Million Mark

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AU Homes Reaches $1 Million Mark

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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Sydney’s Median Asking Price Reaches $1 Million Mark

Sydney’s median price for free standing houses reached the $1 million mark as it currently sits at $1,005,800, according to SQM research.

This has resulted to more properties being out of buyers reach, according to SQM research Managing Director Louis Christopher. It will be extremely difficult to secure a property under $1 million in the inner city ring, as values have risen by 22% since 2011. Meanwhile, median prices for all other capital cities for houses are at $755,100.

Read more about this on the Australian Property Investor website.