The average Australian mortgage has surged past half-a-million dollars for the first time – as it is revealed the lucky country is the third most expensive nation to live in the world.
The average home loan in Australia is now more than $500,400, according to a report from comparethemarket.com.au.
New South Wales is the state with the highest average mortgage at more than $613,000.
Sydney was the second-least affordable city, only behind Hong Kong in a list of 92
Vancouver was the third-least affordable, followed by San Jose in the United States and then Melbourne (pictured) in fifth
Sydney and Melbourne were also named among the least-affordable major housing markets in the world according to the Annual Demographia International Housing Affordability Survey.
Sydney was the second-least affordable city, only behind Hong Kong in a list of 92.
Vancouver was the third-least affordable, followed by San Jose in the United States and then Melbourne in fifth.
Australia was also the ranked the third-least affordable country in the world, behind Hong Kong and New Zealand.
Median house prices in Canberra are at $650,000 according to Core Logic
House prices in Australian capital cities fell by 0.2 per cent in the past week, and Sydney prices dropped twice as fast as the national average, according to property group Core Logic.
Melbourne fell 0.1 per cent, while prices in Brisbane, Adelaide and Perth remained steady.
Home values in the capital cities have risen 3.6 per cent on average in the past year.
Melbourne had the biggest spike at 8.4 per cent.
Median house prices for private sales were $815,000 in Sydney, $680,00 in Melbourne, $525,000 in Brisbane, $495,000 in Perth, and $440,000 in Adelaide.
House prices in Brisbane (pictured), Adelaide and Perth remained steady over the past week