“Back in my day…”

Who has ever had to smile and nod while older family members or colleagues reminisce about times bygone, while gazing fondly into the middle distance? A safe guess would be all of us!

In our country, at some point or another, these conversations are bound to turn to house prices. It’s one of the hottest topics in Australia at the moment, we hear about it on TV and see it in the news – you can’t avoid it!

It’s true enough that some cities are currently experiencing sliding property prices, offering some respite and opportunity to first-home buyers, but have you ever wondered what the average home was worth ‘back in the day’?

How much did your parents or grandparents have to fork out when they purchased their first property? Its fair to say, prices were a little lower back then…

In the state capitals of Australia, median house prices 30 years ago were:

  • Sydney – $141,000
  • Canberra – $105,250
  • Melbourne – $109,000
  • Adelaide – $80,400
  • Hobart – $67,950
  • Perth – $78,000
  • Brisbane – $71,000
  • Darwin – $86,000

Compared to the median house price as of 31 August 2018:

  • Sydney – $855,287 | 507% ↑
  • Canberra – $593,886 | 464% ↑
  • Melbourne – $703,183 | 545% ↑
  • Adelaide – $438,446 | 445% ↑
  • Hobart – $437,254 | 543% ↑
  • Perth – $454,007 | 482% ↑
  • Brisbane – $493,922 |596% ↑
  • Darwin – $439,718 | 411% ↑

 

Times have certainly changed and anyone hunting for their first home these days is looking at paying at least 400% more for the property than 30 years ago. Luckily, we can help!

At Nectar, we love helping first-time buyers and can seek out the sweetest loans in the market to get you into your first home. We can take the stress out of all the paperwork and walk you through the various home-buying schemes that may be available to you, including the First Home Owner Grant, if you qualify.

Find out more about how we can help by calling us on 1300 55 17 11 or check out the requirements for a First Home Owner Grant here.