Sydney Morning Herald: Housing prices are highest in the capital, but buying a house is struggling
Sydney Today, April 4, Australia Eastern Time, buyers in Canberra are facing the most difficult real estate market in the country because its average house price is more than A$3, which is higher than any capital city.
According to house price data released by RP Data and Rismark International yesterday, the average house price in the capital rose to A$529,975 last month. This is an increase of nearly A$2 from the average house price in February and is the latest steady increase since May last year.
The latest data also shows that the average house price in Canberra is higher than that in Sydney, and has maintained this trend since the capital’s average house price surpassed Sydney in December last year. Housing prices in the capital and Sydney are much higher than other capital cities. However, Ben Skilbeck, the operations manager of Rismark International, believes that every city has grown on its original housing price, and Melbourne’s housing price has risen 12% from the beginning of 2007. “Sydney and Canberra have not seen such a large increase. After the market booms, you will see it return to flat growth."
National housing prices rose by 0.2% in March, which is a relatively slow growth, but compared with last year, this is already a good result. Mr Skilbeck believes that although the market is weak, there are many signs that the market will grow in the next few months, including an increase in the number of mortgage approvals and a substantial increase in first home buyers. He said: "These indicators show that people's purchasing power levels are rising and returning to normal levels. This has not happened in the past two years."
However, Sarah Toohey, spokesperson for Australians for Affordable Housing, believes that the housing price level in the capital makes it difficult for many buyers. “Canberra is the market with the highest housing prices and the most difficult market for people. If you work in the public service sector, then you Paying rent is a problem."
In March, Canberra's rental income grew the fastest, with house rents rising by 4.8% and unit rents by 5.7%. Ms Toohey believes that the ACT and the federal government should take measures to help people ease the pressure on housing prices, such as increasing rent subsidies and so on. (Ivy)