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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 ...
Considered to be Sydney's first high-rise office building, Culwulla Chambers, was completed in 1912 and stood at a height of 50 metres (160 ft). Designed by Spain, Cosh and Minnett (with Rupert Minnett), the building consisted of 14 floors and cost £100,000 to build, equivalent of approximately $1 million in today's money. [13]
Mortgage rates are holding steady as of Tuesday, February 11, 2025, pushing the 30-year fixed benchmark under 7.00% ahead of fresh consumer and wholesale inflation data this week.
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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.
Sydney received 8.2 million visitors in 2016, an 11.4 per cent increase from 2015. The main sources of Sydney's tourists were from north-east and south-east Asia. [3] The Vivid Sydney festival, held annually each winter, attracted 1.7 million visitors in 2015–it is the biggest festival in Australia and one of the biggest of its kind in the world. [4]
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]