By General
The median price of a residential block of land has hit new records due to shortages on land, the HIA has found. According to the HIA-CoreLogic Residential Land Report, the national median price of a residential block of land has hit $340,000 as of the September quarter 2023, reaching a new record high. Housing Industry Association (HIA) senior economist Tom Devitt has said this figure represents a new record high, increasing by "more than a quarter compared to before the pandemic". Mr Devitt stated that shortages of "shovel-ready land" resulted in price surges for lots during the COVID-19 pandemic, while the volume of lots being sold has "plummeted to 20-year lows".
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