Media Release | Melbourne Land Prices Flatline, As Sales Volume Ticks Down

20 Jul

min read

Content & Social Manager

Lilly Mackay

Media Release | Melbourne Land Prices Flatline, As Sales Volume Ticks Down

20 Jul 2026

min read

Melbourne’s land market continued to be subdued in the second quarter of the year, with prices reducing marginally as buyer confidence remained guarded following three interest rate rises in 2026, according to new data from Oliver Hume Property Group.

Oliver Hume today released its latest quarterly sales and price data for the June quarter, which analyses thousands of land sales across key markets in Melbourne, South East Queensland and Adelaide.

The research showed that Melbourne sales volume fell 9% in the June quarter to 1,757 sales, down from 1,931 in the March quarter, and down 28.5% year-on-year.

The median lot price in Melbourne fell 0.2% to $404,000, while the price per sqm rose 3.9% for the quarter to $1,113 per sqm. Median prices fell the most in the June quarter in Cardinia -6.7% and Hume -4.3%, with the biggest rises being recorded in Greater Geelong 3.1, Whittlesea 2.9% and Melton 1.6%.

Oliver Hume Property Group Chief Executive Officer Julian Coppini said prices had held up reasonably well despite the fall in sales volume.

“The Melbourne market remains very affordable in comparison to other markets,” he said. “We expect a recovery to be pushed well into 2027 due to the effects of the interest rate rises and the impact of the budget taxation measures.

“We expect the Melbourne greenfield land market to remain well positioned for recovery and to be supported by population growth, stronger First Home Buyer activity, and some shift of investors from the established to the new housing market.”

Median Prices for Melbourne – June Quarter 2026*

Municipality	Jun-25	Mar-26	Jun-26	QoQ %	YoY %	QoQ $	YoY $
Cardinia	$452,500	$461,000	$429,900	-6.7%	-5.0%	-$31,100	-$22,600
Casey	$439,000	$470,000	$469,000	-0.2%	6.8%	-$1,000	$30,000
Greater Geelong	$378,500	$387,000	$398,900	3.1%	5.4%	$11,900	$20,400
Hume	$387,000	$419,000	$401,000	-4.3%	3.6%	-$18,000	$14,000
Melton	$398,750	$379,000	$385,000	1.6%	-3.4%	$6,000	-$13,750
Mitchell	$339,900	$349,950	$354,950	1.4%	4.4%	$5,000	$15,050
Whittlesea	$371,000	$413,000	$425,000	2.9%	14.6%	$12,000	$54,000
Wyndham	$384,000	$389,000	$392,000	0.8%	2.1%	$3,000	$8,000
Melbourne (excl. Geelong)	$397,500	$405,000	$404,000	-0.2%	1.6%	-$1,000	$6,500

* Selected municipalities. Source: Oliver Hume Research.

Oliver Hume Property Group Chief Economist Matt Bell said Melbourne has experienced a longer and more pronounced slowdown with recovery taking longer than expected.

“The city’s long-term fundamentals, including infrastructure investment and population growth, are creating opportunities.

“Home builders are acquiring residential homesites in scale, positioning for a Melbourne land market recovery they believe is coming in the next 12 months. This is despite broader buyer sentiment remaining cautious.”