Property Prices in Australia
Find out about the cost of buying a property in Australia...
Property prices vary considerably throughout the country and in the various suburbs of the major cities. Not surprisingly, the further you are from a town or city, the lower the cost of land and property. Properties in central and beach locations cost anywhere between two and four times as much as similar properties in less fashionable or convenient areas. Apartments are often as expensive as houses and townhouses (or even more so), as they are invariably located in city centres, whereas most houses are in suburbs or in the country. For many buyers it is a choice between a small apartment in an inner city and a large detached family home in the outer suburbs.
There is a high demand everywhere for waterfront properties, which have generally been an excellent investment, particularly in Sydney, whose 20 most expensive suburbs are all waterfront (harbour or ocean). Waterfront properties in Sydney can be astronomically expensive, and a reasonable two-bedroom apartment in an attractive building with water views costs over $1m (over 100 Sydney suburbs has an average property price of over $1m) and $2m homes are also commonplace in Sydney and Melbourne.
The average price of a home in Australia in mid-2010 was $468,000.
A few kilometres can make a huge difference to the price of a property, with apartments in central areas costing up to $2,500 per square metre more than those in harbour-side developments a few kilometres further out. Land prices also reduce considerably from around 15 Km (9 miles) outside a city and are at their lowest around 25 Km (16 miles) from city centres. The cost of land varies from as little as $50,000-100,000 for a plot large enough for an average suburban house at least 25 Km from cities such as Adelaide, Hobart and Perth to over $500,000 for a similar plot within 15 Km (9 miles) of central Sydney. Even the cost of building a home varies with the location as well as with the quality of materials used. For example, brick veneer costs from around $1,000 per m2, depending on the location.
Property price indexes can be found on several websites including findmeahome.com.au, residex.com.au, rpdata.com and homepriceguide.com.au; there are also specialist property magazines such as Australian Property Investor which monitor the latest so-called hotspots (the website hotspotting.com.au provides a similar service).
You can find out the price of homes in any Sidney suburb through the Sydney Morning Herald Home Price Guide, which lists all the sales results (both auction and private treaty) in Sydney suburbs for the last 12 months (it can be ordered online from Australian Property Monitors). An online Property Value Guide is provided by the Commonwealth Bank of Australia. You can also peruse property advertisements in a number of publications via the Internet, sydneyproperty.com.au and on a range of property websites, including domain.com.au, myhome.com.au, realestate.com.au, realestateview.com.au and reiv.com.au.