The National Association of Realtors reports the median price of a house in the United States has risen to an all-time high. Housing prices remain steep across Hawai‘i, and they’ve also just passed a milestone in Australia’s largest city. HPR’s Bill Dorman has more in today’s Asia Minute.
If you want to buy a house in Sydney, it’s best to start with a sizable bank account. The median price of a house in the city has crossed the 1-million dollar mark for the first time ever. Now, that’s one million Australian dollars, currently a bit less than 750-thousand dollars US….but it’s a record. It’s also an increase of 23% over the past year. That’s according to the real estate advertising group Domain, which calls it the biggest annual surge in Sydney housing prices in nearly 30 years.
Nationwide, housing prices in Australia are nearly 12% higher than a year ago, but they’re not rising everywhere. Western Australia has been hit hard by a slump in mining, largely driven by a slowdown in China’s economic growth. Housing prices in Perth are nearly one and a half percent lower than they were a year ago.
As for Sydney, while investors and speculators may be pleased, those further down the economic ladder are struggling with the higher prices. Social service agencies say the cost of housing is forcing more people into emergency accommodations, and for longer periods of time. Mission Australia is calling for a national housing summit to deal with an affordability crisis that’s hit several of the country’s biggest cities.
