Average property prices are not the best numbers. Assuming transactions of 3 units of RM1 million and another 7 units of RM300,000 homes would reveal an average price of RM510,000. Totally not reflective of the property market at all for both ends. This is the reason why when we look at the average prices for Kuala Lumpur, it seems that NOTHING is affordable but this is not true. Here’s an earlier article: KL average property prices down, now at RM714,000 I would prefer that Median home prices are used for properties because it reflects the situation much better. If we have noticed, for the Australian property markets, they use Median property prices instead of average property prices. Many times, they also divide it into landed versus high-rise. Want to know the latest numbers for Australian cities? Do you think it’s still affordable? Please refer below. The original article here.
Median property prices in Sydney is now AUD845,000 unit while that of Melbourne would be AUD623,500. The prices have risen by 67.2 percent for Sydney and 46.3 percent for Melbourne respectively for the period of 2012 – 2016. I do not think Australian professionals have seen their salaries increase by the same number during the same period of time. For fresh graduates, as per Graduate Careers Australia, “starting salary for bachelor degree graduates … was $52,500 … In 2014, the median starting salary for bachelor degree graduates aged less than 25 and in their first full-time employment was $52,500 (essentially unchanged from $52,450 in 2013, and $52,000 in 2012).” Yes, essentially salary has not changed much over the few years.
Melbourne properties are loved by foreigners too. Crazily hot, 28% of Melbourne apartments bought by foreigners Yes, I do think some of these demand would have contributed to the rise in property prices too. There’s no need to dwell too much about why and where some of these buyers come from and why are they so rich. 🙂 You can google to read about them. Keep following yeah, for those who love Australia for whatever reasons. Cheers mate.
written on 2 Dec 2016
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