A new report from the Australian Property Institute finds that Melbourne is the most expensive city in Australia for homebuilding, with the average home price of $1.35 million.
The median home price in the state was $1,965,000 in 2016.
Sydney and Brisbane had the highest prices for homes in the country, with prices of $2.15 million and $2 million respectively.
The institute also found that Sydney had the lowest price of homes in 2016, at $7,764.00.
The report also found the average income of a homeowner in the capital city was $84,000.
The average salary of a worker in Melbourne was $66,000, compared to the median salary in the city of $80,000 and in Brisbane $67,000 (figure 2).
It said the average price of a home in Melbourne had increased by 6.5 per cent from $1 million in 2016 to $1 billion in 2017.
The cheapest housing in Melbourne is listed at $1-million in Sydney.
However, it was the cheapest housing listed in Brisbane, where the median house price was $2,715,000 ($1.7 million), which is well below the national median of $3.1 million.
Property prices in Melbourne are up 2.4 per cent in the past 12 months, while Sydney has increased by 2.5.
Melbourne also had the most vacancies in 2017, up 11.5, but it was below the average for all of 2017.
Melbourne had the second highest vacancy rate in the nation, at 8.4.
Sydney had more vacancies in 2018 than any other Australian city.
The most expensive home in Brisbane was listed at an average price $2-million, but was priced at $3 million in the CBD.
In Sydney, it is listed for $2million.
Sydney has more than half the number of people in its capital city, but is home to just three per cent of its people.
The second most expensive house in the world was listed in Sydney for $7.7-million.
Melbourne has the second-most affordable home in Australia, but the average property price in Melbourne has increased 7.9 per cent since 2016.
The city has the third-highest proportion of people living below the poverty line, at 15.6 per cent.
In 2016, Melbourne had one of the lowest housing affordability levels in the developed world, with only Sydney and Sydney-Melbourne having higher affordability rates.
The number of vacant homes in Melbourne decreased by 12.9 in the year to March 2017, while vacancy rates rose by 10.3 per cent between the same months last year.
The property boom is creating jobs, but not enough to make up for the shortfall in housing.
According to the report, a shortage of homes is pushing up house prices, and driving up demand.
Property markets are often flooded with prospective buyers seeking to buy a property, but there is no guarantee that a home will be built.
If a home is not built, it will likely be purchased by the next owner, who will then pass on the cost to the next buyer.
This will drive up property prices.
“The more people are going to have to pay for housing, the more likely that prices are going up,” Mr Kavala said.
“It’s a vicious cycle.”
He said while people are saving, the state government is not spending money to help people buy homes.
“We are not spending that money on people buying homes.
If you ask me, I’m not really sure how we could help the state get more people in the housing market.”
The report is a key piece of research that the institute is launching ahead of the federal election.
It was commissioned after the state of Queensland, which is one of Melbourne’s biggest property markets, failed to increase the number to 50 per cent by the time of the state election in September.
Property boom Melbourne has one of Australia’s largest property markets.
However the number is growing quickly, and the report says there are more than 500,000 homes on the market in the region.
It says that in 2016-17, the number was less than 150,000 per annum, and that growth has slowed significantly since then.
However there is still plenty of demand, with demand for new homes being driven by a growing number of older homes.
The biggest surge in home prices came in February 2017 when the Victorian Government announced it was building a $2 billion mixed-use development in the eastern suburbs of Melbourne.
In November 2016, the Victorian government also announced it would build two new homes in Western Sydney.