Australian house prices are falling but have still more than doubled over the past decade
Summary
House prices in several Australian cities have recently dropped slightly, with banks expecting a 2-3% fall by the end of the year. However, over the past ten years, home prices have more than doubled, making housing less affordable for many people.Key Facts
- House prices in major Australian cities have dropped recently.
- Banks predict house prices could fall by 2-3% by year-end.
- The median home price peaked at $944,000 in March 2024.
- By June 2024, the median price fell slightly to $937,000.
- Over the last ten years, the median home price increased by more than $400,000.
- In 2016, the average home cost about 13 years and 4 months of typical household income.
- By March 2024, this increased to more than 17 years of income.
- Even if prices drop 10% from their peak, homes still cost over 15 years of household income.
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