Land prices in Sydney have seen an unprecedented surge as demand associated with massive growth in housing activity outstrips the pace at which new land is being made available for use, two separate reports say.

In its 2016 State of the Land report, the Urban Development Institute of Australia says median lot prices for vacant land in Australia biggest city jumped almost 30 percent throughout 2015 from $339,750 to $440,725. Meanwhile, a separate report from real-estate information services provider CoreLogic says median prices throughout Sydney…