How much is the Average Mortgage in Australia?
If you’ve ever wondered what the average Australian mortgage might be across the country, the results may actually surprise you. According to independent website www.comparethemarket.com.au, As of the start of 2018 the average Australian mortgage today is now worth over $500,000.
It seems the average loan size nationally now equates to around $500,400. This average mortgage only increases when we going to certain states of the country. New South Wales for example has mortgages that have now pulled in excess of $613,000. Part of the reason for this spike in a national average comes with Sydney and Melbourne being named some of the least affordable major housing markets in the entire world. Sydney for example is ranked as the second least affordable city to buy a home in only after Hong Kong. Cities like Vancouver and San Jose are rising, but Sydney has held this spot for several years now. Melbourne is a surprising figure rising a full place in the ranking of least affordable places to live in the world.
With the median house prices for private sales in Sydney ranging around $815,000 and $680,000 in Melbourne, it seems as though the average Australian may find it quite difficult to afford to purchase a home. Getting the right mortgage in Sydney or even going together with a few people to afford a home can often be one of the only ways that a person can qualify for a loan to purchase a home. Through rapid foreign investment, Sydney properties are selling so quickly, even at their high price points, and the competition in this market is offsetting the average prices across Australia.
Whether you are interested in purchasing a home in Australia or you have been looking for some time to invest in properties, it’s important to set your expectations at the right limit or seek housing outside of the major cities. The cost of homes in Australia is only set to rise.