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Money Australia's impending property boom: How the average cost of a home will surge to $6.3MILLION in just 25 years - and it's not Sydney that will be hit the hardest

01:31  14 june  2018
01:31  14 june  2018 Source:   dailymail.co.uk

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Australia ' s surging population is set to hit 25 million next year , a staggering 34 years earlier than Melbourne has replaced Sydney as the epicentre of Australia ' s housing construction boom Australia . Annual running costs for such a property would be well over the average cost of a

Australia ' s impending property boom : How the average cost of a home will surge to $ 6 . 3 MILLION in just 25 years - and it ' s not Sydney that will be hit the hardest . Aussie Home Loans and CoreLogic survey extrapolated from data since 1993. Projections show median house prices will

a small town: Average homes in Australia may cost up to $6.3million in just 25 years, a bombshell study has revealed. Pictured: Suburban homes in Brisbane where the average price may reach $2.3m© Provided by Associated Newspapers Limited Average homes in Australia may cost up to $6.3million in just 25 years, a bombshell study has revealed. Pictured: Suburban homes in Brisbane where the average price may reach $2.3m Average homes in Australia may cost up to $6.3million in just 25 years, a bombshell study has revealed.

Projections show median house prices will reach that figure in Sydney by 2043 - up from $1.03million today.

The Aussie Home Loans and CoreLogic survey predicts average prices will hit $5.8million in Melbourne, $2.9million in Canberra, $2.5million in Perth and $2.3million in Brisbane - with the biggest increase in Melbourne.

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List of prices in Sydney ( Australia ) for food, housing, transportation, going out, and more on Oct 2018. Compare the Cost of Living in Sydney with any other city in the world. Do you live in Sydney ? We need your help! What is the price of. Furnished accommodation in EXPENSIVE area.

switch to the Australia edition. Data compiled by Savills using its own research and figures from the Office for National Statistics shows the average cost of a UK home increased by £47,900 between Growth is expected to be lower over the next five years , with Savills anticipating that UK prices will

Wages will also increase over this time - but with Australia enduring one of the lowest rates of wage growth in the world, the prospect of houses becoming less affordable is very real.

a screenshot of a cell phone© Provided by Associated Newspapers Limited

The surveyors made their predictions by analysing house price changes over the past 25 years and extrapolating.

Based on national house values rising at the annual rate of 6.8 per cent per annum since 1993, the national median house value would be approaching the $3million mark in 2043.

The median unit value would be just over $2.1 million.

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a large city with many buildings: Projections show median house prices will reach that figure in Sydney by 2043 - up from $1.03million today© Provided by Associated Newspapers Limited Projections show median house prices will reach that figure in Sydney by 2043 - up from $1.03million today Chief Executive Officer of Aussie, Mr James Symond, said: 'Housing continues to grow as Australia's largest asset class. If the changing face of residential property and staggering growth of technology we've seen over the last 25 years continues, it's likely the next 25 years will produce even greater change.'

He added: 'I expect the growth trend will continue especially with high immigration levels.'

a screenshot of a cell phone© Provided by Associated Newspapers Limited

Byron's Suffolk Park topped the nation for value growth, with the median house price moving from just $74,250 25 years ago to $1,185,000 in 2018, an increase of 11.7 per cent per annum.

Coastal and lifestyle markets around the Hunter and Illawarra regions were also standouts, comprising four suburbs in the national Top 10.

Melbourne has replaced Sydney as the epicentre of Australia's housing construction boom

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It can have a huge impact on how comfortable you feel in your new surrounds and on how Sydney is the most expensive city in Australia to live in and features prominently on lists of ‘the most As an example, the average cost to rent a one-bedroom apartment outside the city centre is ,624.22 per

Melbourne has had the largest annual percentage increase in both house and unit values within a capital city over the past 25 years.

House values have risen at the annual rate of 8.1 per cent or $28,300 since 1993.

At the same rate of growth over the next 25 years, Melbourne’s median house value could rise from $825,000 to $5,825,000 in 2043.

Mr Symond suggested this meant a housing crisis in the city could be one of the most acute in the country.

He said: 'Housing affordability remains a major issue for people in Melbourne, largely driven by the recent and dramatic housing price growth across the city.

a screenshot of a cell phone: The report revealed the top 20 suburbs in Melbourne for value growth over the last 25 years, with the Mornington Peninsula's Flinders the star performer© Provided by Associated Newspapers Limited The report revealed the top 20 suburbs in Melbourne for value growth over the last 25 years, with the Mornington Peninsula's Flinders the star performer a screenshot of a cell phone© Provided by Associated Newspapers Limited

'Buyers now need to dedicate 160 per cent of their annual gross household income to raise a 20 per cent deposit, with property worth a staggering eight times annual household incomes.'

Simple extrapolations don't take into account how economic and demographic conditions might play out over the next 25 years or how housing demand and supply may evolve.

The cheapest Aussie city to buy a home close to the CBD

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But this report may add weight to the growing feeling - especially among Australia's young - that more houses need to be built to ease such dramatic price increases.

The Korn Ferry 2018 Salary Forecast predicted Australia would have the lowest real wage growth of 97 countries surveyed with an increase of just 0.7 per cent.

a close up of a building: Melbourne has had the largest annual percentage increase in both house and unit values within a capital city over the past 25 years© Provided by Associated Newspapers Limited Melbourne has had the largest annual percentage increase in both house and unit values within a capital city over the past 25 years

Melbourne records lowest auction clearance rate in six years while Adelaide is the strongest performer .
Melbourne has recorded its lowest auction clearance rate in six years, while Sydney’s property market also saw declines in houses selling under the hammer. Across the country 900 properties went to auction, down from 2,281 the previous week, News Corp reports. The preliminary clearance rate was 55.3 percent. There were just 276 auctions held in Melbourne last week with a preliminary clearance rate of 56.1 percent, the lowest since 2012.Adelaide was the strongest performer with 65.6 percent of 29 auctions clearing, following by Canberra with 65.4 percent of 26 auctions.

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