House land values in different States! Melbourne Boom!

May 14, 2010 by Tim  
Filed under Finance, property market, Renovating, tips

Today,’I am researching why is Melbourne booming? I have noticed that the cost of land is so much cheaper in Melbourne. Obviously, this impacts the home final value.   In fact it has a compounding effect. Popular press note from the REIV, that the development of house lots in Sydney 2008 at 2,100 in Melbourne at 16,020 in Brisbane at 11,000. The comparable development charges per lot at $99,800, $29,750,  $43,238.
I  claim this goes a long way to explaining the lower cost of house and land packages in Melbourne. Melbourne has plenty of acccessible and nearly flat land in the Western, Northern and South East growth corridors. This goes a long way to explaining the cost of a House and land package at $600,00 in Sydney, compares to $320,000 in Melbourne.

I claim Melbourne is winning a rising rate of interstate immigration from home buyers.
The Victorian government is moving to doubling the Infrastucture capital works levy on land.  Surely this can only increase the cost of land.
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