It is hard to believe the value of the Australian property market has slumped in recent months, but that is partly because the Reserve Bank has continued to increase interest rates.
It has raised the cost of buying an average property by a whopping $50,000 over the past year, to a median of $4,000, according to data from CoreLogic.
And it has made it more expensive to buy homes than ever.
Property prices are still rising, with the median price of a detached house in Sydney rising to $1.4 million, up from $922,000 in March, the Bureau of Statistics data shows.
In Melbourne, the median property price was up to $3.6 million, and the median house price was $2.7 million, according a survey by Zillow.
The median income for a single person in Melbourne was $60,000 last year, according the Australian Bureau of Stats.
So why is the property market so weak?
Because it is being sold to the highest bidder, which has resulted in some property values falling.
As a result, buyers have lost money on the deal, leading to an erosion of the value that investors would normally be expected to pay for their investment, as they now have to shell out more to secure their investment.
That has led to the boom in property prices.
Real estate agents have predicted that demand will continue to grow in the coming years, with prices in the market expected to double over the next decade.
But while it is expected that prices will grow at a slower pace, the Reserve has continued its rate hikes, prompting speculation that the economy will be hit hard as the country’s housing market continues to decline.
What is the average price of property in Australia?
The average price for a detached home in Australia is $1,500, according CoreLogics data.
At the time of writing, the average house price in Sydney was $3,822, with a median price in the city of $1 million.
Prices have fallen in other major Australian cities, including Melbourne and Perth, and have dropped in Sydney’s suburbs.
If you are looking for a property to buy, a median house value in Melbourne is $2,932, while in Perth it is $3 to $4 million.