A State-by-State Look at How Much It Will Cost You to Buy a Home in Australia

A State-by-State Look at How Much It Will Cost You to Buy a Home in Australia
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The concept of buying a property can sometimes feel like a pipe dream to young Australians struggling to keep up with a mind-bogglingly expensive entry point. With that said, however, it is still interesting to keep across just how much properties are going for around the country.

Domain this week released their House Price Report for the December 2020 quarter, and with it, highlighted that “house prices across all capitals hit a new record high at the end of 2020, apart from Darwin and Perth”. (Damn.)

It also pointed to the fact that outer-city regions have experienced substantial growth throughout the COVID crisis, and shared that once uber-affordable Hobart is no longer sitting at the bottom of the cost pile.

One thing that’s remained quite consistent, however, is that Sydney is stupidly expensive and a sizeable chunk more costly than the rest of Australia’s states and territories. So, that’s fun.

Anyway, if you’re interested in taking a peek at the median (middle figure) costs for Australian houses and units according to city, we’ve pulled together a summary for you below.

Here’s Domain’s home-cost data for the December 2020 quarter:

In the top comes in Sydney (as mentioned) with houses going for a median average of $1,211,488 and units at $729,840. This was followed by Melbourne at $936,073 for houses and $569,677 for units.

Darwin was cheapest at $533,845 for houses and $285,539 for units, with Perth a little ahead of that at $563,214 for houses and $347,585 for units.

The national median average for houses was $852,940 and for units it was $574,245.

You can check out the full breakdowns below.

Image supplied by Domain
Image supplied by Domain

Anyone else rethinking whether or not they should order in tonight now they know the cost of a home? If this topic has you thinking about budgeting, here’s a useful guide to divvying up your salary in a way that’s best for your financial health.

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