Vacant land lots in Point Cook’s greenfield areas had a median price of $461,000 in the fourth quarter of last year – the highest of all Melbourne’s growth areas.
A 42 per cent price rise between October and December “resulted in an exodus of first home buyers who have been priced out of the area”, according to a report released by the Urban Development Institute of Australia (UDIA).
The UDIA’s annual State of the Land report stated the municipality of Casey, in the south-eastern suburbs, recorded the second-highest median price rise for greenfield lots, reaching $365,000 in the last quarter of 2017 (a 35 per cent rise from the previous quarter).
Craigieburn ($325,000), Epping ($315,000) and Brimbank ($314,500) rounded out the top five, with Hoppers Crossing placing seventh with a 30 per cent rise in the median price of greenfield lots, reaching $297,150.
Melton was 11th on the list, with its greenfield land lots increasing 47 per cent to a median price of $234,000.
Other top locations in the report included Pakenham, Wallan, Sunbury and South Morang.
The UDIA report said the Melbourne greenfield market “continued to out-perform other capital cities in the 2017 calendar year.”
Forty per cent of greenfield lots released nationally last year were located in Melbourne, and the city’s median lot price of $304,000 (at the end of December quarter) remained lower than the national average of $313,000.
The report said Melbourne’s median lot size was 400 square metres.
See udia.com.au for details.