Property values may have fallen but Perth still has the most expensive land in Australia and house prices are predicted to start rising again within months. Statistics released in a joint report by the Housing Industry Assoc. and consultancy RP Data yesterday showed a median block of land in Perth costs $521 per sq metre, beating Sydney's $505. HIA WA director John Dastlik told The West Australian the local market had shown classic signs of having bottomed out. Mr Dastlik said the latest statistics showed finance approvals for new homes had improved from 850 a month in the period from January to April, to 1000 a month from May to August. Approvals for established homes had steadily increased from 4500 to 5100 in the same period. The median house price was $480,000 compared with a peak of $505,000 in March last year.
