QMI: March 2024

Residential land markets across the nation continue to adapt to the dynamic economic and property market environment.

Affordability and serviceability constraints remain key challenges for many buyers.Relatively more affordable markets, for example Adelaide and South East Queensland, continue to experience growing levels of buyer demand.

Gross prices generally remained resilient over the quarter despite higher interest rates and cost of living pressures. However, incentives and rebates have become increasingly common across metropolitan Melbourne and some Victorian regional markets.

Going forward, the outlook for the national residential land market will be driven by a few key factors. These include the future direction of interest rates, Australia’s growing housing supply and affordability crisis and the continued rebound in the broader property market.

Ensuring greater affordability and a diverse product offering to suit a range of market segments and demographic groups remains critical to maximising opportunities.

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Julian Coppini

Chief Executive Officer - Project Marketing