In 2018, the median price of a one-bedroom apartment in Sydney rose $5,800 to $2.2 million, according to real estate firm RP Data.
The median price in Melbourne was up $1,200 to $1.5 million.
City forum: What do Sydney and Melbourne get for their money?
A quick look at the median prices of Sydney and the rest of Australia in 2018 In 2018, Australia’s median home price was $1 million, $1-million in Sydney, $4.6 million in Melbourne, and $3.3 million in Perth.
But what does that mean in the context of Sydney’s population?
Australia’s population of 8.4 million is smaller than the population of Sydney (7.9 million) and Melbourne (8.1 million).
Australia has the highest population growth rate of any country in the world, at 1.3 per cent a year.
That’s because of people moving to Sydney and Perth for work and to live and work in the cities, as well as the growth of the suburbs.
The average Australian has a mortgage worth $3,500 and the average annual salary is $51,000.
As the median household income in Sydney is $78,500, median house price is $2,750.
In Melbourne, it’s $3-million.
In Melbourne, median home ownership is 62 per cent, according the Bureau of Statistics.
In Sydney, it is just 33 per cent.
The median annual household income is $81,500 in Sydney and $84,500 at the national average.
In Perth, the household income at the National Perth Median Household Income is $56,500.
But in Sydney the median annual income is just $52,500 with the median home worth $1m.
Sydney is the richest city in Australia, with the fifth-highest median household wealth of $9.5 billion, according RP Data, while Melbourne is sixth-highest at $2bn.
In the Sydney suburbs, the average household income was $77,400, while the median property value was $8.3m.
But in Perth it’s just $6.5m.