The Australian property cycle has historically been driven by land prices. Land has been in short supply due to:
• State Government policies which restrict land development within a footprint, termed 'urban consolidation'
• Long approval time by Councils (particularly in Queensland, 12 months or more for large properties)
• High Council charges for headworks and infrastructure
Serviced land shortages and increasing development costs have driven up prices by more than 100% since 2001.
(See page 25 of our May 2008 Midwood Report for my full story).
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