A new report has offered insight into the wide variety of housing costs within Australia’s capital cities, after it identified a staggering price range of almost 250 per cent in one region.
Released yesterday (23 November), the CoreLogic Property Pulse compares the 10th and 90th property percentiles to determine the true range of housing costs across the nation’s capital cities.
“It is interesting to look at the range of housing costs across the city as it reiterates that despite the focus on medians there is a wide variety of housing in different shapes, sizes and values across the capital cities,” said Cameron Kusher, head of research at CoreLogic.
Sydney – 243.7 per cent
With the 10th percentile at $563,459, the median at $905,917 and the 90th percentile at $1,936,633, Sydney’s price range sits at an incredible 243.7 per cent – the largest of any capital city in the country.
Melbourne – 237.1 per cent
Coming close behind Sydney, Australia’s cultural capital has a variation of 237.1 per cent with the 10th percentile at $437,519, the median at $710,420 and the 90th percentile at $1,474,777.
Perth – 187.7 per cent
With the 90th percentile value at $852,021, the median at $462,624 and the 10th percentile value at $299,293, Perth has a range of 187.7 per cent.
Hobart – 182 per cent
The city’s 10th percentile value is $234,337 while its median value is $396,393 and its 90th percentile is $662,519 – a total variance of 182 per cent.
Adelaide – 180.9 per cent
The 90th percentile dwelling value for Adelaide is $746,497 while the median is $430,303 and the 10th percentile is a modest $265,730 – a range of 180.9 per cent.
Brisbane - 173.6 per cent
With a 10th percentile of $302,177, a median of $490,525 and a 90th percentile of $826,860, Queensland’s capital has a variation of 173.6 per cent.
Darwin - 112 per cent
Darwin’s 90th percentile value is $640,087 while its median is $396,393 and its 10th percentile is $301,889 – a total range of 112 per cent.
Canberra - 141.3 per cent
Australia’s capital has a 10th percentile of $381,100, a median of $582,882 and a 90th percentile of $919,436 – marking a variance of 141.3 per cent.
Across Australia’s combined capital cities, the median dwelling value is $650,930 while the 10th percentile is $350,723 and the 90th percentile is $1,455,490 – an incredible 315 per cent range.
“Another trend to note is that in all capital cities the difference between the median and 10th percentile value is much smaller than the gap between the median and the 90th percentile value,” said Kusher.
“This indicates that lower value housing stock tends to be closer to the median than the expensive housing stock which tends to be much further away from the median value. It highlights that in most cities while there is extremely expensive housing, there is not necessarily the same supply of extremely affordable housing.”