Australians are adapting to the hot property market, with one figure showing how much property prices are actually increasing.
Australians looking for a new house are increasingly searching for properties in higher price brackets with almost half of Sydney buyers looking to spend more than $1.5 million.
There’s been an explosion in property prices across the country this year with many home buyers pushed to the upper limits of their budgets to secure a property.
CoreLogic’s home value index for all properties shows Sydney prices have grown by 11.66 per cent year-on-year, Melbourne by 5.43 per cent, Brisbane (including Gold Coast) by 12.44 per cent, Adelaide by 11.98 and Perth by 8.40 per cent.
Figures released last week showed categories of all housing in Sydney grew by three per cent in May — one of the largest monthly rises on record.
The median price of a house in the Harbour City is now $1.186 million, while the median unit price is $782,000, according to CoreLogic. Prices have climbed 10 per cent since January.
Realestate.com.au figures now show home buyers are adjusting their expectations and searching for properties at higher prices.
Sydney
Almost half of Sydney home buyers on realestate.com.au are now looking to spend more than $1.5 million on their next property.
An analysis of search activity found the most searched price bracket on the website is more than a million dollars.
About 43 per cent of all Sydney buyers of a house or apartment are now looking to spend over $1.5 million — double the national average and 16 per cent more than the next best capital, Melbourne.
Melbourne
Realestate.com.au data shows over half of online searches in April were for homes worth between a maximum of $1 million and $1.5 million.
Almost a quarter of searches were for properties valued up to $1.5 million, a 5 per cent increase over three years.
Only 26 per cent of searches were made for properties worth $750,000 or less compared to 46 per cent in 2019, according to the data.
“The supply of homes valued under $750,000 is reducing,” REA Group economic research director Cameron Kusher said.
The Real Estate Institute of Victoria revealed exclusively to the Herald Sun in April that Melbourne’s median house price had exceeded $1 million in the first three months of 2021.
This figure took into account houses sold from January 1 to March 31.
Brisbane
In Greater Brisbane, number of buyers searching for homes in the $1 million price point has also gone up 30 per cent in three years, from 20 per cent of all buyers in 2019, to 26 per cent today.
By comparison, the number of buyers searching for homes around $500,000 has tanked by 43.3 per cent, and those shopping around $750,000 has fallen 16.6 per cent.
Median house values across Brisbane range from $380,000 (Archerfield) to $2 million (Teneriffe), with the median house value in the Brisbane local government area now $754,500.
A greater number of buyers are searching for homes in the $1 million price point in Greater Brisbane.Source:Supplied
South Australia
Property searches for homes worth up to $1 million in South Australia have climbed over the past two years.
Figures from realestate.com.au show searches climbed from 14 per cent in April 2019, to 18 per cent in the same month of 2020, then to 20 per cent in 2021.
Properties up to $500,000 remained among the most popular but the data showed the proportion of searches in that price range dropped from 45 per cent in April 2019, to 36 per cent in the same period of 2020, then 29 per cent in 2021.
Tasmania
There has been a substantial rise in the number of potential buyers in Tasmania searching in the $750,000 and $1 million price brackets over the past three years.
While the $500,000 range remains Tasmania’s largest price bracket, the interest in this range has dipped significantly.
In April 2019, 18 per cent of home searches were in the $750,000 bracket, but in April 2021 that percentage has shot up to 29 per cent, or almost one-third of all searches.
In the $1 million range, searches have grown from 9 per cent up to 16 per cent.
Meanwhile, the $500,000 range represented 56 per cent of searches in 2019 but has receded to 43 per cent this year.
Tasmania’s most affordable search, $250,000, has shrunk from 11 per cent to just 3 per cent.
The story was similar in greater Hobart with searches dropping from 5 per cent to just 1 per cent.
Most property searches in greater Hobart this year were in the $500,000 bracket (34 per cent in 2021, down from 50 per cent in 2019).
The $750,000 range grew to 31 per cent, which was up from 23 per cent, followed by $1 million searches (21 per cent, up from 14 per cent) and $1.5 million (7 per cent, up from 5 per cent).
Article Source: www.news.com.au
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