Home prices have soared in many areas of Australia, with buyers hoping for a big house to save on rent and mortgage payments

Updated July 01, 2018 04:53:13 Home prices in many parts of Australia have soared, with people buying a house to buy more rent and take out a mortgage, according to data from the Australian Bureau of Statistics.

Key points:Rents in the suburbs have been soaring since the start of the year with prices reaching their highest level since the recession began in 2008The data shows that most of the increase has been in Melbourne and SydneyWhile the data shows prices have risen by a wide margin in some suburbs, the average house price in Sydney is almost double the national average.

The rise has led to speculation that buyers are looking for a more comfortable lifestyle in the capital.

“It’s pretty obvious that the demand for a bigger house in Sydney has outstripped supply,” Ms Bridget Wilson, chief executive of property agent Zillow, said.

“There’s not that many houses available in the city at the moment and it’s pretty clear that the house price bubble is coming to an end.”

She said buyers are trying to make more money by renting out their homes.

“People are trying their best to find a good place to live that is a little more affordable,” Ms Wilson said.

She said some buyers are finding they can’t afford a house at the same time as buying a property in a city, so they are turning to the suburbs.

“I think a lot of people are finding themselves trying to find more places to live,” Ms Miller said.

The latest data also shows that the median price of a property is about $1 million.

“The average house in Melbourne is about about $500,000.

In Sydney it’s about $350,000,” Ms Brown said.

There are many reasons why the house market has taken off in Sydney, Ms Brown added.

“In many areas, especially Sydney, there is a shortage of housing.

There’s a lot more people than we have houses to offer,” she said.

Topics:housing,housing-industry,home-rental-and-leaseback,property-industries,housing,wealth-and,sydney-2000,vic,australiaFirst posted July 01, 2017 18:57:49Contact Karen MillerMore stories from Victoria