Real estate prices in Australia are soaring, with a new record-breaking house price of $3.7 million fetching an asking price of about $9.5 million.
Read more: The house, located on a quiet street in Adelaide, was built in 1999, and has a three-bedroom, two-bathroom home.
The price is expected to go up by about $10 million, or about 20 per cent, over the next three years.
Adelaide property market in 2018A typical house price in Australia in 2018 was $1.65 million, according to new data from property agency ASX.
The national median house price is $1,827,000, according a survey by property consultancy Zillow.
Australia’s average house price, meanwhile, was $2.15 million in the latest data, according the National Australia Bank.
According to the report, the median Australian home price in 2018 stood at $1 million, but was still below the national average.
It is not known how much the price is likely to go over, but the ASX survey said it is likely the price will increase.
“We expect the median house prices in NSW and Victoria to continue to increase, and the median home prices in Western Australia and Queensland to continue increasing.”
In the longer term, we expect the Australian median home price to continue rising,” the report said.
While the median price in Sydney is $3 million, it is just $1 below the median for Australia, according Zillows.
But there are signs that the Sydney market is slowing.
In May, ZillOW reported that Sydney’s median house cost was $3,814,000.
However, by the end of June, the price had fallen to $2,868,000 from $3-3.5m.
And last week, Zest Real Estate Australia reported that its median house costs had declined by $500,000 to $3m.
A median house sale price of between $3 and $4 million is not unheard of in Australia.
This is not the first time the median Sydney house price has fallen in the past five years, according and research from Zillower.
Zillow has said that median house sales in Sydney have been on average down by 1.5 per cent each year from 2007 to 2019.
Last year, the Sydney house market saw a decline of 6.2 per cent.