Explore the latest developments concerning ‘Quite vulnerable’: Sydney.
What the median house price buys around Australia now
The median house price across Australia’s capital cities is now $1,276,413, Domain data released last week shows, which is enough in some neighbourhoods for a spacious family home – or a pied-a-terre in others.
A budget at that level could offer buyers a family home in Melbourne’s north-east or a one-bedroom apartment in Sydney’s Woolloomooloo. Here’s what the median house price buys around the country.
Sydney’s median house price is now just above $1.73 million, despite falling 3.3 per cent in the three months to June on Domain data, so to find a suburb where the typical home is available on a budget under $1.3 million might require some creativity.
'Nervous' investors retreat from housing market as downturn broadens
House prices in the combined capital cities are down for the first time in more than three years. (ABC News: John Gunn)
Australia's housing market has gone into reverse, with house and unit prices falling for the first time in more than three years.
The downturn is most evident in unit prices, with all capital cities recording a fall except for Darwin.
Despite declining prices, economists say it is unlikely to be a catalyst for a correction or crash in the property market.
Australia's housing boom has officially entered a downturn for the first time in more than three years, with property prices falling from record highs in the June quarter.
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