
For the past 3 years, Western Australia’s land market has been like a runaway train, with prices surging relentlessly. However, recent data suggests that this red-hot market may finally be starting to cool down.
According to the Urban Development Institute of Australia (UDIA WA), Perth’s median land price reached a record high of $369,000 in the June 2023 quarter. However, this represents only a 1.4% increase from the previous quarter, a significant slowdown compared to the double-digit growth seen in previous years. Furthermore, lot sales have fallen by 25% compared to the same period last year, indicating prices have reached a point buyers either can't, or won't, pay for a property. This easing of price growth and sales volume suggests that the market may be approaching its peak.
Several factors contribute to this shift. Rising interest rates are making borrowing more expensive, putting downward pressure on affordability. Additionally, the cost of living continues to rise, leaving less disposable income for potential homebuyers. As affordability constraints tighten, further moderation in the land market is expected.
Navigating the changing market with LandNow
This shift in the market presents both challenges and opportunities for land developers and the sales teams of building companies. As more property becomes available and sales slow, buyers become more discerning and it’s crucial to adopt innovative strategies to stay ahead. This is where LandNow comes in.
LandNow empowers land developers and builders to thrive in any market condition, including a cooling market. By leveraging cutting-edge technology, LandNow streamlines and optimises the entire sales cycle, from initial enquiry to final sale, increasing knowledge and suitability of land parcels and making the reserving and buying process, faster, more transparent and secure.
Enhance customer experience: LandNow’s interactive tools and digital solutions help potential buyers see the suitability of a block for sale at a glance. All the important information including lot size, access and topography is visible to ensure the block suits the house design. In addition, buyers can see the location, access to amenities and distance.
Boost sales efficiency: Automated workflows and integrated CRM capabilities mean LandNow’s inventory is visible in real-time. This ends the endless time wasted by builder sales teams of calling and leaving messages to check if individual blocks are available, and the need to scroll through PDF documents from every developer. It enables sales teams to manage leads effectively, nurture relationships, and close deals faster.
Gain a competitive edge: With real-time data and analytics, LandNow provides valuable insights into market trends and buyer behaviour, enabling data-driven decision-making and targeted marketing campaigns.
In a cooling market, efficiency and customer experience are paramount. LandNow equips you with the tools to optimise your sales process, reduce overheads, and deliver exceptional service that sets property developers apart from the competition.
So don’t let a shifting market catch you off guard. Discover how LandNow can empower your land development business with the technology and insights you need to succeed.
Browse our website today to explore LandNow’s features and book a free demo here.