Moving to Australia: house price update
22 September 2016 by News DeskMoving to Australia to live in Sydney or Melbourne will be more expensive than living in Perth or Darwin.
Moving to Australia is a major life decision that takes careful consideration, especially when it comes to housing costs.
The average cost of a residential property in Australia has increased by 8.2 per cent over the past 12 months with the total value of all Australia’s homes now $6.04 trillion.
Brisbane has seen the highest growth in property prices, pushing Sydney into second place.
Brisbane property prices grew 4.3 per cent over the 12 months to June, an increase greater than Sydney’s at 3.6 per cent.
Brisbane property prices are now rising higher than the average of all other eight capital cities, according to the Australian Bureau of Statistics.
Southern buyers are responsible for 50 per cent of off-the-plan apartment purchases in Brisbane.
Moving to Australia: house price update
Property prices in Hobart have increased by 4.9 per cent and values Melbourne have increased by 8.2 per cent.
Sydney has seen six months of property price falls but prices are rising again with 2.8 per cent growth seen since March.
Over the past 12 months prices in Adelaide have grown by 3.5 per cent while prices in Darwin, at -6.5 per cent, and in Perth, at -4.8 per cent, have fallen.
Canberra’s residential property prices grew 6 per cent in 12 months, a level of growth that is second only to Melbourne.
Melbourne and Sydney are the only cities where house prices are still doubling every 10 years. Houses in Brisbane are currently doubling in value every 19.7 years
Melbourne property’s price growth doubled the national average in the year to June.
Property price growth in the city was double the 4.1 per cent average of the eight capital cities combined.
The latest figures now show the average price of Australian homes at $623,000, a total figure that includes both apartments (units) and houses.
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