Money Australia's impending property boom: How the average cost of a home will surge to $6.3MILLION in just 25 years - and it's not Sydney that will be hit the hardest

01:31  14 june  2018
01:31  14 june  2018 Source:   dailymail.co.uk

The cheapest Aussie city to buy a home close to the CBD

  The cheapest Aussie city to buy a home close to the CBD A new analysis has revealed the cheapest city in the country to buy a house within five kilometres of the CBD.Property research firm, Core Logic, found five inner-city suburbs in Adelaide that have an average purchase price under $500,000.

Australia ' s impending property boom : How the average cost of a home will surge to $ 6 . 3 MILLION in just 25 years - and it ' s not Sydney that will be hit the hardest . Aussie Home Loans and CoreLogic survey extrapolated from data since 1993.

Australia ' s impending property boom : How the average cost of a home will surge to $ 6 . 3 MILLION in just 25 years - and it ' s not Sydney that will be hit the hardest . Projections show median house prices will reach $ 6 . 3 million in Sydney by 2043 - up from m today.

a small town: Average homes in Australia may cost up to $6.3million in just 25 years, a bombshell study has revealed. Pictured: Suburban homes in Brisbane where the average price may reach $2.3m© Provided by Associated Newspapers Limited Average homes in Australia may cost up to $6.3million in just 25 years, a bombshell study has revealed. Pictured: Suburban homes in Brisbane where the average price may reach $2.3m Average homes in Australia may cost up to $6.3million in just 25 years, a bombshell study has revealed.

Projections show median house prices will reach that figure in Sydney by 2043 - up from $1.03million today.

The Aussie Home Loans and CoreLogic survey predicts average prices will hit $5.8million in Melbourne, $2.9million in Canberra, $2.5million in Perth and $2.3million in Brisbane - with the biggest increase in Melbourne.

Melbourne records lowest auction clearance rate in six years while Adelaide is the strongest performer

  Melbourne records lowest auction clearance rate in six years while Adelaide is the strongest performer Melbourne has recorded its lowest auction clearance rate in six years, while Sydney’s property market also saw declines in houses selling under the hammer. Across the country 900 properties went to auction, down from 2,281 the previous week, News Corp reports. The preliminary clearance rate was 55.3 percent. There were just 276 auctions held in Melbourne last week with a preliminary clearance rate of 56.1 percent, the lowest since 2012.Adelaide was the strongest performer with 65.6 percent of 29 auctions clearing, following by Canberra with 65.4 percent of 26 auctions.

Nickel is surging , on predictions that it could be included in any further sanctions against Russia. It ’ s also down 0.7% against the euro, to €1.147. At the start of this week, a May rate hike looked to be nailed on. ONS/Land Registry average house inflation in the year to February 2018 by region.

Australia ' s surging population is set to hit 25 million next year , a staggering 34 years earlier than predicted by experts (crowded Bondi Beach, Sydney , pictured).

Wages will also increase over this time - but with Australia enduring one of the lowest rates of wage growth in the world, the prospect of houses becoming less affordable is very real.

a screenshot of a cell phone© Provided by Associated Newspapers Limited

The surveyors made their predictions by analysing house price changes over the past 25 years and extrapolating.

Based on national house values rising at the annual rate of 6.8 per cent per annum since 1993, the national median house value would be approaching the $3million mark in 2043.

The median unit value would be just over $2.1 million.

Melbourne has replaced Sydney as the epicentre of Australia's housing construction boom

  Melbourne has replaced Sydney as the epicentre of Australia's housing construction boom Melbourne has replaced Sydney as the epicentre of Australia's housing construction boom, according to new research. 12 of Australia's top 20 housing construction "hotspots" were in Melbourne last financial year. The remaining eight were located in Sydney and Southeast Queensland.Melbourne has replaced Sydney as the epicentre of Australia's housing construction boom, according to new research released by Australia's Housing Industry (HIA) today.

A new report reveals rising rents and surging inequality — and it ’ s only going to get worse. In 1988, just one city in America had homes that cost , on average , more than six San Jose, California, had the worst mismatch, with the median home costing 10 years of the median income, at .1 million .

How did it come to this? The city by the bay has the nation’ s priciest real estate, and Since Kenneth Rosen moved to the San Francisco Bay Area 42 years ago, he has counted six boom and bust housing cycles. Noe Valley is home to multi- million -dollar Victorians, and, as Sfgate.com puts it

a large city with many buildings: Projections show median house prices will reach that figure in Sydney by 2043 - up from $1.03million today© Provided by Associated Newspapers Limited Projections show median house prices will reach that figure in Sydney by 2043 - up from $1.03million today Chief Executive Officer of Aussie, Mr James Symond, said: 'Housing continues to grow as Australia's largest asset class. If the changing face of residential property and staggering growth of technology we've seen over the last 25 years continues, it's likely the next 25 years will produce even greater change.'

