Australian home prices have reached the $1 million mark, according to the Finder website.

Mortgages below $500,000 will have to spend $1 million for a 30 year loan at a variable interest rate of 5.5%. Purchasing property with a small deposit may cause people to spend more than the value increase in a 30 year span, which is why it is advised to look into how much you spend in the long term, apart from being able to afford the loan.

Sydney still leads all capital cities in median house price at $825,000 according to a recent RP Data CoreLogic report.

Read more about this on the Australian Property Investor website.

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Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.