Land prices rise 8.5% in a year

The median lot price across Australia rose 8.5 per cent to $256,683 in 2016/17, according to a Housing Industry Association-CoreLogic Residential Land Report.

Residential land prices have soared to new highs across capital city markets, sending the cost of vacant land in Sydney over $1,000 a square metre.

The median national lot price increased 8.5 per cent to $256,683 in the 12 months to June, according to the latest Housing Industry Association-CoreLogic Residential Land Report.

Prices in Melbourne increased by 19.6 per cent over the year, 9.8 per cent in Sydney and eight per cent in Adelaide.