It's Official, We're All Paying Heaps More Money To Buy Less Land

And in Sydney you're paying $100,000 more than you were a year ago.

A new report from the Urban Development Institute of Australia has shown Sydney's land prices rose a staggering $100,000 last year alone.

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Median prices for a block in Sydney went up from $339,750 to $440,725 in 2015, working out to be almost double the cost of land in 2010.

Brad Esposito for BuzzFeed News / Via udia.com.au

The average price of a lot of land in Australia's largest capital cities (Sydney, Brisbane, Melbourne, Adelaide, Perth) is up 4.2% to $246,300 - still $194,425 below the average price for land in Sydney.

The average size of land purchases has also declined from as much as 524 square metres to 450 square metres.

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The national average is 474 square metres, down 3.6% since 2014 and 11.4% since 2009.

Queensland, Perth, Melbourne, and Adelaide all hover around or below the $250,000 mark when it comes to the average price of new land lots around Australia.

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Sydney, though, is certainly winning the race.

So congratulations Sydney - you've done it! Finally coming first at something.

NBC