By Eleanore D. Sanchez

The value and price of vacant land across most Australian capital cities increased in the past year, with Sydney and Melbourne land price increases outpacing home values, according to recent research.

CoreLogic RP Data’s latest Property Pulse report revealed that as of June 2016, the average vacant land sales price reached $212,000. On one end, capital cities had a combined average of $270,350; but on the other end, regional areas scaled $164,250.  

Specifically, regional area sales prices dipped by almost 2%, while capital cities sales values increased by 8%.

Additionally, on a per-square-meter basis, vacant capital city land is 231% pricier than land outside these cities. Sydney continues to have the highest average land price at $422,000, which reflects a 13% increase over the past 12 months.

CoreLogic’s research head Cameron Kusher observed that although it is “no surprise that the cost of vacant land in Sydney is significantly higher than in all other capital cities, of note is just how strong the increases in land prices have been in Sydney and Melbourne over the past year, with rises in excess of those for home values.”