The average Australian’s real estate is more expensive than in most other countries, a new study has found.
Key points:A study has revealed Australia’s average price for a house is $3.6 million more than that in the EUThe average Australian home is worth more than the average UK homeThe average home in the US costs $3,000 more than in the UKThe study found Australia’s median house price was $2.9 million, more than twice the UK average of $1.8 million.
But it found the average Australian house cost $3 million more in the country than in other OECD countries.
In addition, the average house in the OECD cost $2 million more.
Auckland’s median home cost $1 million more while Perth’s median cost $600 more.
The study also found Australians were more likely to buy property from overseas, compared to the UK.
The average price of an Australian home in 2016 was $3 billion more than UK house prices of $2 billion.
That figure was almost double the average price in France, Germany, Italy, Spain and Sweden.
“Australia’s average home is significantly more expensive in every country compared to those in the European Union,” the study said.
“There are many reasons for this, including higher taxes and higher housing costs in Australia, but one of the biggest contributing factors is the high level of tax and regulatory burden on property.”
This high level tax burden leads to high levels of negative equity, resulting in a high cost of property.
“The result is Australia’s unaffordable housing market.”
Auckland, the capital of New Zealand, had the second highest average price ($3.4 million), followed by Perth, with the lowest.
The average house price in the Netherlands was $1,873,100.
The United Kingdom’s average house cost an average of £1,769,900, while France’s was $936,600.
Australia’s median price was just over $1m.