This article is from the Australian Property Journal archive
THE cost of houses in Canberra is the 7th most expensive globally, in terms of capital cities, according to a new study.
Canberra was ranked 7th with the median house price of $712,474. The data reported that their prices are so high as a result of an influx of large houses. The Australian capital misses out on the top 10 in terms of price per square metre however.
“While the competition for limited real estate drives up prices in smaller regions, areas such as the Australian capital, Canberra, can attribute high prices at least in part to the enormity of the houses.”
House prices have taken an interesting path in the past few years. Prices seemingly skyrocketed everywhere however following the pandemic they’re on the way down.
A number of factors such as higher interest rates and the cost of living in general have driven demand down. This has ultimately had an impact on the global housing market too.
NetCredit released their findings following research into 73 capital cities around the world.
They collated their data by analysing 800,000 online property listings across these capitals. They then calculated the median house price for each city and per square metre. On top of this, the average monthly net salary of each capital was researched. Affordability was calculated with this data along with the expected time for an average earner to work before buying a median-value house.
While it may not take the cake in Australia – with Sydney and Melbourne regularly in the news for their ballooned prices – it’s still difficult to find affordable homes in Canberra.
Irrespective of having more houses of substantial size, Canberra ranking 7th out of 73 on a list of most expensive capital cities shows just how much of an issue Australia’s housing crisis has become. Their high ranking also comes after a drop in prices over the past few months. The median price is something that is likely to be largely unattainable by a large number of Australians.
Unsurprisingly, Monaco smashes the list at no.1, with the tax-free nation averaging $4,475,000 per house. It costs $52,000 per square metre of a Monaco house.
