Mortgage News

Australian Property Monitors reports shown by SMH that the median house price is closing in on the $600,000 mark, currently at $595,745. Depending on the suburb you choose to purchase in, that will allow you into a unrenovated 2 bedroom apartment in the inner city suburb of Potts Point or a 4 bedroom, top of the line block out at Blacktown. But the same story is no matter where you are looking at today, as long as there is a short supply of property on the market to purchase, prices will simply increase. In the Eastern and Northern suburbs near the beaches the median house price would not purchase a house anymore, but smaller apartment style properties.

Simon Reibelt from Oasis Home Loans Northern Beaches said that the rising median house price would push many people looking at entering the market or upgrading towards outer suburbs or into smaller properties.