Property Prices in Australia

australian_beach_sunrise

Property Prices in Australia

Australia. Home to Kylie Minogue, the kangaroo, the didgeridoo, and thousands of expats who moved Down Under in search of a better life.

Programmes like Wanted Down Under have shown just how much Australia has to offer, but they also highlight the issues would-be-expats face. One of the biggest concerns for people hoping to move overseas is whether or not they can afford to buy or rent a property in the country of their dreams.

So is Australia an affordable option?

Here we see how current average property prices in Australia compare with the UK and take a look at how the average property prices in some of the most popular Australian regions stack up.

Comparing the UK and Australia

UK

Australia

Rent Per Month (Mean) In British Pounds

1 Bed Apartment in City 622.50 1,170.30
1 Bed Apartment outside City 500.00 917.61

Buy Apartment Price (Mean) In British Pounds

Price per m2 in City

2,309.89 5,397.73
Price per m2 outside City 2,000.00 3,373.58

Salaries and Financing (Mean) In British Pounds

Median Monthly Disposable Salary (After Tax) 1,600.00 2,698.86
Yearly Mortgage Interest Rate in Percentages 4.50 6.80

Property for both rent and purchase is substantially more expensive in Australia than in the UK. However, the average disposable monthly salary is more than a thousand pounds higher in Oz.

Before you start thinking that Australian property is beyond your reach remember that location is king and property prices will vary greatly depending on the area of Australia you’re considering. To that end we will now compare property prices in 4 of the most popular Australian regions: Sydney, Melbourne, Brisbane and Adelaide.

Before we get down to the figures here are a few quick facts about these locations!

Quick Sydney Facts

Sydney Harbour Bridge is not only an iconic structure but the tallest steel arch bridge/widest long-span bridge in the world. Locals call it the ‘coat hanger’.

The average summer temperature in Sydney is 21.3°C while the average winter temperature is 13°C.

Sydney’s George Street is the oldest street in all Australia.

Quick Melbourne Facts

In Melbourne the average summer temperature is 18°C. In the winter the average temperature is 9°C.

Melbourne used to be called Batmania after John Batman, one of the regions founders.

Marmite rival Vegemite was created in Melbourne.

Quick Brisbane Facts

Brisbane hosted the 1982 Commonwealth Games, which were opened by British institution Price Phillip.

Brisbane’s indigenous name is ‘Mian-Jin’ which translates as ‘place shaped as a spike’.

The average summer temperature in Brisbane is 23°C while the average winter temperature is 14.5°C.

Quick Adelaide Facts:

Adelaide is also known as the City of Churches.

In Adelaide the average summer temperature is 20°C. In the winter the average temperature is 11°C.

The city of Adelaide claims that everything within it can be reached within 20 minutes.

Rent Per Month (Mean) In British Pounds
Sydney

Melbourne

Brisbane Adelaide
1 Bed Apartment in Centre 1,504.62 1,113.28 1,180.75 809.66
1 Bed Apartment outside of Centre 1,079.55 944.60 998.58 674.72
3 Bed Apartment in Centre 2,698.86 2,081.50 2,428.98 1,484.38
3 Bed Apartment Outside Centre 1,889.21 1,349.43 1,403.41 894.00

 

Buy Apartment Price (Mean) In British Pounds
Sydney

Melbourne

Brisbane Adelaide
Price per m2 to Buy Apartment in City Centre 6,747.16 5,735.09 2,867.54 2,159.09
Price per m2 to Buy Apartment outside City Centre 4,048.30 4,723.01 2,024.15 2,024.15

 

Salaries and Financing (Mean) In British Pounds
Sydney

Melbourne

Brisbane Adelaide
Median Monthly Disposable Salary (After Tax) 2,945.14 2,594.28 2,698.86 2,912.41
Yearly mortgage Interest Rate in Percentages 6.78 6.52 6.80 6.80

Unsurprisingly property in Sydney came in as the most expensive option, whether you’re looking to buy or rent.

Although Sydney also offered the highest average monthly disposable salary it was only slightly above the salary achievable in Adelaide, the region with the lowest property prices.

Remember, these prices are averages only and are worked out using survey results. Also, while properties have certainly increased in price over the past 10 years there are still bargains to be had if you’re willing to put in the time and effort to search!

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