Residential land sales dropped to their lowest level in at least a decade as the cost of blocks increased, a newspaper reported.
The Housing Industry Association RP Data residential land report showed that the volume of land sales dropped to about 11,500 lots in the three months to Dec 2010 from 12,500 in the previous quarter.
The slumping volumes of lot sales come as the weighted price of a residential lot increased 4.1% to $194,161 nationwide.