BY DAKOTA TAIT
Demand for residential land in the Hunter has increased dramatically according to the latest figures.
Sales climbed by more than 88 percent in the three months to September in 2020 in the Hunter Valley,
and 24 percent in Newcastle and Lake Macquarie, according to the latest residential land report from the Housing Industry Association.
The Newcastle and Lake Macquarie median lot price landed at $330,000, placing the region fifth on the list of most expensive regional markets.
Hunter Valley lots cost an average of $225,000, an increase of 7.65% compared to the same period in 2019.
HIA Hunter Executive Director Craig Jennion said the rising demand in the Hunter and other regional areas was boosted by the confidence generated by Government stimulus programs.
"This data reflects the surge in demand for land following the announcement of the HomeBuilder program in June and demonstrates that there continues to be a clear preference for coastal areas near capital cities and an ongoing trend for 'sea and tree change' locations," Mr Jennion said.
Mr Jennion said changing work habits in the pandemic period were likely to continue to push prices up.
"This is likely due to the newfound capability to work from home which has enabled homebuyers to look at locations that would previously have been considered too far from their workplace," Mr Jennion said.
"A sudden increase in demand for land will likely result in prices increasing in 2021."
