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Attractive land prices in Adelaide

By Brett Pilgrim

When you're on the look out for property in Adelaide, house prices aren't the only thing to keep an eye on. Construction levels are soaring and while many households might find values too hot to handle elsewhere in the country, building a new home in Adelaide could be an appealing option for investors. The most recent figures from CoreLogic RP Data show that the value of vacant residential lots in the South Australian capital sat below the $200,000 mark. 

CoreLogic research shows that, nationwide, the cost of vacant land across the country marched upwards over the past year. In fact, the median price for a vacant block of land rose 6.2 per cent in 2014. This is an impressive rise and is the largest increase in a 12-month period since October 2011.

Land values in Adelaide reflected this trend on the whole but there was some variation. The typical lot size in Adelaide is the smallest of any capital city at 390 square metres, but the price has risen astronomically over the past 10 years. While Melbourne and Perth saw the largest increases over the past year, Adelaide was well up on the list of improvements.

The cost of vacant land has more than doubled, but it's worth keeping in mind that the city still remains one of the most affordable for land in the country. Vacant land prices in Sydney surged up to $350,000 – and is $681 per square metre. Given the cost of building a home and saving for deposit, this can be simply unaffordable.

However, if you were looking to build a new home or investment property on South Australian soil, Adelaide could present a solid option. By comparison, the median price for a typically-sized block was $199,500 as of December in Adelaide. On a per square metre basis, land costs $517.

This offers buyers and investors a potential bargain. Get in touch with the team at Ray White if you'd like to know more about real estate in Adelaide.

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