Benchmarks
Off-the-plan cost per lead benchmarks: real numbers from 13 releases
Every developer asks the same question first: what should a lead cost? Here are the real numbers from the releases we have published, and what actually drives them.
Written by Michael Nadalin, Founder · 26 Oct 2026
The short answer
Across our published Australian releases, cost per lead has ranged from $10.28 to about $80. The biggest driver is not the channel or the creative. It is the price point, because price decides how big the buyer pool is.
| Release | Price point | Cost per lead | Leads |
|---|---|---|---|
| The Cullinan, Adelaide CBD | From $1.363M | $10.28 | 758 |
| Ralph Alexandria, Sydney | From $839K | $30 to $45 per conversion | 498 |
| Port Lane, Port Melbourne | From $1.1M | ~$35 | 546 |
| Early 3191, Sandringham | From $1.099M | $36 | 1,272 |
| Selene Residences, Wayville | From $1.435M | $38 | 232 |
| Sycamore Place, Malvern East | 3 and 4 bed townhouses | ~$45 blended | 329 |
| 97 Alma Road, St Kilda East | $649K to $1.79M | ~$48 | n/a |
| 450 Gore Street, Fitzroy | 18 residences | ~$55 | n/a |
| Milli 3187, Brighton East | From $1.7M | $60 best, $84 lifetime | 197 |
| 49 Walsh Street, South Yarra | $4.2M to $19.9M | ~$63 | n/a |
| ADA Toorak | From $2.495M | ~$80 | 411 |
Why price point moves cost per lead
At $1.7M plus the addressable buyer is smaller, browsers self-exclude, and the platforms need stronger creative signal to find the few people who can transact. The same creative system that ran at $36 a lead on Early 3191 opened at $84 to $123 on Milli 3187 next door. It took a format change to get Milli down to $60.
Adelaide is cheaper than Melbourne and Sydney
Media costs less in Adelaide. The Cullinan's 758 leads came from just $7,790 of Meta spend, and Selene Residences' 232 leads from $8,917. If you are comparing a Melbourne release to an Adelaide one, compare cost per profiled buyer, not raw cost per lead.
The number that matters more than cost per lead
A $10 lead with no budget, no timeframe and no intent is more expensive than an $80 lead from a buyer who has spoken to their broker. Read cost per lead next to profile rate, display bookings and broker readiness. Our releases have held profile rates from 60% to 80%. That is what makes the leads usable.
- Profile rate: share of leads that complete the buyer profile
- Display or inspection bookings made from the funnel
- Broker or bank readiness
- Leads in the price band of the stock you have left
What to expect for your release
Start from your price point and catchment, then budget for creative testing, because the best cost per lead in nearly every one of these campaigns came from a creative change, not a targeting change. If you want a benchmark for your specific release, book a strategy call.
Michael has run paid acquisition for Australian property developers across Melbourne, Sydney and Adelaide, from boutique townhome releases to $19.9M penthouses.
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