South east new land sales have bounced back from the end of 2023, surging 37% higher as buyer demand picked up due to improved market sentiment.
Our Q1 2024 Victoria Greenfield Market Report also revealed the south east experienced the highest annual price growth among greenfield corridors, with a 6% increase since Q1 2023.
Despite being up another 2.9% after Q1 2024, the price per square metre rate actually fell as size outpaced price increases with median lots reaching 392sqm and prices $450,000.
Our report shows gross lot sales increased by 37% in the south east, reaching 518 lot sales and accounting for 25% of total sales across the corridors (up 3% from Q4 2023).
Cardinia and Casey experienced notable lot sale increases, with Cardinia showing a larger proportional shift and Casey seeing a larger absolute increase.
Q1 2024 saw lots spend longer on the market, with the average time increasing to 170 days – the longest duration ever recorded.
RPM National Managing Director of Project Marketing Luke Kelly said while it was positive to see the price per square metre fall, the region remained the most expensive of all the growth corridors.
“This will continue to impact sales until interest rates come down and borrowing capacity increases,” he said.
“Sales, while up, are low by historical standards with many buyers waiting to see conditions improve before deciding to jump in. An indication of this trend can be seen in the days on market figure, which was at 170 days, a record for the region.”
“However, the south east remains a very attractive region for buyers thanks to the extensive infrastructure and amenity on offer. Despite its high price relative to the other corridors, it still snared one in four sales.”
This article references findings from our Q1 2024 Victoria Greenfield Market Report.