- 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.
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.