is becoming much more expensive while the value of the house is becoming comparatively more affordable.? Listed below are the ten year compound growth rates for capital city houses:
??Sydney ? 3.9%pa
??Melbourne ? 7.3%pa
??Brisbane ? 8.3%pa
??Adelaide ? 7.9%pa
??Perth ? 9.9%pa
??Hobart ? 9.7%pa
Ross Cutten
Owner/Licensee
Director
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