Hi all
Interesting thread.
Here is some exact figures on my local area in Perth which I know well:
Ok we purchased 3 x 1 house 730sq block in Bullcreek (10-15k from city - well established 30yr old suburb - pretty much your average perth suburb) in april 2004 for 210k (pretty much block value) - bulldozed built lovely new PPOR, thru builder 178K as displayed.
OK now we are at june 2006 - identical house / block, 4 houses away sold for 460k - the price for the same house as displayed now 260k
That's 250k increase on block in 2 yrs / 90k on the price to build.
Our old house in Willetton - 2 suburbs away, same type of suburb.
I had it valued in 2004 at 225 - 245k sold july 2005 320k
2 houses up the street in willetton comparable house to ours sold in dec 05 for 380k the new owners put it back on the market 6 months later and sold for 430k.
around the corner in bullcreek - 2 house bulldozed - subdivided into 3 blocks of approx. 500sqm each - auctioned mid 2005 sold for average of 325k each.
Our Bullcreek PPOR now valued at a conservative 700k
I have a girl friend who buys land builds, lives in them and then sells and does it all again she is on to no.6. She made 200k on the last one - the buyers have just had finance approval last week - she's already purchased a new block and is waiting on title.
So I would believe the stats for block increases. I haven't seen a block advertised for under 250k in Perth for quite a while now.
Mind I have not seen the actual sales figures on the new suburb releases, only what I have heard from those that have purchased there, none have purchased for under 250k.
Also you can get sale figures from
www.dli.wa.gov.au - for a price (department of land information) used to be DOLA.
Happy pondering Perth.
Celeste