The most expensive real estate in Australia
The latest real estate figures reveal an increase in the cost of real estate across Australia as the economy picks up.
Key points:The price of houses is on a long and steady climbThe median house price in the country is up more than 20 per centThe average price of a house in the capital is up 20 per%The average house price across Australia has jumped 30 per cent on the past yearThe cost of a single-bedroom home in Melbourne has jumped from $3.6 million in February to $5.6m in June.
The median price for a home in the ACT has risen from $1.5 million in the month of March to $2.3 million in June, while Sydney has seen a jump of 27 per cent to $1 million.
The average number of bedrooms in Melbourne is up 19 per cent, and Sydney has experienced the biggest increase at 37 per cent.
Across the country, median house prices have risen by 30 per per cent since February.
The median prices for homes in the most expensive cities are also rising.
In Sydney, the median house is up by a whopping $6.5m to $7.6million.
On the other hand, the average price in Melbourne for a single room has fallen by 15 per cent in the same period.
For the first time since June, Melbourne’s median house value has fallen from $4.5million to $3 million.
It’s also worth noting that the number of houses sold in June rose to 1,933, which is an increase of 15 per in just six months.
The cost index is also a significant factor in this increase in prices.
As a result of the recession, the price of housing has risen by more than half from the previous year, rising by 8 per cent during the same time.
It’s now at a peak of $2 million, and is expected to continue to climb.
The data shows a further increase in median house values across Australia, with the average selling price in Sydney up almost 70 per cent from the year before.
However, Melbourne is the most unaffordable place to buy a home.
The national median price has risen an average of 14.7 per cent over the past five years, and the number one city for median house sales is Melbourne, up 19.4 per cent compared to the year prior.
The price index has also risen across the country by an average 19.6 per cent across the past six months, meaning the median price is now over $7 million.
Real estate agents are already calling the average house in Melbourne one of the most affordable in Australia, and many are now saying the median is too expensive.
The Bureau of Statistics data shows the average median price in Canberra is $1,539, and a house price of $3,836 in the city is the third most expensive in the nation.
In Sydney the average is $2,972, while in Melbourne the median average price is $3.,542.