In October 1975, the average home loan taken out in Australia was just $17,400. Forty years later, a typical home buyer is borrowing $382,400.
Australian Bureau of Statistics (ABS) figures demonstrate how rapidly house prices have accelerated over the last forty years. The team at comparison website finder.com.au have put together how the average home loan size has changed during that time:
Those figures might sound low to some, but remember the average covers both expensive capital city and cheaper regional areas, and new builds as well as purchases of existing properties.
Sorry there are no statistics available for Cairns, but here’s the average home loan in Queensland and how it has grown over time. How do you compare to the average?
(Average home loan across five decades, as measured by the Australian Bureau of Statistics)
To see the average figures for each state and territory, check out finder’s interative infographic.
In 2015 NSW and Victoria have the highest figures, but that hasn’t always been the case. Back in 1975 the biggest average was for the Northern Territory ($21,600). Tasmania has consistently had the lowest average, moving from $15,900 in 1975 to $236,400 in 2015.