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The median home price in Australia is $2.1 million, according to new figures.
And this is for the first time since the Reserve Bank of Australia started to release data on the market in 2016.
The latest figures show median prices for Sydney, Melbourne, Adelaide and Perth rose 3.6 per cent between the first quarter of this year and the end of March, according the Australian Bureau of Statistics.
The median home cost in Sydney rose by 8.5 per cent in the same period, and in Melbourne by 6.4 per cent.
In Perth, it rose by 5.7 per cent and in Adelaide by 4.8 per cent, according ANZ.
The rise in prices across the country is due to a variety of factors, but the most obvious one is the price rise from overseas, with Australia’s dollar surging since Donald Trump’s election in November.
The Australian dollar is up by nearly 50 per cent against the US dollar this year, and there has been a surge in interest rates across the globe, leading to increased demand for Australian property.
There is also the ongoing global financial crisis, which has left the country in a financial tailspin.
In the meantime, Australia’s housing market is recovering from the global financial downturn, and many of its cities are seeing home prices rise again.
In Perth and Sydney, median home prices rose by 9.6 and 6.5 points, respectively.
The median price in Adelaide increased by 2.7 points, while Perth and Melbourne each increased by 0.7 point.
It is worth noting that the figures are only for first-time buyers, and are not for the median home purchase in any other part of Australia.
In Melbourne, median prices rose 1.4 points and in Perth by 0,1 per cent to $1.4 million.
At the same time, the median price for a first-home buyer in Sydney fell by 2 per cent over the past 12 months to $723,900.
In Adelaide, median house prices fell by 1.2 per cent while Perth rose by 2,3 per cent at $1,919,300.
Topics:housing,home-renovation,prices,property-market,wealth-institute-of-finance,market-economics-and-futures,government-and%e2%80%a9,prince-of,aUSTRALIASource: ABC News