Moving to Australia: house prices
20 August 2016 by News DeskMoving to Australia involves key planning when taking into account the cost of property Down Under.
Moving to Australia: house prices have risen greatly in the past five years, driven mainly by growth in Sydney and Melbourne.
In most other capital cities property price growth has been more subdued.
In 2008 Australia’s combined capital city housing markets fell with property prices declining by 6.1 per cent.
From December 2008 to October 2010 combined capital city home values increased by 21.8 percent.
From December 2008 to October 2010 property values increased in all cities with Sydney, Melbourne and Darwin seeing highest price growth.
Brisbane, Adelaide, Perth and Hobart recorded little value growth over this period.
Moving to Australia: house prices
Across all capital cities property prices are now almost 60 per cent higher than they were in 2008.
Increases have been greatest in Sydney (87.9 per cent) and Melbourne (71.8 per cent).
Most other capital cities have recorded growth at or below the rate of inflation.
House price inflation slowed in 2011 when the government withdrew financial aid to first-time buyers. Removal of the First Home Buyers Grant saw the rate of house price inflation slow, followed by a fall in property values.
About 2.2 million people aged 65-plus are now living in the nation’s capital cities amid a 20 per cent increase in the aged population since 2010, according to the ABS.
Hobart has the oldest population of any capital, with a median age of 39.8 years compared with 36.1 for Sydney and 36 for Melbourne.
Victorian places with high median ages were retirement areas like Paynesville (59), Queenscliff (56.3) and Portarlington (55.8).
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