subject: The Prices Of Houses In Australia [print this page] Australia, with its wide expanse of territories, is currently in a housing boom. This means there are many developments open for purchase and ownership in the country. Each area though has a different price depending on size and location. The following are the prices of average properties in the different state capitals in the country:
a.Canberra: Aus$507,500;
b.Sydney:Aus$500,000;
c.Melbourne:Aus$474,000;
d.Perth:Aus$465,000;
e.Darwin:Aus$434,500;
f.Brisbane:Aus$434,000;
g.Adelaide:Aus$390,000;
h.Hobart:Aus$330,000;
On the average, an Australian home would cost a family a total of Aus$459,000.
An average home in the country would be at least a three bedroom single storey house built on its own land area. This cost is much higher compared to a home in the United Kingdom, which would set back an individual family about Aus$252,000. This would make an average home in Australia worth 82% only than an average UK home. In Ireland, the average cost of a home is Aus$260,800 or 76% percent cheaper compared to a home in Australia.
Another aspect of costs of homes in Australia is the mortgage costs in obtaining a home in the country. A mortgage is a loan taken out from a financial institution using the home as collateral on the loan. In current statistics, the average home loan value provided in Australia as of February 2011 is at Aus$281,500. The current mortgage interest rate is pegged at 7%. So, payments required for a typical home mortgage loan would be Aus$460 per month, Aus$1990 per month or $23,880 per year.
If the individual living in Australia does not have the means or wherewithal to purchase a home or obtain a mortgage for a home, then the next option would be renting a home in the country. The rental rates differ also according to the length of the lease, the kind of home and the location of the house. One area that has been popular for rents and leases is in Perth. The median rent rates would be at 4% of the value of the home, so for a Aus$750,000 home would be pegged at $30,000 per year. Thus on a weekly basis, the rental payments would reach Aus$576.00.
In comparing between rental rates and mortgage rates, it would be greatly cheaper for an individual to rent compared to purchasing a home, where the cost of renting would be Aus$576 as to paying a mortgage of Aus$1,100. Depending on the individual's ability to earn and pay for a home would certainly help in making a decision on their future address in Australia.
