As interest rate increases trickle down to Australia’s heavily indebted real estate market, property values in capital cities and smaller towns decreased during October.
There is a real risk that the rate of decline could re-accelerate as interest rates rise further and household balance sheets become more thinly stretched.
Despite slowing the decline rate, Australian borrowers still face the double whammy of further interest rate hikes and persistently high and rising inflation. However, up to this point, the housing decline has been controlled, at least in light of the notable increase in value.
A below-average flow of new listings supports this by controlling the total inventory levels. Let’s look at the most expensive cities in Australia to live in or purchase a home check www.propertypricer.com.au.
City With The Highest Housing Prices
Nearly twice as costly as Melbourne, the second most expensive city in Australia, Sydney is the most expensive city in the country (and is named the 15th most expensive city in the world), and the already high expenses are continuing to rise.
In light of this, Australia’s wealthiest inhabitants have made Sydney’s easternmost suburbs their preferred hangout. Edgecliff, Point Piper, and Darling Point are some of these affluent suburbs; they each recently had the highest mean income, which was close to $180,000.
Melbourne is the second-largest city in Australia, the second-most costly, and probably the
nation’s cultural center. Melbourne is known for its vibrant cultural scene, which includes world-class museums and galleries and an almost endless array of festivals, eateries, pubs, and bars, especially in and around the Central Business District, or CBD.
It is also a hub for sports, hosting tennis, cricket, football, and F1 competitions all year round. The cost of living in Melbourne is 21% less than in Sydney, about the same as in Perth, and 5% higher than in Brisbane.
The cost of living in Australia has increased the greatest in Perth. The central city of Perth in Western Australia, where the typical property price is $885,000 instead of $495,000.
Perth is on the rise, perhaps due to its laid-back yet cosmopolitan culture, which offers a flourishing economy, lovely parks, and sunny weather all year round. Perth’s tourism, technology, health care, and mining sectors thrive economically.
Brisbane, the third-largest city in Australia, is far less expensive than both Sydney and Melbourne. In addition to providing all the thrill of living in a dynamic city, Brisbane’s economy is also on fire, with sectors including hospitality, manufacturing, health, and tourism seeing rapid growth. Despite the abundance of gleaming skyscrapers in its urban center, Brisbane is a terrific city for connecting with nature.
To be blunt, Sydney is far and away the most expensive city for anyone who wishes to live in or around the downtown area. The Melbourne and Brisbane housing markets are more affordable but remain above the national average. Housing affordability is a major problem for many Australian families, and it shows no signs of abating soon.