The recent fall in Australian property prices is good news if you’re looking to buy your first property in Australia.
Moving to Australia? Here’s a look at current house prices and the state of the property market Down Under to give you a better understanding of what you can afford if and when you move to Australia from the UK.
Moving to Australia is the dream of many a UK resident with the weather and relaxed way of life usually being a big factor. However, another important part of the Aussie dream for many people is having a spacious house with a swimming pool.
Australian homes are generally well known for being more spacious than in the UK. Choosing the right property in the right area is vital for getting your move down under off to a great start.
The average price of property in Australia has fallen from its peak which means there is so much more value to be had for the buyer. The national medium is currently around A$550k (£305,000), somewhat higher than the UK average of £231,422 (A$418,000) in July 2018.
But don’t be too alarmed. The average price is pushed by crazy high prices in the centre of Sydney (A$848k) and Melbourne (A$697k). If you avoid these areas you’ll be pleasantly surprised by what properties are within your budget. The regional average is only A$368k (£204k), well below the UK average and who wants to move all the way to Australia to live in the city centre anyway?
So what property can you afford in Australia? Take a look below and you will see the types of property for sale in Australia and what your money will get you in the current market.
The Australian Property Market in 2018 / 2019
Property prices have soared in Australia since the turn of the millennium, but that trend came to an end a year ago. Since then prices have dipped slightly in the most expensive areas which has come as a welcome relief for those wanting to get on the property ladder.
The latest figures (30th September 2018) show that national property prices have dropped every month since their peak in September 2017. Overall, property prices have dropped 2.7% over the last year – but this is mainly in overpriced Melbourne (-3.4%) and Sydney (-6.1%). Other cities continued to see prices increase: Adelaide and Brisbane have gone up by just under 1%, Canberra 2% and Hobart 9.3%!
Although a few speculate there might be a property market crash around the corner, most experts predict prices to decrease in some of the major state capitals in 2019 and growth to slow elsewhere.
In fact, according to the 2018 Property Investment Professionals of Australia (PIPA) Property Investor Sentiment Survey, despite the current housing downturn more than 77 per cent of respondents think now is a good time to invest in property, with 52 per cent looking to purchase a property in the next 6 to 12 months.
Therefore if you are a British migrant who has equity to invest from selling your home in the UK, you are in a good position as Australia moves towards being more of a buyers market in 2019.
So while you are deciding whether to buy now or wait a few months to see where the trend goes, take a look at our guide to see what properties you can afford in today’s market.
Source: Guardian – Should we worry about a crash of the housing market? Let’s all take a deep breath
The PSS Australian Property Guide for UK Buyers!
To give you an idea of what you can afford after you sell your property in the UK, we have selected a range of properties from the high end around A$800,000 (£440,000) and also at the UK average price of £231,000 ((A$418,000). For the main capital cities in Australia we will compare what you can buy in the city with what you can buy in suburbs.
If money is no object for you then don’t worry about reading this article – just scroll to the bottom of the page and snap up at that beautiful house on Sydney harbour :).
House Prices in Sydney
In the bustling city centre of Sydney, you will be looking at paying over the median house price in Australia of A$800k with the median being at around A$980,000 right now. The contrast in what you get for your money in the city compared to the suburbs is plain to see as you will be lucky to get anything more than a two-bedroom apartment for your money compared to a full-on homestead a little further out.
Sydney City Centre A$775,000 (£427,000)
For just under the national median in Sydney, NSW 2000, the sort of properties that you will be able to purchase will be similar to the apartment above. Fairly small at 55 square metres and with just one bedroom, but an ideal location in the city centre with some fantastic views. This type of property can be yours for around A$775k.
Cambewarra, Sydney, New South Wales A$800,000 (£440,000)
In contrast to what your money will get you for Australia’s median house price in Sydney, in the suburb of Cambewarra, that median falls as low as A$600k so you can be sure of a lot more value for your money at the national average price.
Above is an example of what your money will buy at around A$800k ; 1,000 square metres of land and a 4-bedroom, 3-bathroom house with stunning 180-degree views of Camberwarra Mountain and Good Dog Creek.
