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Property prices have quadrupled in 20 years

The price of property in Australia has quadrupled in a little over 20 years, with homes in Sydney now costing thousands more than those in New York.

Australian property prices have quadrupled over the past 20 years, with the average home in Sydney costing thousands more than property in New York.

Geoffrey Rogow wrote in a piece for Dow Jones Newswires that the average home in Sydney now costs around $201,280 (£128,930) more than its counterpart in New York.

It also costs nearly as much as a dwelling in Honolulu or San Jose in California, said Mr Rogow, drawing on data from the National Association of Realtors in the US and the Real Estate Institute of Australia.

He went on to highlight comments from Fitch Ratings, which claim that people in some parts of the country, such as New South Wales' Hunter Valley, were struggling to meet their mortgage repayments.

Regardless of this, he concluded that "still, property enthusiasm remains high".

Earlier this month, Terry Ryder, founder of real estate research firm hotspotting.com.au, wrote in the Australian newspaper that house prices will be more influenced by consumer confidence than interest rate rises next year.

Posted by Ravin Chatlani 

- property, prices, investment, ABS

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