The price of a patch of dirt is surging more than $200 a day as a land rush in Australia’s most affordable capitals threatens to derail plans to fix the nation’s housing crisis.

Housing Institute of Australia chief economist Tim Reardon has warned a 6.8 per cent surge nationwide in the median price of a patch of dirt over the past financial year has tripled inflation figures in the consumer price index.

But the uptick is being driven by massive surges in some capitals, with a new residential land report showing Perth prices skyrocketing an astounding $235 a day (29.8 per cent) in a more than $86,000 growth spurt that took the median price to $375,000 in the timeline.

RELATED: Data shows government’s 1.2 million house target dream over

Expert warns of RBA’s ‘nuclear option’ for mortgag

See Full Page