There are financial and lifestyle benefits to enjoy when buying a home in one of Australia's cosmopolitan capital cities.
Of course, that said, living in some of Australia's capital cities doesn't come cheaply. Over the 2013 calendar year, property prices climbed by almost 10% across the country, making it very hard for some buyers to enter the market. In this blog, we look at the nation's three most expensive cities and how much you can expect to spend in order to secure a property there.
Many global economic reports place Sydney high on the list of most expensive cities in the world. It's the most expensive Australian city, and real estate trends indicate that prices will continue to rise throughout 2014. According to research conducted by RP Data, median home prices rose by almost 15 per cent in this capital city throughout 2013, reaching $775,000.
While the exorbitant prices can be demoralising (especially for first home buyers), Sydney should not be crossed off the list of holiday destinations or locations in which to live. The glamorous city contains a myriad of attractions, including a beautiful harbor with amazing views of the iconic Sydney Opera House and Harbour Bridge.Dazzling beaches and a bustling business district have convinced 4.4 million people to call the city home. Today, there are dozens of surrounding suburbs that offer slightly more cost-effective housing choices should inner-city living be out of your price range.
Melbourne ranks as the second most expensive city in Australia for house purchases. Furthermore, the metropolitan area shows up in the top 20 most expensive city housing prices in the world.
On top of that, demand is at an all-time high in the city, and the median dwelling value rose over 8 percent in 2013 to $625,000. The real estate market in Melbourne has seen steady increases for over a decade, so it's not likely that you'll be able to find a great deal on a home within the city limits in the near future.
Artists and sports fans are most likely to feel at home in Melbourne. The city is the home of more than a dozen professional sports teams. The famous Montsalvat Artist Colony attracts talented artists from around the world who gather to find inspiration for creating new pieces. The city also boasts a renowned café and restaurant scene, providing ample inspiration and relaxation opportunities for locals.
Perth is another Australian city that routinely makes it into the list of the most expensive cities in the world. The median home price in Perth rose 9.9 percent in 2013 to $520,000.
The abundant sunshine and juxtaposition of sandy beaches with towering skyscrapers, ensures the city attracts buyers from all over the globe. The good news is that a busy business district in the city offers a strong range of employment opportunities, making relocating from more expensive areas like Sydney and Melbourne a real consideration.
Real estate prices in Australia are reaching all-time highs each subsequent year. Experts don't expect median home prices to halt in their trending rises as we move into 2014. Investors can benefit from the steady increase in the cost of real estate in Sydney, Melbourne and Perth if they can manage to enter into the market before prices are pushed higher. Now is the time to buy if you're in a financial position to do so as buyers will continue to face significantly higher costs every year. Talk to a property market expert at Mortgage Choice and enjoy the security and valuable insights that a knowledgeable property market professional can provide.