He added: 'I expect the growth trend will continue especially with high immigration levels.'

a screenshot of a cell phone© Provided by Associated Newspapers Limited

Byron's Suffolk Park topped the nation for value growth, with the median house price moving from just $74,250 25 years ago to $1,185,000 in 2018, an increase of 11.7 per cent per annum.

Coastal and lifestyle markets around the Hunter and Illawarra regions were also standouts, comprising four suburbs in the national Top 10.

Cost of living pressures have worsened for most in Sydney: poll

  Cost of living pressures have worsened for most in Sydney: poll A new poll draws attention to voter worries over financial pressures ahead of next week’s state budget. Most affected were those aged over 50 – in that Sydney age cohort 87 per cent feel cost of living pressures had worsened during the past year compared with 77 per cent of 18-34 year-olds and 81 per cent of 35-49-year-olds (the city-wide the average of 82 per cent).Dr Shane Oliver, the Sydney-based chief economist at AMP Capital, said that while the overall rate of inflation was low, consumers are especially sensitive to price increases in necessities like electricity, petrol and health services.

BRITAIN’ S housing market is continuing to boom following the Brexit vote with prices of the average home growing by £1,000 a month in the last year , it was revealed today. Newly released figures showed a continuing healthy surge in property values which rocketed some 5.2per cent.

It means the average UK parent will have to spend more than a third (38%) of their take- home pay just to be able to afford one child, with the costs highest between the ages of one and four years old.

Melbourne has had the largest annual percentage increase in both house and unit values within a capital city over the past 25 years.

House values have risen at the annual rate of 8.1 per cent or $28,300 since 1993.

At the same rate of growth over the next 25 years, Melbourne’s median house value could rise from $825,000 to $5,825,000 in 2043.

Mr Symond suggested this meant a housing crisis in the city could be one of the most acute in the country.

He said: 'Housing affordability remains a major issue for people in Melbourne, largely driven by the recent and dramatic housing price growth across the city.

a screenshot of a cell phone: The report revealed the top 20 suburbs in Melbourne for value growth over the last 25 years, with the Mornington Peninsula's Flinders the star performer© Provided by Associated Newspapers Limited The report revealed the top 20 suburbs in Melbourne for value growth over the last 25 years, with the Mornington Peninsula's Flinders the star performer a screenshot of a cell phone© Provided by Associated Newspapers Limited

'Buyers now need to dedicate 160 per cent of their annual gross household income to raise a 20 per cent deposit, with property worth a staggering eight times annual household incomes.'

Simple extrapolations don't take into account how economic and demographic conditions might play out over the next 25 years or how housing demand and supply may evolve.

Exclusive strip dubbed Sydney's 'Millionaire's Row' is quickly becoming Australia's most sought-after address - with apartments going for $2,200 a week

  Exclusive strip dubbed Sydney's 'Millionaire's Row' is quickly becoming Australia's most sought-after address - with apartments going for $2,200 a week A suburb in Sydney, Australia is costing renters up to $2,000 per week to rent a two bedroom apartment. A property in the suburb recently sold for $3.5 million within one week.Wealthy renters are snapping up two-bedroom apartments in Barangaroo, overlooking Sydney's idyllic Darling Harbour, for as much as $2,200 a week.

So, in 20 years who knows how far it ’ s going to go?” Britain' s cost of living squeeze eases; IMF blasts Trump' s trade tariffs - as it happened. UK jobs boom is petering out, claims employers' survey.

Australia . Annual running costs for such a property would be well over the average cost of a home in England and Wales. Inside the multi- million pound luxury houses and mansions that cost £250,000 a year just to maintain (1.5 times the cost of an average HOME ).

But this report may add weight to the growing feeling - especially among Australia's young - that more houses need to be built to ease such dramatic price increases.

The Korn Ferry 2018 Salary Forecast predicted Australia would have the lowest real wage growth of 97 countries surveyed with an increase of just 0.7 per cent.

a close up of a building: Melbourne has had the largest annual percentage increase in both house and unit values within a capital city over the past 25 years© Provided by Associated Newspapers Limited Melbourne has had the largest annual percentage increase in both house and unit values within a capital city over the past 25 years

Paine shocked after his 'hardest' ever day .
Australian skipper Tim Paine says his side's ODI capitulation against England rates as the hardest day of his career. AJ Tye went wicketless for 100 runs from nine overs with Jhye Richardson the pick of the bowlers with unflattering figures of 3-92."I've been playing cricket since I was a kid and that is the hardest day's cricket of my life," Paine said."Everything we tried didn't work and everything they tried came off."Normally that happens for an hour or two and you get a wicket.To go on for as long as we did ... you have to take your hat off to them, they hit the ball as well I have seen.

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