One of the biggest problems affecting the Australian property market is a lack of land supply, which is essential for the construction of new homes.
The latest HIA-RP Data Residential Land Report shows that during the September quarter of last year, there was a decline in the number of land market transactions.
This came at a time when price growth was on the rise, suggesting that anyone interested in buying land may have found themselves priced out of the market.
"It is important that land supply policy across Australia is consistent with the goal of housing affordability," said senior economist at the Housing Industry Association (HIA) Shane Garrett.
"The process of delivering new land supply and the requisite infrastructure for new housing is currently too slow and too expensive."
Over the three-month period, the median price of residential land saw a rise of 3.3 per cent, which makes it a record high.
This is where it can be useful to enlist a real estate agent in Burpengary, especially if you're hoping to secure an affordable property.
Here at Ray White Burpengary, we know where to find homes that suit your individual criteria, so why not give us a call to see how we can help?