Home prices in Australia are starting to decline after a few years of surging. Average house prices in Australia`s major cities fell 0.2 percent in the week from January 14 to 22, while prices in Sydney fell 0.4 percent. Melbourne`s house prices are down 0.1% from the same period.
In the last quarter of 2017, the average Australian mortgage was $500,400. As house prices have risen over the past few years, some have risen in value even more than average wages. According to 2017 statistics, Melbourne`s Hawthorn house is the most profitable in Victoria, earning an average of A $1096 a day, Box Hill in the Chinese district is $413, and Point Cook in the southwest is $163.
The current median prices for individual homes in major cities are as follows:
- Sydney: $815000
- Melbourne: $680000
- Canberra: $650000
- Brisbane: $525000
- Perth: $495000
- Darwin: $470000
- Adelaide: $440000
- Hobart: $423000
The median prices for apartments and units are as follows:
- Sydney: $650000
- Melbourne: $482500
- Canberra: $410000
- Perth: $370000
- Brisbane: $397500
- Hobart: $340000
- Adelaide: $302000
- Darwin: $362500
