A 1965 ad showing a property for sale in Queensland for under $8000 is another reminder of the soaring cost of homes in Australia

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  • An ad recovered from 1965 reveals a block of land near Brisbane was once valued just £295, or $7,855.48 in today’s money.
  • The median house price in the same area is now $391,000.
  • The cost of residential land in Australia is soaring.

An ad from 1965 recovered by a local community group is a reminder of just how much property prices have increased over the last five decades.

The land in Strathpine, in the Moreton Bay region of Queensland, was advertised for just £295, which is equivalent to $7,855.48 in today’s money.

According to Domain, the median house price in the same area is now $391,000.

Here’s the ad that Lost.Brisbane posted on its Facebook page.

[facebook url=”https://www.facebook.com/Lost.Brisbane/photos/a.707197286058042.1073741899.122177044560072/1624150041029424/?type=3&theater”]

The cost of vacant residential land prices in Australia is soaring.

The median vacant residential lot price surging 6.5% in the September quarter of last year, hitting $267,368, up 10.9% on a year earlier, as reported by Business Insider’s David Scutt earlier in the month.

The latest data from the HIA-CoreLogic Residential Land Report also reveals median prices in capital cities jumped by 7.8% during the quarter, far outpacing growth of 2.7% in regional areas.

Record population growth, low mortgage rates and an insufficient supply of “shovel-ready residential land” are attributed to the growth.

More on that here.