1 USD = 1.27 Australian Dollar
The median price: $903,859 ($711,700)
Expect about 5% additional cost for fees and taxes.
Up 3.2% on the last quarter, and up over 11% from last year.
Melbourne continues to set record highs in price, second only to Sydney in Australian housing costs.
WARNING: Many believed that Australia is in the middle of a property bubble, and that the Australian housing market is significantly over-priced. As the numbers from Q3 of last year came in growth slowed to the lowest level in several years. These worries were at least partially alleviated after another big 4th quarter for the market.
Legal Issues: If you are not a citizen or permanent resident of Australia, you will likely need to get permission from the Foreign Investment Review Board before you are able to purchase. In most cases, you will receive a response within 40 days. During this time, you can have a signed contract, but it is imperative that the contract have a conditional clause to this regard. This approval can sometimes be avoided with new development.