Average Australian mortgage passes $500k

Melissa Jenkins
(Australian Associated Press)

 

The average Aussie mortgage has cracked half-a-million dollars for the first time.

In the three months to the end of last year, the average loan size nationally ballooned to more than $500,400, a report from comparison website, comparethemarket.com.au shows.

NSW pulled the national average up, with mortgagees in that state owing an average of more than $613,000.

In Victoria, the average loan size was more than $496,800.

Sydney and Melbourne were also this week named among the least affordable major housing markets in the world, according to the 14th Annual Demographia International Housing Affordability Survey.

Sydney was ranked the second least affordable, behind only Hong Kong in a list of 92 major metropolitan markets

Vancouver was the third least affordable, followed by California’s San Jose, with Melbourne rising one place from last year to fifth.

Australia was considered the third least affordable country behind Hong Kong and New Zealand..

Capital city home prices fell by 0.2 per cent last week, but Sydney values fell twice as fast as the national average.

Sydney’s cooling market led the losses with a 0.4 per cent decrease in the week to January 21, according to property group CoreLogic.

Melbourne dipped 0.1 per cent, while Brisbane, Adelaide and Perth’s prices were steady.

In the past year, average home values across those five capital cities have risen 3.6 per cent, with the biggest lift in Melbourne, rising 8.4 per cent.

Median house prices for private treaty sales were $815,000 in Sydney, $680,000 in Melbourne, $525,000 in Brisbane, $495,000 in Perth, and $440,000 in Adelaide.


CAPITAL CITY PRIVATE TREATY MEDIAN PRICES

HOUSES

Sydney – $815,000

Melbourne – $680,000

Canberra – $650,000

Brisbane – $525,000

Perth – $495,000

Darwin – $470,000

Adelaide – $440,000

Hobart – $423,000

Combined capitals – $609,476


UNITS

Sydney – $650,000

Melbourne – $482,500

Canberra – $410,000

Perth – $370,000

Brisbane – $397,500

Hobart – $340,000

Adelaide – $302,000

Darwin – $362,500

Combined capitals – $492,266

Source: CoreLogic Property Market Indicator Summary week ending January 21, 2017.

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