Average property price by country around the world
What is the cost of a city centre apartment in countries around the world?
Key takeaways
- Australia's average city-centre property price of $697,536 is 89% above the global average.
- Sydney and Melbourne rank among the world's least affordable cities for property buyers.
- Perth and Adelaide saw strong annual price increases of 27% and 13% respectively by July 2024.
Curious about how property prices in Australia compare with the rest of the world? We estimated the average cost of buying a 2-bed apartment in the city-centre across 106 countries to find out. Of these, Australia ranked as the 10th most expensive, at $697,536. The average across every country was $368,933, which makes Australia's property prices 89% higher than the global average.. Based on our research, you could buy 5 properties in Colombia for the price of 1 property in Australia.
The most expensive place to buy an apartment is Hong Kong (too small to be located on the map), with a 2-bed apartment costing a whopping $2.73 million - over 7 times the global average.
The 5 most expensive countries
1. Hong Kong: $2,731,651
2. Singapore: $2,104,153
3. Switzerland: $1,660,409
4. South Korea: $1,134,030
5. Luxembourg: $1,101,395
The 5 cheapest countries
1. Egypt: $55,093
2. Pakistan: $57,996
3. Venezuela: $59,890
4. Nigeria: $65,094
5. Bangladesh: $74,419
On the other end of the spectrum, the cheapest place for property is Venezuela, where a property of the same size would cost you a modest $55,093, 85% less than the global average
Looking to buy a cheaper property overseas? Check out this guide on how to secure financing for an overseas property and find a trusted provider to send money internationally. If you're aiming to get on the property ladder in Australia, Finder's first-time buyers guide will help you start your journey.
The full list of countries
10 least affordable cities to buy property
The Demographia International Housing Affordability report for 2024 analysed 94 housing markets in eight countries. To rate affordability, they used the "median multiple" which is the median house price divided by the median household income (pre-tax). Once again, Hong Kong topped the charts with a median multiple of 16.7. As expected, Sydney placed second on the list with mortgage as a percentage of income now at a staggering 132.28%! Melbourne finished seventh, and Adelaide at eighth meaning three of Australia's most "liveable cities" in the world are amongst the least affordable.
House Prices in Major Australian Cities
Despite property prices falling year-on-year, markets in Perth and Adelaide have remained strong where prices rose 27.1% and 13.4% respectively. In 2024, prices are showing signs of recovery as median house prices have been on the rise for a number of months. Even with the RBA raising rates to 4.35%, NAB are forecasting house prices will rise by 5% by the end of 2024.
Methodology
The average size of a 2-bed property in Australia is 65 square metres according to buildi.com.au. Therefore, each price per square metre was multiplied by 65 to get the cost of a 2-bed property in each country.
Sources
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