$100,000 may be the new norm for city home deposits
The housing affordability debate features many alarming figures, but here are two that are especially sobering. The median property price in all state and territory capitals – including Darwin – now exceeds $500,000. That means would-be buyers must save a median of $100,000 to cover a standard 20 per cent deposit to live in a capital city.
Of course, half a million dollars has long been a relative pittance in Sydney, Melbourne and Brisbane. But in March, the median property value in Australia’s most affordable capital, Darwin, moved above $500,000, according to CoreLogic. Those with less than $500,000 to spend in Darwin will probably need to consider an apartment, which has a median value of $363,012, while houses in the city have a median value of $584,538.
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