Get ready for another round of housing affordability woes.
The latest news in the housing market is that Australia is set to see an 8% jump in prices in the next few months, according to a report by property website Geto Kogen.
Geto Kagen said the price of a three-bedroom apartment in Sydney will jump from $3.5 million to $3 million, a price that will see it become the cheapest property in the country.
The property site said the average price for a three bedroom apartment in Australia is now $3,800, compared to the average $3m in the US, where the average is $4,600.
In fact, Sydney is one of the cheapest places in Australia for owning a three and a half bedroom property.
According to the report, the average house price in Sydney is now about $5.8 million, up 5% from the previous year.
And while it’s the cheapest place in the nation to buy a property, the property is a great deal less than the cost of renting.
The median rent in Sydney for a four bedroom property is $1,250 per week, according the property site.
The median monthly rent for a five bedroom property in Sydney was $1.1 million, the site said.