Our Backyard – Aireys Inlet

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Property prices across Australia have continued to soar in the last year – with Sydney’s median home value leaping 17% to more than $800,000 for the first time.

Median prices in Melbourne have also leaped by more than 10.9% to just over $600,000.

It means the median home price across Australia has risen over the past year by 10.9% to $627,000.

The data has led to increased concerns about the rising affordability gap, particularly for first home buyers, as huge numbers of people buying property for investment continues to push up prices.

Also this week the Commonwealth Bank sparked a price war by slashing its five year rate.  The nations biggest lender sliced its five-year fixed rate to a record low 4.99% on Wednesday with NAB and Westpac following suit to match their rival.

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James Worssam

0418 585 815

james@greatoceanroadrealestate.com.au

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