▲ A developer paid $22.5 million for more than 30 hectares of land in Wallan South earlier this year.

RPM head of communities Luke Kelly said macroeconomic “green shoots” — a likely rate cut and APRA’s removal of the 7 per cent loan serviceability buffer — will improve buyer confidence and increase sales activity.

“These measures should increase market confidence, stability and certainty to bring back buyers,” Kelly said.

Recent land site sales include a $22.5 million acquisition of a 30-hectare landholding in Wallan in Melbourne’s north, reflecting a rate of $750,000 per hectare.

“Which is seen as the real value in a market where rates per hectare have previously exceeded $2,500,000 in some corridors,” Kelly said.

Source: http://theurbandeveloper.com/articles/melbourne-land-values-slump-60pc-?