Moving to Australia: property price round-up15 November 2016 by News Desk
Moving to Australia to live in any Aussie capital city could involve paying between 6 and 10 per cent more for a home.
Moving to Australia may be getting more expensive but it will not prevent migrants from wanting to live the dream Down Under, says Darrell Todd, founder of thinkingaustralia.
“Property prices may be rising across Australian cities but the many job opportunities and fantastic lifestyle on offer more than make up for any increase in housing costs”.
Booming economies in state capitals, especially in New South Wales and Victoria, added to low interest rates and a rising population have driven up housing costs.
But there is no housing bubble and in many cities home prices will start to level out in coming years as new properties come onto the market.
The cost of renting a home is not increasing at the same rate as property values, and in many cities rental costs are now falling.
Moving to Australia: property price round-up
New South Wales is a current property hotspot with the number of new mortgages rising by 13 per cent.
Tasmania has also seen a rise in mortgage activity, rising by 10 per cent.
South Australia has seen the biggest increase in property listed for sale with an increase of 22%.
Reflecting the rush for homes in Sydney, houses now take just 26 days to be sold and it takes just 27 days for a unit to find a buyer.
Properties in Darwin take the longest time to sell with homes typically on the market for 127 days before a buyer can be found.
Sydney house prices are forecast to rise 11 per cent to 16 per cent over the course of 2017 while homes in Melbourne are expected to increase in value by 10 to 15 per cent.
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