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May 22 2010

Australian and UK House Prices 2003 to 2009


Australian and UK House Prices

Newspaper reports on 29th May 2010 show Median house prices as follows:

  • $651,000 Sydney
  • $462,000 London
  • $460,000 New York

The following charts, using data from the Australian Bureau of Statistics, and the British Bankers Association, show the changes in average property prices from March 2002 (the earliest figure on the ABS data file) and September 2009 (the latest figure on the ABS data file), between the Australia and the UK.

The final charts show the comparison values based on Foreign Exchange rates of both 2.0 and 2.54 Australian dollars to the British pound.  The rate of 2.54 is included, as that was the effective rate that wages were at in May 2009, shown at: Wage Comparison UK Australia 2009.

A chart showing September 2009 values against the average wage for the country is shown, but will be amended when average wages for each area can also be included.

Median price changes between March 2002 to September 2009

Australia Mar-2002
Sep-2009 Increase $
Increase %
Sydney $365,000 $500,000 $135,000 37.0%
Darwin $190,000 $490,000 $300,000 157.9%
Canberra $245,000 $486,000 $241,000 98.4%
Perth $190,000 $474,000 $284,000 149.5%
Melbourne $241,000 $430,000 $189,000 78.4%
Brisbane $185,000 $429,000 $244,000 131.9%
Adelaide $166,000 $370,000 $204,000 122.9%
Hobart $123,000 $310,000 $187,000 152.0%
United Kingdom Mar-2002 Sep-2009 Increase $ Increase %
Greater London £217,023 £346,140 £129,117 59.5%
South East £164,225 £245,745 £ 81,520 49.6%
South West £132,330 £210,537 £ 78,207 59.1%
East Anglia £117,991 £190,378 £ 72,387 61.3%
West Midlands £102,195 £168,466 £ 66,271 64.8%
East Midlands £ 94,126 £158,652 £ 64,526 68.6%
Yorks & Humber £ 80,681 £155,065 £ 74,384 92.2%
North West £ 82,671 £153,603 £ 70,932 85.8%
North £ 73,415 £144,972 £ 71,557 97.5%



Most Expensive Property by Location

Using a Foreign Exchange rate of $2.00 to the £ we would get the following comparison, in cost order:

$ at Sep 2009 Location Country
$692,280 Greater London UK
$500,000 Sydney Australia
$491,490 South East UK
$490,000 Darwin Australia
$486,000 Canberra Australia
$474,000 Perth Australia
$430,000 Melbourne Australia
$429,000 Brisbane Australia
$421,074 South West UK
$380,756 East Anglia UK
$370,000 Adelaide Australia
$336,932 West Midlands UK
$317,304 East Midlands UK
$310,130 Yorks & Humber UK
$310,000 Hobart Australia
$307,206 North West UK
$289,944 North UK

Using a Foreign Exchange rate of $2.54 to the £ we would get the following comparison, in cost order:

$ at Sep 2009 Location Country
$879,196 Greater London UK
$624,192 South East UK
$534,764 South West UK
$500,000 Sydney Australia
$490,000 Darwin Australia
$486,000 Canberra Australia
$483,560 East Anglia UK
$474,000 Perth Australia
$430,000 Melbourne Australia
$429,000 Brisbane Australia
$427,904 West Midlands UK
$402,976 East Midlands UK
$393,865 Yorks & Humber UK
$390,152 North West UK
$370,000 Adelaide Australia
$368,229 North UK
$310,000 Hobart Australia

Property Locations sorted in Wage Multiple order

based on the average wage for each country, and showing original property values in each currency.

Value at Sep 2009 Location Country Wage Multiple
£346,140 Greater London UK 12.56
£245,745 South East UK 8.92
£210,537 South West UK 7.64
$500,000 Sydney Australia 7.14
$490,000 Darwin Australia 7.00
$486,000 Canberra Australia 6.94
£190,378 East Anglia UK 6.91
$474,000 Perth Australia 6.77
$430,000 Melbourne Australia 6.14
$429,000 Brisbane Australia 6.13
£168,466 West Midlands UK 6.11
£158,652 East Midlands UK 5.76
£155,065 Yorks & Humber UK 5.63
£153,603 North West UK 5.58
$370,000 Adelaide Australia 5.28
£144,972 North UK 5.26
$310,000 Hobart Australia 4.43

Sources:

Australia: www.abs.gov.au Australian Bureau of Statistics – 6416.0 House Price Indexes: Eight Capital Cities Tables 7 and 8. Median Price
UK: www.bba.org.uk British Bankers’ Association – FT House price index National and Regional

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1 comment

  1. ABCDiamond

    A comparison of Property Price changes UK – Australia 2003 to 2009

    UK average property prices from http://www.nationwide.co.uk/hpi/downloads/UK_house_price_since_1952.xls

    United Kingdom
    Q3 2003 £129,760.81
    Q4 2003 £133,902.72
    Q3 2009 £160,158.67
    Q4 2009 £162,116.10
    UK 2009 is up 22.2% from 2003

    Australia
    Darwin (the largest Australian City Capital growth over those 6 years)
    Sep-2003 $214,000
    Dec-2003 $226,000
    Sep-2009 $490,000
    Dec-2009 $516,047
    Darwin 2009 is up 128.6% from 2003

    Sydney (the smallest Australian City Capital growth over the last 6 years)
    Sep-2003 $480,000
    Dec-2003 $520,000
    Sep-2009 $500,000
    Dec-2009 $514,796
    Sydney 2009 is up 1.5% from 2003

    Australian median house prices from Australian Bureau of Statistics 6416.0 House Price Indexes: Eight Capital Cities.

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