Australia’s median house price has reached a record high, with house hunters now spending about $150,000 more than they did a year ago on the typical home.
Australians need to fork out $955,927 when buying at the nation’s median house price, which jumped 5.8 per cent over the quarter and a whopping 18.8 per cent over the year, according to Domain figures.
What you can expect to buy on such a budget varies across the country. From barely habitable houses to large family homes, here’s what the median price will get you in some of our biggest cities.
House hunters with a budget of around $950,000 can expect to buy much closer to the city centre in Brisbane, where the median house price sits at about $678,000.
The inner suburb of East Brisbane ($955,000), as well as Chapel Hill ($950,000) and Windsor ($945,000) – both less than a 10-kilometre drive from the CBD – have similar medians.
However, to buy into tightly-held East Brisbane at that price point, you’ll likely have to roll up your sleeve and be prepared for a project, said Tony O’Doherty, of Belle Property Bulimba.
“Up until recently, a budget of $900,000 to $1 million was a budget you could confidently go shopping with, but it was harder to buy at that median price point now,” Mr O’Doherty said, adding a barely habitable three-bedroom house he was selling in the best pocket of the suburb could sell for that sort of money.
However, he noted prices were lower in low-lying pockets of the suburb closer to industrial areas.
In nearby Bulimba, a three-bedroom house on a 451-square-metre block sold for $950,000, while further afield an original condition four-bedroom house on a double block in the coastal suburb of Brighton, and a four-bedroom house in Burpengary East in the Moreton Bay Region, sold for the same price.
Over on the west coast, where Perth has a median house price of almost $596,000 – its highest since 2015 – buyers can nab quite a lovely home for the national median.
Coastal living is in reach in the northern beachside suburb of Sorrento, which has a median of $960,000, while houses in the inner suburb of Mount Lawley sell for a median of $950,000, including a three-bedroom Californian bungalow that traded in the suburb last month.
Elsewhere, buyers have secured a three-bedroom house in East Freemantle, a four-bedroom house on a 1003-square-metre block in Carlisle in the south-east, and a four-bedroom house with a pool in Walliston in the outer east for under the national median.
In the nation’s capital, it’s in the suburb of Downer ($967,500), in the city’s inner north, where buyers are most likely to find a house at the national median, according to Domain data.
A four-bedroom house in Downer sold for around that price in March, though property prices in the city climbed about 10 per cent over the June quarter, pushing the Canberra median to a record of $1,015,833.
More recently, sales around the national median have been further afield, including a four-bedroom house in Bonner and a newer three-bedroom house in Harrison, both in the Gungahlin region and a purple four-bedroom house in Page in the Belconnen district.
Article Source: www.domain.com.au