Home loan and property data often refer to Australia’s average median house prices as a guide for buyers but when you look at the median property prices broken down state by state – there is a remarkable difference.
House prices in Australia are on the rise, though some capital city property markets are surging ahead at a much quicker pace. Those looking to take out a home loan and get a foot on the property ladder may be wondering what kind of property they can realistically obtain in their given location.
“The Australian weighted average median house price is now $617,200 or 13.2 percent higher when compared with the June quarter 2013,” said Dennis Bice, Bendigo and Adelaide Bank Executive Retail.
The drastic jump in housing prices over the last year may be squeezing first-time buyers out of the market in some areas, but less so in others. So just what could you snap up for yourself?
Not all properties are equal
While Australia’s median house price is now $617,200, some of the nation’s hottest capital cities are seeing figures soar well above this, according to the Bendigo Bank / REIA Real Estate Market Facts report for the June quarter.
“Melbourne has definitely been leading the charge with an increase of 3.3 percent, bringing the median house price to $658,000, but followed closely by Sydney with an increase of 3.1 percent, which saw median house prices break through the $800,000 mark to $811,837,” explained Peter Bushby, Real Estate Institute of Australia President.
House prices in Adelaide increased to an average $418,150, while Canberra home prices were $535,000 on average. In Brisbane, house prices rose by 2.2 percent to $470,000.
The median house price in Darwin is $620,800. Perth experienced a 2.7 percent quarterly decline to $535,000, while Hobart’s house values dipped 1.3 percent to $380,000.
So, while the case has been made for the average dwelling price in Australia, it’s evident that there are huge discrepancies between the nation’s capital cities when it comes to home values.
What could you snap up?
If you’re wondering what kind of property you can secure for a figure close to the national median house price here are some examples, sourced from Realestate.com.au.
The data collected below highlights the stark difference between what your dollar could buy you in each state.
Perhaps the most startlingly comparison is between Adelaide and Sydney. For $621,000 you could purchase a small one-bedroom unit within 4 kilometres from the Sydney CBD, but for $6000 less you could also afford a three-bedroom home, not unit, six kilometres from Adelaide’s CBD.
Here are the rest of the results based on the median national house prices and proximity to their relevant CBDs.
- Lower Mitcham, Adelaide: Three-bedroom home, 6km from the CBD ($615,000)
- Toowong, Brisbane: Two-bedroom home, 5km from the CBD ($621,000)
- Dickson, Canberra: Three-bedroom home, 4km from the CBD ($620,000)
- Malak, Darwin: Four-bedroom home, 15km from the CBD ($617,500)
- Tranmere, Hobart: Four-bedroom home, 14km from the CBD ($620,000)
- Greensborough, Melbourne: Four-bedroom home, 22km from the CBD ($614,000)
- Belmont, Perth: Four-bedroom home, 8km from the CBD ($626,000)
- Darling Point, Sydney: One-bedroom unit, 4km from the CBD ($621,000)
Remember to use a home loan calculator before you start the property hunt to ensure your finances will be in check!