Perth experiences heatwave, reaching 39 degrees Celsius

Perth is experiencing a heatwave with temperatures reaching 39 degrees, as new data reveals significant changes in land prices. A recent report shows that land prices in Perth rose by 34 percent in 2024. The average price for a plot of land in the city is now $329,000. This shift has made Adelaide the most affordable capital city, with a median lot price of $307,000. Tanya Steinbeck, the CEO of the Urban Development Institute of Australia (UDIA), explained that the rise in prices is due to a shortage of housing supply in Western Australia. She noted that demand for housing continues to grow as the population increases and economic conditions remain strong. To meet this rising demand, greenfield developers are increasing their supply of new housing. In Perth’s greenfield land market, the completion of annual projects has surged by 24 percent, while house approvals have jumped by 47 percent.