Aberdeen, New South Wales A$365,000 (£201,000)
As for what you can find for the average cost of a home in the UK of A$400k, there are some real bargains to be found such as the above property on St Andrews Street in Aberdeen, NSW. For just A$365k, less than the median price in the UK, you get a 4-bedroom, 2-bathroom family home on about 800 square metres of land with beautiful views from both the front and rear verandahs.
House Prices in Melbourne
Melbourne, like Sydney, is one of the few places that has a higher median than the national, with it sitting at around A$880k to A$900k This means that unless you have the budget and want to live in the city, there are going to be properties with much better value to be found in the suburbs of Victoria.
Melbourne City Centre A$800,000 (£440,000)
For the national median price of A$800k in Melbourne CBD, you are again going to be looking at smaller properties more than anything else. The spacious 3-bedroom, 2-bathroom above is one such example but again you are only getting around 120 square metres of space in total.
Pakenham, Victoria A$760,000 (£421,000)
Go out into the suburbs such as Pakenham however, and you can pick up properties such as the one above for under A$800k . Featuring 4 bedrooms, 2 bathrooms and a double garage, this property is located on close to 730 square metres of land and has a modern design included a fully-fitted kitchen.
Melton West, Melbourne A$400,000 (£201,000)
Great value can even be found if you were looking at spending the average amount it would cost for you to purchase a home back in the UK. This property in Melton West could be purchased for a little under A$400k and will give you close to 600 square metres of land, 4 bedrooms and a location thatis quiet yet convenient.
House Prices in Perth
Perth Metro is another city that has a median higher than the national average with the median price of homes being around the A$970k mark. As you go out into the suburbs, however, your money is going to buy so much more in terms of bricks, land and space.
Perth City Centre A$780,000 (£429,500)
In the city centre, the national median will get you something like the above 3-bedroom, 2-bathroom property on Edith Road. At around A$780k, you get 148 square metres of land, a one-car garage and you’re situated right bang in the middle of the city.
Melville, Perth A$799,000 (£440,000)
For a similar price in the suburbs of Melville, a quiet and family-friendly neighbourhood, properties such as the above 4-bedroom, 2-bathroom family street-front home on 420 square metres of land can be purchased.
Parkwood, Western Australia A$400,000 (£200,000)
For the average cost of a UK home, there are plenty of other bargains out there to be found too. This 3-bedroom property with a two-car garage is built on a 700 square metres piece of land and is located close to schools and playing fields making it an ideal area to raise a family.
House Prices in Canberra
Canberra currently sits with a median price of A$683k which puts it somewhere in the middle between the likes of Sydney and Adelaide (but still below the national median by some distance). The most expensive prices will be found in Canberra city itself, while the suburbs in the Australian Capital Territory will provide the best deals in terms of land and size.
Canberra City Centre, A$800,000 (£440,000)
In the city itself, you can expect to get yourself a 4-bedroom, 2-bathroom home much like the one above for your A$800k. This 772 square metre property is situated close to the city lights and has a modern feel and a stylish interior.
Ngunnawal, Australian Capital Territory, A$800,000 (£440,000)
Further afield in the Australian Capital Territory is where you will find better value and this 4/5-bedroom home in Ngunnawal is a good example of that. 800 square metres of land and a spacious property that has three living spaces, a double garage and a beautiful interior can all be had for your A$800k.
Ngunnawal, Australian Capital Territory, A$400,000 (£200,000)
As for the cost of an average home in the UK, in the same suburb of Ngunnawal, you can find properties such as this one. This 300 square foot 3-bedroom villa can be purchased for around A$400k and it is situated in a quiet yet convenient neighbourhood that makes it a perfect place to raise children.
House Prices in Adelaide
Adelaide has some of the best current median prices throughout the whole of the country with the metro regions being the most expensive at about a median of A$580k right now. As with any other cities, however, if you were to out into the South Australia sticks a little more you are sure to find some fantastic value.
Mount Barker, Adelaide A$790,000 (£435,000)
The above is an excellent example of what the national median in Australia can buy you in the city of Adelaide. 5 bedrooms, 3 bathrooms, a garage that fits 4 cars and a huge plot of land measuring 2,700 square metres. At A$790k, you will even have some change to help pay for other costs such as removals.
