High property land prices in Australian capital cities bringing sales down

There is strong evidence of intensifying supply constraints in the residential land market in Australia, especially in the country’s state capital cities. The number of residential lot sales fell by 2.7% in the third quarter of 2015 while median lot prices rose by 4.2%, according to the report from the Housing Industry Association and real estate analytics company CoreLogic RP Data. The index report explains that the tightening of market conditions was concentrated in the capital cities, where...