HSD: Land cost has increased 50x since 1993

After punching up the previous posting I got to thinking about the cost of land since we bought this current block 18 years ago.

The couple referred to in the previous posting bought a block of land at Yanchep Golf Estate for $200,000.

Looking up Yanchep Gold Estate on the Web, I find that for $200,000 ($199,000) you get about 445 square meters of land (about an eleventh of an acre). This makes each square metre worth $450 ($449.44 to be exact).

Back in 1993 when my wife and I bought this block, which is a shade under a half an acre, it cost us $18,900. So this land cost us around $9.50 per square metre.

This means since 1993 the cost of land has increased by something like 50x or, for those that like percentages, 5,000 percent!!

If only I had bought some vacant land back in mid-90s and not built on it. Building on land drops the market value of the land by about 40 percent.