Developers sold 4,048 vacant lots across Melbourne's growth corridors in the June quarter, down 11% on Q1 and 24% on the same period last year, according to RPM Group's Q2 2026 VIC Greenfield Market Report.
RPM Group's buyer survey found:
RPM Group's outlook flagged a tougher second half of 2026, with the cash rate at 4.35% and the ABS recording building materials costs up 3.8% over the year to June, the fastest pace in three years.
Even so, Melbourne's greenfield market retains a genuine affordability edge over established housing, with government incentives continuing to support entry-level demand.
The Western corridor recorded 1,023 sales, down 24% on Q1, and the Northern corridor fell 15% to 1,070.
The South East barely moved, up 1% to 873 sales, the steadiest result of any Melbourne corridor this quarter.
By share of total activity, the Northern corridor led with 26%, ahead of the Western on 25% and the South East on 22%.
Melbourne's median lot price held at $385,550, up 0.1% for the quarter and 2.8% annually.
Geelong crossed $400,000 for the first time since late 2023, up 5.3% on the quarter, while Ballarat remained the cheapest option within reach of Melbourne at $280,000 - even as new lot releases there surged 178%, the sharpest supply increase of any corridor.
