Kiwis are not alone: Staggering cost of Aussie housing

PHOTO: Australian house prices

There’s only one city in Australia where a homebuyer can get change out of $500,000, while prices in Sydney have climbed to eye-watering heights.

Australia’s housing market continues to surge, with prices lifting for the 14th consecutive month and the median home adding a staggering $126,700 in value over the past year.

CoreLogic’s latest figures show a 1.3 per cent increase in November, taking the annual price growth rate to 22.2 per cent.

But it was the softest rise since January when values gained 0.9 per cent.

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Since peaking in March, when housing values jumped by 2.8 per cent, there has been a notable easing, CoreLogic says.

The group’s research director Tim Lawless puts that down to a number of reasons.

“Virtually every factor that has driven housing values higher has lost some potency over recent months,” Mr Lawless said on Wednesday.

“Fixed mortgage rates are rising, higher listings are taking some urgency away from buyers, affordability has become a more substantial barrier to entry and credit is less available.”

Brisbane and Adelaide are the only capital cities yet to experience a slowdown.

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