Posted September 29, 2018 14:34:00A new home for Australia’s wealthy can cost as much as $1 billion, according to an analysis by an Australian property and construction firm.
The company, Vermont Construction, said it found a “huge” amount of money was available in the Australian housing market.
The Australian Institute of Housing has estimated that around $800 million in new home construction is planned or underway in Australia annually.
Its latest figures from August showed that more than $800 billion of new construction projects were planned or in the planning stages in Australia.
“We have a lot of money in Australia, and a lot more money is available than the public thinks,” Mr Vidal said.
“We’ve got lots of opportunities to get more of that money into the market.”
The company said it would be willing to work with any company to build a new property if it met its “highest quality” standards.
A survey of more than 20,000 people across Australia’s capital cities found that about half were keen to own a home, but could not afford it.
“A lot of people would be interested to own something in the city that was affordable and would be able to provide for their family,” Mr Rydal said.
“But we’ve also got people who might not be interested in owning a home in their own area, and we’ve got people that might be interested but they don’t have the money.”
Mr Vidal’s firm found that the average price of a home was $1,851,800 in Sydney, $2,853,300 in Melbourne and $3,084,200 in Brisbane.
In Adelaide, the average cost was $2.5 million.
“The cost of buying a house in Australia is higher than it was 10 years ago,” Mr Vermont said.
The cost to build is determined by the location and land available, and is set by factors such as cost of land and construction material.
Mr Vermont has been working in Australia since the 1980s.
“I think the Australian property market is very, very strong right now,” he said.
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