Goolwa, South Australia, A$335,000 (£184,000)
Goolwa in South Australia has a median of just A$335k, which means that for your A$800k, you are going to be getting some serious value for money. This property has a guide price of just under that A$800k and when you consider it is built on a plot of land measuring 4,100 square foot, it has 6 bedrooms, 3 bathrooms, a garage for 6 cars and even solar panels and solar hot water – you would certainly choose this over a 100 square metre two-bedroom apartment in a city like Sydney.
Millicent, South Australia A$399,000 (£200,000)
Want to know what the average price of a UK home will get you? Using the above property in Milicent as an example, 2,175 square metres of land, 5 bedrooms, 2 bathrooms and a quiet and relaxing area that is perfect for a relaxing family home.
House Prices in Brisbane
Compared to Sydney, Melbourne and other cities across Australia, the median here in the city of Brisbane is so much lower at A$630k. This has led to an increase in foreign investors looking to buy into the property market and even move to the city. However, if the median is low for the city itself, imagine the gems you could find further afield.
Brisbane, City Centre, A$775,000 (£427,000)
In the city itself, you will probably be looking at some very nice apartments for that 800k national median with the 3-bedroom, 160 square metre apartment above being one such example.
Queensland, Brisbane, A$790,000 (£437,000)
In the many Queensland suburbs, you will be impressed at the value for money that can be had. This 4/5-bedroom home with an in-ground pool has a 2-car garage, 2 bathrooms and is set on a plot that is 813 square metres in size. All of that can be had at the national median of Australia.
Rangeville, Brisbane, A$405,00 (£223,000)
Even if you only had half of that money as your budget, properties such as this 3-bedroom family home in Rangeville that gives you slightly under 600 square metres of land can be purchased for the same cost of the average UK home.
House Prices in Darwin
The city of Darwin offers up plenty of bargains as it has a median of A$505k, putting it at about 60% of the national median for Australia. For those of you in the UK looking for somewhere to find great real estate at good prices, you would be foolish to ignore this city. Furthermore, for even better value for money, you could look further afield in the Northern Territory.
Darwin City Centre A$800,000 (£440,000)
The 5-bedroom home above is a good example of what the national median of Australia will get you in the city of Darwin. There are 550 square metres of land with the home itself being 188 square metres which means plenty of outside space to enjoy the sun.
Humpty Doo, Darwin A$770,000 (£424,000)
Go into Humpty Doo, a suburb that deserves a look just because of its name, and you could find a property like this one for the national median in Australia. For your A$800k, you would be getting 5 bedrooms, 2 bathrooms, 2 kitchens, a 3-bay carport and 2.5 acres of land. You essentially have enough land to have two full-size football fields on either side of your home.
Moulden, Northern Territory A$399,000 (£200,000)
Even at the UK median price, you can find some good bargains in the Northern Territory. This 3-bedroom house comes with 830 square metres of land, an in-ground pool and is completely solar powered to help save you money on energy costs.
Where in Australia will you move to?
You can see that there is a lot of value available when it comes to properties all across Australia at the moment especially due to prices having dropped substantially from their peak recently.
There is something for all kinds of budgets too, so if you are looking for the best value or have a bit more flexibility on where to live, it might be better to avoid the more expensive cities such as Sydney and Melbourne. You could perhaps look at the many different suburbs to find your ideal home and location too.
Just remember that the property you choose to live in can make a massive difference to how you adjust to life in a new country so make sure that you find one that suits you and your family perfectly.
Help with Moving From the UK to Australia
No matter where you decide to move to in Australia, we at PSS International Removals will be happy to help with shipping your belongings from the UK so you can quickly turn your new house into your new home.
Every year we help thousands of families move house to Australia so our advisers will be able to help answer all your questions.
And don’t worry if you have not yet decided which dream home to buy, we can keep your belongings in storage until you are ready to move into your new home.
Money No Object?
This magnificent waterfront property on Watson’s Bay fit into the “if you have to ask, then you can’t afford it” category. Whilst only having a modest 5 bedrooms, it does have private mooring for your 30 ft yacht which should be able to sleep extra guests. And if you are fortunate to own this property, you certainly won’t be short of friends and relatives coming out to visit from the UK.