When compared to New Zealand, Australia can seem like a very good option for housing. Having a much larger market which spurs on competition, the cost to put up a house is cheaper.
While it’s national median, once converted to New Zealand dollars, seems low, the story can look different once you dig deeper into the different states.
Out of the main city centers, Australian prices can look attractive. But, if you were comparing main cities like Sydney, you’d be looking at a median of 1.22 million. However if you are looking at the data for houses (excul townhouses and apartments) the median is approx 1.54 million which starts to look expensive compared to NZ.
Another big difference currently is that in Australia buying a house can also mean paying a stamp duty. There can be exemptions in certain states for first home buyers. However at times the stamp duty can not be added to the mortgage.
Obviously paying a stamp duty can be a little challenging, especially if the range is $50k to $100k.
