House and land sales

House and land sales across Australia boom

PHOTO: First-home buyers Lisa and Hansell Campos with have purchased a house and land package in Greenbank in the Everleigh Estate, Brisbane QLD Photo: Marc Pricop

COVID-19 has been a “performance-enhancing drug” for Australia’s new house and land market, with the latest figures revealing sales are now at a historic high.

House and land sales reached record levels in the September quarter, with 5426 land lot sales chalked up every month, according to new data released at an Urban Development Institute of Australia (Victoria) market update this week.

That number has eclipsed the previous peak in 2016, when 5000 land lots were sold per month.

The record numbers are expected to continue into the next month, as house and land buyers scramble to get a contract signed before the HomeBuilder deadline on December 31.

Speaking at the online UDIA forum, Research4 director Colin Keane said a lack of interstate migration due to COVID-19, the $25,000 grants from the Federal Government’s HomeBuilder scheme, and the JobKeeper safety net payments had all contributed to a massive swing towards land, sending sales skyrocketing.

“COVID-19 has actually been a performance-enhancing drug for greenfield land sales,” Mr Keane said. “[Sales have] set a new record for the national market and it was all because of the consequences of COVID-19.

“All of the economic uncertainty hasn’t affected the greenfield market yet.”

House and land
Sales of house and land packages have skyrocketed during the coronavirus crisis. Photo: Marc Pricop