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Bulk of Aussie property squeezed into capitals
The majority of property sales take place within the nation's capital cities with close to three quarters of Australians living within a capital city region, a new report has shown.
As at June 2009, 62.8 per cent of Australians lived within a capital city region. As such, it is fair to assume, that the majority of properties bought and sold now occur within the capital cities.
But while these regions account for a large portion of sales, RP Data’s research analyst Cameron Kusher said these properties only occupy around 0.5 per cent of Australia’s overall land mass.
Nationally, during November 2010, 62.8 per cent of house sales occurred within the capital cities and 77.1 per cent of units sold were within a capital city.
Sydney played home to the greatest proportion of overall sales, accounting for 25.9 per cent of all sales nationally, or more than one of every four sales.
Sydney was followed by Melbourne, which accounts for 17.9 per cent of all sales nationally and then Brisbane with 10.3 per cent.
Based on this data, the three largest capital cities account for approximately 50 per cent of the country’s dwelling sales each month.
“No wonder so much of the property market analysis is focused on these three cities,” Mr Kusher said.
“Unlike many other countries, Australia’s population is focused within a few areas and this seems unlikely to change any time soon.”
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