A review of some market indicators shows that a lot has changed in the past decade.
In the June quarter this year the median Melbourne house price was $590,000, which is 103 per cent higher than the $291,000 recorded in the June quarter 2001.
A decade ago the stamp duty payable was $13,120, which is 132 per cent less than the $30,470 which was payable on the median house if purchased in the June quarter this year. Unlike a decade ago, first home buyers can now benefit from a 20 per cent reduction on this bill for most homes.
However the First Home Owners Grant was valued at $7,000 in 2001 and is still valued at $7,000.
According to the Australian Bureau of Statistics, the average home loan to a non-first home buyer was $291,200 in June this year, 99 per cent more than the $146,500 recorded in June 2001.
The median price of a house in Toorak was $2,175,000 in the June quarter this year, 105 per cent higher than the $1,062,500 in the June quarter a decade ago.
In more affordable Broadmeadows the median was $370,500 in this year’s June quarter, a substantial 219 per cent higher than the $116,000 in the June quarter 2001. This is indicative of a trend that has seen the more affordable suburbs increase in value more rapidly.
And finally, in the City of Ballarat the median house price has increased by 122 per cent from $130,000 a decade ago to $288,500 in the most recent June quarter.
Source Data: www.reiv.com.au
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