On Tuesday, the Australian Financial Services Union released the results of its most recent annual survey of the nation’s luxury home buyers.
It found that Melbourne’s luxury market has continued to see a steady increase in sales, but the city has been hit hard by the coronavirus pandemic, with its median price tag set at $1.3 million, up 11.7 per cent from 2016.
The city’s median price was also significantly higher than Sydney’s.
According to the survey, the median price of a luxury home in Melbourne fell 7.5 per cent between the end of the 2015 and the end and the start of the 2018 financial year.
“The median price in Melbourne has been trending upwards over the past three years, while Sydney’s has been dropping for several years now,” FSSU president David Healy said in a statement.
According to FSSUs survey, Melbourne’s median home price was $1,319,000, down 13.5% from $1 and up 13.8 per cent since the end 2016. “
With prices at record highs, we’re seeing an increased level of demand for affordable and high-quality homes in Melbourne and this is pushing up demand for the high-end homes currently under construction.”
According to FSSUs survey, Melbourne’s median home price was $1,319,000, down 13.5% from $1 and up 13.8 per cent since the end 2016.
Melbourne is the city with the highest median home value in the country, at $822,000.
The median home prices in the state of Victoria are also the highest in the nation at $913,000 and are on course to be one of the highest of any state by 2021.
Melbourne’s property boom continues to be a major issue for the state’s economy, with the unemployment rate in Melbourne set to rise to 15.9 per cent by 2021, up from 13.1 per cent in 2020.
The FSSUC also found that the average price of luxury homes in the region was $7,074, a 12.1% increase from 2016 and the highest it’s been since 2013.
The average home price in Sydney is $1 million, which is up 11 per cent over the same time period.
“Across Australia, the average home value has risen by 12.9% over the last three years and the average sale price of homes has also increased,” Mr Healy added.
“At the same period, the unemployment rates in Australia’s largest cities are currently the highest they have been in over 20 years.”
A further 24 per cent of the FSSucs survey respondents were renters, a new high in the sector.
In 2016, only 11 per and 10 per cent, respectively, of respondents rented, a decrease of about 10 per one percentage point.
According a spokesperson for the FSDU, the affordability gap between buyers and sellers remains “the biggest challenge facing many Australians, particularly young Australians, and we believe this is a growing trend”.
“This is a significant challenge, particularly in areas with high levels of unemployment and rising housing costs,” the spokesperson said.
“Renters are often left with a significant mortgage to pay and this can be a significant barrier to purchasing a home in these markets.”
FSSUnions spokesperson, Scott Hatton, said that the sector’s high rental prices were hurting the city’s economy and affordability, especially for young people.
“There are two factors that have driven up prices in Melbourne over the years,” Mr Hatton said.
“The first is the increasing number of young people entering the housing market who have been forced into rental homes.
“As this situation worsens, there will be a further upward pressure on prices in Sydney and Melbourne.” “
The FSDUC said that as many as 20 per cent or more of the households in Melbourne’s suburbs are renters, which means there are likely to be higher rental prices in some areas than others. “
As this situation worsens, there will be a further upward pressure on prices in Sydney and Melbourne.”
The FSDUC said that as many as 20 per cent or more of the households in Melbourne’s suburbs are renters, which means there are likely to be higher rental prices in some areas than others.
According the survey results, one in six of the homes surveyed in Melbourne are owned by the renters, or renters with children.
“This has been a very difficult issue for Melbourne and many other Australian cities in recent years, with an increasing number and volume of renters and young people, many of whom are young people,” the FFSU said.
A spokesperson for Australia’s Bureau of Statistics, Kate Haggerty, said in the statement that the bureau was committed to improving affordability and providing services to all Australians.
“Our goal is to see more homes and properties sold in all areas of the state and Territory so that more Australians have affordable homes to buy and invest in,” she said.