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Study puts average Australian c...

Study puts average Australian capital city house price at $544,725

The median house price for a home in one of Australia's capital cities currently stands at $544,725, according to an analysis of Australian Bureau of Statistics (ABS) data carried out by RateCity. 

The highest median capital city house price is found in Sydney and stands at $825,000, while the lowest is Hobart's $356,500, Domain reports. 

Average prices in the wider states were lower than those of the capital cities, but ranked similarly in terms of most to least expensive. 

Tasmania's state average of $268,000 is the lowest, while the New South Wales average of $408,600 is second highest to the Northern Territory median of $458,000. 

It was noted that the salary required for a buyer to be able to afford repayments means couples are in a better position to make a new purchase than individuals.

In Melbourne and Brisbane, for instance, the salary of the owner would need to be $96,706 and $80,866 salary respectively, if they do not wish to spend more than a third of the average income on repayments. 

Taj Singh, co-founder of First Home Buyers Australia, emphasised the fact that while cities like Sydney have higher income levels, it comes with higher rental costs. As a result, couples are more likely to be favoured by lenders. 

"With the tighter lending standards, the lenders definitely prefer double applicants for owner-occupied housing loans - as it reduces their risk is lending money and it also has the impact of increasing the borrowing power," Mr Singh commented. 

Jo Vadillo, director of Advocate Property Services suggested single people could get themselves onto the property ladder by buying a property with someone who is not necessarily their romantic partner. 

"You can start small and build from there and it can absolutely be a solo mission - I have walked in those shoes and still own my first purchase," she remarked.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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