Land prices in Western Australia hit a record of $300,000 in October, new data has revealed.
CommSec cited a report by Landgate, a Statutory Authority responsible for Western Australia's land and property information, showing land prices surging by as much as 13.2% over the 12 months to October.
This solid increase in land price comes even as house prices drop by 10.4% compared to a year ago, according to Craig James, chief equities economist at CommSec.
"After falling in annual terms since February from record levels, land prices are now increasing again on an annual basis," he said.
Craig noted that house prices have risen 82% over the past five years with land up 160%.
The median house price in Western Australia rose by $10,000 to $455,000 in October. "While house prices are down 10.4% on the record price set a year ago, they are up 37.9% over the past three years and up 82% over the past five years."
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker