With the state of real estate being what it is in Australia, prices for home related services are rising. If you’re wondering why those Sydney roof repairs cost so much, it may be due to the fact that the price of housing itself is increasing.
According to data released by CoreLogic Inc, a financial services company based in Irvine, California, the median price of a Sydney home dwells at around an average of $850,000, with Melbourne’s median price of $640,000 trailing a distant second with a difference just over $200,000.
For those wondering, the median is a type of average commonly encountered in statistics. The three most common are:
- This is the average generally referred to when the term is used in common parlance, it is derived by the division of the total values of all samples.
- The value that sits precisely at the middle, if one were to order them in from smallest to largest.
- The value with the highest frequency.
According to CoreLogic’s research head, Tim Lawless, Sydney prices were incrementing. In the first month of the year, the increase was valued at 1 percent, with a cumulative increase over the quarter measuring about 2.7 percent.
Mr. Lawless states that Sydney is notable due to the fact that it posted the highest increase in annual capital. According to him, the values of housing in Sydney increased by 16 percent over a time span of 12 months, which was the highest growth rate recorded since the 12-month period that ended in 2015, at September. Mr. Lawless has added that after the June of 2012, a growth cycle has been noted, and that since that year, dwelling values in Sydney have recorded a cumulative increase totalling to 70.5 percent.
CoreLogic has stated that, based on their data, they believe that the growth trend will continue, but will likely slow down a bit, with affordability becoming a more important concern in Sydney.
If the current pricing is any indication, the cost of those Sydney roof repairs are going to be the least of people’s worries.