In the south-east, where the supply of industrial land is more limited, values increased 11 per cent to $250 a square metre, from $225 a square metre a year ago.
Land values also increased in the north (21 per cent) and west (12 per cent), but were steady, at $1300 a square metre, on the city fringe.
The value of englobo land sold in the 2006-07 financial year is up substantially on previous years, according to Colliers International research analyst Amita Mehrotra.
Englobo refers to undeveloped land with no services such as road infrastructure, power or water.
According to Colliers International, $529 million in englobo land sales were recorded last financial year, compared with $96 million in 2005-06 and $87 million in 2004-05.
Major englobo sales included a 320-hectare parcel on Donnybrook Road, Mickleham, which sold to AMP Capital Investors and Folkestone for $85 million, and a 70 ha parcel on Frankston Dandenong Road, which sold to private investor Pellicano for $45 million.
Also, a 42 ha parcel in Derrimut was sold to Australand Holdings for $32 million.
Institutions including DB RREEF, Macquarie Goodman and private investor Salta have all substantially boosted the amount of industrial land they own in the past 12 months.