House prices in Australia are continuing their dizzy ascent amidst modest economic growth. While Sydney and Melbourne have seen the biggest increases, Canberra, Brisbane, Adelaide
, and Hobart have seen significant increases as well.
With growing concerns over housing affordability and a looming property bubble, Treasurer Scott Morrison is calling on state and territory governments to do more to stop house prices from ballooning.
Where $600,000 can take you
On the other hand, if you’re an investor looking to purchase a residential property in different towns and cities across Australia, how far can your money take you? Prices are particularly steep in Sydney and Melbourne, and significantly lower in cities like Dubbo and Whyalla.
Check out the following list for average house prices in six cities across the nation and see how it compares to average income (note: average income is derived from the 2011 census).
Though the median weekly income per household in Sydney is only $1,488, the average house price was a jaw-dropping $880,000 in June 2016. This was 3.6% higher than the year before. Ten years ago, the average price for a home was $500,000.
Your money can buy you a two-bedroom home in Granville, a suburb in the western part of Sydney. Granville is half-an-hour’s drive from the central business district or 40 minutes by train.
Though the median weekly income per household in Melbourne is only $1,230, the average house price was $605,000 in June 2016. This was 8.2% higher than the year before. Ten years ago, the average price for a home was a more affordable $330,000.
Armed with $600,000, you can buy a four-bedroom home in the suburb of Kingsbury, located 14km north-east from Melbourne’s central business district. That’s half-an-hour’s drive from the city centre.
The median weekly income per household in Brisbane is $1,388.
The average house price in Queensland’s capital was $497,000 in June 2016. This was 4.3% higher than the year before.
Prices haven’t risen in Brisbane as steeply as in Sydney and Melbourne, as the average price tag for a home was only $325,000 10 years ago.
For $600,000, you can buy a five-bedroom home in the suburb of Tingalpa, located 10km east of the central business district. The suburb is a 30-minute drive from the city centre and is 40 minutes by bus.
The median weekly income per household in Perth is $1,459 (though recent statistics from the Australian Bureau of Statistics indicates that unemployment in Western Australia has increased since then).
The average house price was $523,000 in June 2016, which was 4.8% lower than the year before. Ten years ago, the price was still lower at $370,000.
If you have $600,000 to spare, you can buy a three-bedroom home in East Perth
, which is an eight-minute drive from the city centre or four minutes by bus.
The average weekly income per household in Dubbo (located in the Orana Region of New South Wales) is $1,052. The average house price is a relatively modest $318,000.
Armed with $600,000, you can buy a four-bedroom home with eight car spaces on Renshaw Drive, which is a six-minute drive into town.
The average weekly income per household in the South Australian city of Whyalla is $1,324, and the average house price is $254,000.
If you have $600,000 to spare, you can buy a six-bedroom home with nine car spots and horse stables.
Capital City's Houses At Their Cheapest In 13 Years
Sydney No Longer Investors’ Top Choice
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now