It costs more than $1 million to buy a median-priced house across Australia’s capital cities, a 25.2 per cent jump over the past year, the latestCredit:According to the report, the median-priced house in greater Sydney will set you back $1.6 million, $400,000 more than a year ago, while Melbourne and Canberra both top $1.1 million. And expect to pay well into the $700,000s to live in Brisbane, Adelaide or even once-sleepy Hobart.
At this level it becomes a serious challenge for many workers to save for a deposit from their earnings, even if they have slashed spending on travel and entertainment during two years of stop-start coronavirus restrictions, and had been knuckling down to save even earlier. A deposit on a median-priced Sydney house, for example, is now the equivalent of 14,559 plates of avocado toast.
The Reserve Bank dropped interest rates to near-zero to support the pandemic economy, and before it lifts them, it wants to see low unemployment, a healthier level of inflation and a pick-up in wages growth. “We’ve seen that on the way down, [as rates fell] house prices went up and to some extent the reverse will be true. When interest rates go up that will reduce credit and that will weigh on home prices,” he said.
“For the last four months or so we could actually be looking at price declines… For next year I was forecasting a decline of 5 to 10 per cent, it just brings forward the timing of that decline.”
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