The housing pipeline continues to tighten, with land sales falling to their lowest level in a quarter of a century.

The HIA–Totality Residential Land Report shows only 8,250 lots were sold nationally in the March quarter of 2025. This drop coincides with the median residential land price reaching a record $372,620.

According to HIA Senior Economist Tom Devitt, construction costs have jumped nearly 40% since 2019. Combined with planning delays — which add around $20,000 to the cost of a new build and can take over six months — the shortage of shovel-ready land is intensifying. “Lower land supply and fewer new homes will only push more demand towards established housing, driving prices up further,” Devitt warns.