residential Australia’s future residential land supply moves through seven distinct stages to get from raw land to land reportingshovel-ready lots for sale. Land is the largest and most expensive component of every newly-built home – both greenfield and infill. In Sydney, almost Story: Kristin Brookfield 60 per cent of the ticket price of a new detached house is made up of land costs. The land component is also very substantial in all other large Australian housing markets. The results from our latest residential land report show why. The second edition for the year of the HIA- CoreLogic Residential Land Report has now been released. As Australia’s most comprehensive regular review of developments in the market for residential land, the report provides a wealth of data relating to land prices, lot sizes and transaction volume in 47 regions around Australia – including six of the eight capital cities. The typical Sydney lot size has fallen from 555 square metres ten years ago to 480 square metres today Over the past ten years, the typical lot price in Sydney has increased from $270,000 to $467,500. Melbourne lot prices have more than doubled from $148,500 to $359,000 in the past decade. As well as becoming significantly more expensive, land lots have also been getting steadily smaller. The typical Sydney lot size has fallen from 555 square metres ten years ago to 480 square metres today. Over the same time period new residential lots in Melbourne have declined from 530 square metres to 448 square metres. The big uplifts in house prices in these markets over the past six years have been driven by land price pressures. In the seven-stage process HIA has identified seven stages in the land release process. Stage 1: Designated for Urban Development Stage 2: Zoned for Urban Development Stage 3: Subdivision Planning Approval Stage 4: Subdivision Works Approval Stage 5: Subdivision Completion Approval Stage 6: Registration of Title Stage 7: Lots Sold to Market 42 HOUSING SEPTEMBER 2018 SINE CFOTICOUNS • •S EUCBOSNECOTMIOICNS