House prices (and stamp duty) more than double in past decade

A review of some market indicators over the past 10 years shows that a lot has changed in the past decade.

In the June quarter this year the median Melbourne house price was $590,000, which is 103% higher than the $291,000 recorded in the June quarter 2001.

A decade ago the stamp duty payable was $13,120, which is 132%than the $30,470 that was payable on the median house if purchased in the June quarter this year. Unlike a decade ago, first-home buyers can now benefit from a 20% reduction on this bill for most homes.

However, the first-home owner’s grant was valued at $7,000 in 2001 and is still valued at $7,000.

According to the Australian Bureau of Statistics, the average home loan to a non-first-home buyer was $291,200 in June this year, 99% more than the $146,500 recorded in June 2001.

The median price of a house in Toorak was $2,175,000 in the June quarter this year, 105% higher than the $1,062,500 in the June quarter a decade ago.

In more affordable Broadmeadows the median was $370,500 in this year’s June quarter, a substantial 219% higher than the $116,000 in the June quarter 2001. This is indicative of a trend that the more affordable suburbs have increased in value more rapidly.

And finally, in the City of Ballarat the median house price has increased by 122% from $130,000 a decade ago to $288,500 in the most recent June quarter.