QMI: December 2023

New residential land markets across the nation continue to show signs of improvement although overall demand and sales volume remains below long-term averages.

Gross prices have continued to increase in some markets while other markets have started to show signs of moderation.

Key factors driving markets include the continued use of incentives and rebates (in Victoria), stabilising construction costs (and greater certainty in residential construction more broadly) and high interest rates (although interest rate expectations are shifting).

Despite challenging conditions in the short-term, the medium to long-term outlook for the new residential land remains positive with robust population growth expected to ensure robust underlying demand.

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Julian Coppini

Chief Executive Officer - Project Marketing