Housing prices in Australia has increased an average 194% in the past seven or so years with most States deemed unaffordable. Median prices across the States and Territories are as follows:
New South Wales: $530,000.00
Australian Capital Territory: $413,250.00
Western Australia: $473,000.00
Northern Territory: $390,000.00
South Australia: $405,000.00
For the 12 month period to March 2009 average house prices in New South Wales [Sydney] fell by 4.1%, Victoria [Melbourne] 0.4%, Queensland [Brisbane], 6.1% and Western Australia [Perth] 7.0%
There can be significant differences in city and regional prices and obviously there are significant differences in the quality of the houses available for sale. Apartment living is becoming more popular particularly given the rapid influx of people into the capital cities of most States.
Houses in Australia are sold with certain fixtures and fittings including fixed floor coverings and light fittings, stove and dishwasher (if plumbed in). The degree of affixation will generally determine whether an items is to remain in a house when sold e.g. built-in bookshelves and wardrobes would remain with the house whilst a wide screen television or tumble dryer that were simply wall mounted would not.
When purchasing a home the services of a Solicitor/Conveyancer are required to undertake the necessary legal work. Conveyancing costs can vary markedly but you should expect to pay up to A$1,500.00- A$1,600.00 plus GST for legal fees and disbursements.
If finance is required to assist with the purchase, lending institutions will generally lend up to 80% of the valuation of the property provided of course that the applicants can service the required level of debt. Applicant's can either approach a lending institution directly or can use the services of a Finance Broker who will source the best deal. Mortgages can be either fixed' or variable' in terms of interest rates.
Renting is an alternative to buying and it is probably preferable for new arrivals to rent for a period to get an idea of the property market and to determine the area in which they want to live taking into account the type of services they require.
Rentals in the capital cities are relatively high and vacancy rates are low. Median weekly rentals are as follows:
It must be remembered that these are median rentals only and inner city apartment living can range from $425.00 per week for a studio apartment to $2,500.00 per week for a three bedroom harbour side apartment. Most properties are rented unfurnished but will generally include a stove.