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It always amazes me how at odds the US housing situation is from Australia, I have seen people saying that you can buy a house in the US for as little as $30k, anywhere in Melbourne and suburbs the cheapest house you will find is probably around $300,000 and that won't buy you very much at all.
A 40 square metre one bedroom apartment around inner Melbourne costs around $300,000 +. Houses around my area routinely sell for $1million plus. I am around a few Km away from the Melbourne CBD.
Houses in outer suburbs of Melbourne, about 45 mins drive to the city cost a mean average of $450k
Occupancy is close to 100%, houses in Melbourne made available for rent can have as many is 40 applicants, all clamoring and competing to get the rental.
A one bedroom apartment close to the city will cost you around $250 to $300 p/w in rent. A house could cost you $500 p/w +.
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