What you need to know about the Australian housing market
When it comes to house prices, Australia has a problem.
The country has an average price of $2,879,723 per square foot, according to the latest data from CoreLogic, but that’s nowhere near the US$2,988,000 per square-foot that the US has a decade ago.
That’s partly because Australia is an island nation and partly because the economy is so heavily reliant on foreign capital.
In 2016, Australia’s median household income was $51,903 per year, the lowest of any OECD country.
The median home price in Australia was $1.4 million, according a report by property consultancy RP Data.
The price of a detached house in Melbourne in 2016.
Australia’s median home value of $1,000,000 It’s also important to note that house prices in Australia have historically been pretty good, with median house prices rising between 4% and 5% per year from 2007 to 2016, according the Australian Bureau of Statistics.
But over the past decade, the country’s average price has plummeted.
Since 2009, median house price fell by 12%, and in 2016 it dropped to $2.8 million, RP Data said.
There is one bright spot for Australia’s property market.
In 2015, the median home prices in Sydney were about $2 million, and in Melbourne they were about half that, according RP Data’s analysis.
That was when house prices peaked.
But that was before the global financial crisis and a lack of affordable housing in Sydney meant many people were unable to buy a house.
In Sydney, median prices dropped by nearly 15% over the next five years, RP’s analysis found.
However, while Sydney is a major hub for Australian housing, it’s not the only city that is experiencing the market downturn.
In Melbourne, the average house price in 2016 was $3.2 million and in Brisbane it was $2million.
In Sydney, the number of detached homes was about 8,000 fewer than it was in 2015, RP data said.
In Brisbane, the city’s median house value was about $1 million.
In the national capital, the figure was $4.3 million.
The median Australian home price was $879.7m in 2016, RP said.
In 2016, the price of detached houses in Sydney was $719,847 and in Perth it was just $731,000.
The average price in Sydney dropped by 14.4% over five years and fell by more than 13% in Brisbane.
But it is not all bad news for Australia.
Rising house prices can also help Australian business owners to stay in business, with the median number of new listings per property in the country in 2016 rising from 4,700 to 5,800.
In addition, Australia is the biggest producer of new house building in the world.
“The housing market has been very buoyant over the last decade, and that is one of the reasons why Australia is in such a strong position,” RP’s chief economist, David Cripps, said.
“The big thing that we are seeing is the affordability of houses is starting to come back.”
The number of people with jobs in the housing market is also rising.
As the number and size of people in Australia’s housing market increases, more and more people are becoming renters.
More than a third of Australians are renters, and the percentage of households with a single person in their household increased from 16.9% in 2015 to 17.1% in 2016 according to RP Data, RPData said.
And while many Australians don’t want to pay a lot of money for a home, some are starting to do so, RP has said.
“It is certainly true that there is a large amount of pent-up demand for accommodation,” RP said in a statement.
“But, what we are also seeing is that households have been reluctant to buy.
That means that demand is not building up at the same pace that it was a few years ago.”
For more of our housing stories, check out our home section.