THE Gold Coast property gloom continues with land sales across the city plunging by more than 10 per cent between the December and March quarters.
The local slump came as land sales nationally rose by 6.8 per cent during the survey period.
The sale of 190 blocks on the Gold Coast in the first three months this year was down on the 211 sold in the December quarter, according to the HIA-RP Data Residential Land Report released today.
The only bright spot for local land sellers is that the market seems better than this time last year. The latest figures are 18.1 per cent better than the 161 blocks sold in the 2011 March quarter.
The national average, year-on -year increase, is a 16.1 per cent increase.
Land on the Gold Coast remains among the most expensive in the country, according to the report.
Gold Coast median land prices rose 0.5 per cent to $231,500, making it the third most expensive regional area in Australia. The weighted median residential land value across Australia increased by 1.5 per cent in the quarter to $195,466.
HIA senior economist Andrew Harvey says the building sector continues to face challenging business conditions.
“The prolonged period of weak land sales doesn’t provide any confidence that a recovery is on the near horizon,” says Harvey.
“Meaningful reforms across all levels of government are urgently needed to address the persistent weakness in residential building.”
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