Australian property prices hit record highs

New data has revealed capital city house prices have hit record highs despite the COVID-19 recession, with the median house in Sydney now costing $1.2 million.

[mrbillhilly]

Unless you work for government, Coles, Woolworths or WHO has all this money to buy these homes? We're in a global DEPRESSION & Sydney's houses are worth $1.2million?

[nhraandnascarfanatic]

“Pick yourself up a $750, 000 bargain!! That was only $400, 000 2 years ago”.... Narrrr..

[ivanhoeescobar]

Our kids/ grandkids are going to struggle.

The transfer of wealth is impressive to say the least.

[Customwinder]

Property prices are ridiculous because idiots keep paying idiotic prices for property .

[davidapswoude]

Perth In 2014-Peet, Lennon, Satterley and co surrounded Perth and inflated prices well above natural levels. Impossibly high prices for land have endured sending people interstate. Sad how just a handful of families and land rich groups can destroy a generation with unchecked greed.

[joeybrown]

Stock on the market is down 50% over the last two years. The Music is about to stop.

[spacebunyip]

Explain how these increases are impressive?
It highlights how inefficient money in Australia is

[kelvinjames]

Negative gearing and foreign investors
Government is to blame

[nimascrenattahws]

It’s starting a lot of foreign properties investors globally look Australia as a save country and full of promises to do business investment.

[theragoooverlord]

My name is Mr Chan. I'm from the year 2001. I look forward to buying a big house in a wealthy northern suburbs area (prefer white neighbors) and moving my whole family in and sending them all to an expensive private school. Immigrating any day now. I will pay half a million more

[zzaazz]

Everyone thinks it's the flood of money coming into the system driving up house prices, it's not. It is purely the fact your bank is giving you 1.99% interest rates, so yes you can probably afford an 800k house at this point. If your bank was giving you 6% interest rates (which they were in 2012) probably only has you a purchase price capacity relative to the 800k place at 1.99% of about 500k purchase power. So no your house isn't really worth more, it's all fugazi based on interest rates. The massive gap left open is 300k in this case below.

800k purchase price @1.99% = $2720 per month repayment
500k purchase price @6% = $2743 per month repayment


If interest rates ever go back to 6% which is very plausible scenario in a few years, then if you've been sucked into an 800k purchase you will paying $4418 in your new repayment, a FAR cry from the $2720 you thought you were getting into. 30 years is a LONG time. Stay safe

[pfx]

Sky news, owned by the same owner as realestate.com.au, is overinflating prices for fellow ozzies.

[deemad]

Peaks were 2017 November. Wtf are they talking about?

[truthaus]

Is that due to inflation and our dollar falling?

[JJ-mclu]

Another name for these FOMO buyers now that rates are going up is renters! That's what they will be soon once they lose their homes. Well we need more of those!

[dimitzvonmelbourne]

Thank you RBA for low interest rates, tgank you

[loganhuffington]

I didn't know that Australia even used the USA dollar currency

Oh never mind they use the Australian dollar... how fun!

[braxxian]

What did they think was going to happen when you make interest rates 0%.

[eleonoraformatoneeszczepan]

Based on similar sounds of names, I can't but think, Lady Hale.

[benjones]

Aussie family’s live in a trailer, not so bad better then being homeless.