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Sydney and Melbourne have seen the largest price increases, with house prices rising 105% and 93.5% respectively since 2009. These massive increases in house prices coincide with record low wage growth, record low interest rates and record household debt equal to 130% of GDP.
The median house price in Sydney peaked at $780,000 in 2016. [4] However, with stricter credit policy and reduced interest from foreign investors in residential property, prices have started falling in all the major cities. [5] When compared with the soaring prices of 2017, the housing prices fell by 11.1% in Sydney and 7.2% in Melbourne in ...
A combination of city-wide high property prices and weak approval process for buildings constructed between 2012 and 2018 has a large impact on the return investment. [20] The Australian Financial Review released data stating that 85% of new apartment owners in Sydney have structural problems in newly built apartment buildings. [27]
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Median house prices have increased by an average of 8.6% per annum since 1970. [303] [304] The median house price in March 2014 was $630,000. [305] The primary cause of rising prices is the increasing cost of land and scarcity. [306] 31.6% of dwellings in Sydney are rented, 30.4% are owned outright and 34.8% are owned with a mortgage.
2021 Residential CBD: 115 Bathurst Street Completed in March 2021. [30] Tallest residential building in Sydney from 2021 to 2022 =8 One Sydney Harbour (Tower 2) 230 754 68 2024 Residential Barangaroo: Barangaroo Avenue = 8 Meriton World Tower: 230 754 75 2004 Residential CBD: 85 Liverpool Street Tallest residential building in Sydney from 2004 ...