High Australian real estate prices lead to bubble fears | South Salem Real Estate

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Real estate has long been an Australian obsession and sharp spikes in house prices across Australia's major cities in recent years have fuelled the passion for property. But it is not easy working out who or what is to blame.

Fluctuating prices, and what triggers them, are studiously followed in a country where two-thirds of the population own their own home.

The most spectacular growth has been in the notoriously fevered Sydney market, which has grown 15% over the 2013-14 financial year, compared with a combined 10% across all the state capital cities, according to figures from property information firm RP Data.

The median house price in Sydney has now reached a jaw-dropping A$800,000 ($697,000, £440,000), many times the average wage.

Hardly surprising, therefore, that Australian house prices are among the least affordable in the economic bloc of more than 30 OECD countries, leaving a generation of renters with dwindling prospects of achieving the dream of home ownership.


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http://www.bbc.com/news/world-australia-29639891

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