The average price of a home across the country is currently around $4.2 million, according to data from real estate website Domain Group.
That’s down from $6.3 million just a year ago, according the latest figures from CoreLogic.
But even that number is nowhere near the $5.3 billion in the United States.
“If you’re not going to get it in Australia, you probably should be getting it elsewhere,” Mr Macdonald said.
“It’s a good bet that a lot of that price is going to come down over the next few years.”
A look at what the market looks like in your area and around the world.
1:28 The US is one of the largest buyers of property in Australia.
According to CoreLogics, the average price for a home was $3.2m in May, up 5.3 per cent from a year earlier.
“That’s a really strong performance,” he said.
But a lot is still to play for, as the national median price is currently at $4,769,000.
That is still $900,000 higher than the average cost in the US, where median home prices have dropped to $3,700,000, according an analysis by the US Census Bureau.
But with many areas still far below the national average, there is no shortage of bargains.
The most expensive Sydney house sold for $4 million in the May period, according Domain Group, while Melbourne house prices have already increased by an average of 20 per cent since October.
Melbourne’s average home price is now $5,846,000 (NZ$5,921,000), Domain Group said.
Here’s a look at where you can afford to live in Australia and around Australia.
Sydney $531,000 Sydney is one the most expensive cities in the world to live, according a study by Domain Group and the National Institute of Health and Welfare.
“Our research has consistently shown that Sydney is a city where a single property could cost more than $5 million,” the report said.
For instance, a two-bedroom house in Sydney’s CBD was priced at $541,000 in May.
But it cost $470,000 less in February, and the median house price is $439,000 at the time.
It is also one of Sydney’s most expensive suburbs.
According the Domain Group report, the median Sydney home price in May was $532,000 and the average Sydney household earned an income of $57,200 a year.
This is also a lot higher than in the most recent Census data.
“We’re now in a situation where we have two or three people who earn less than $50,000 a year,” Mr McAfee said.
There is also strong demand in Sydney, according Mr Mcdonald.
“People are going to Sydney because it’s one of those great suburbs, and they want to live there.
But there are some places that are a little bit more expensive,” he added.
In Melbourne, the number of houses being bought increased by 13 per cent in May to 2,957.
The median price of homes in the Melbourne area is now at $3 million.
It was $2.9 million in January.
The area has also experienced strong growth in new construction, with new house construction increasing by 17 per cent over the past year to a record 1,976.
In Sydney, new house prices are also on the rise.
The average new home price across Sydney in May increased by 11.4 per cent to $1.2 billion, according DataHub.
That was up 20 per the previous month.
The national median house prices in Australia are at $2,931,500.
This figure is now just $939,800 higher than last year.
Sydney is also home to the largest number of foreign-born people in Australia according to Census data released on Monday.
The number of people who were born outside Australia grew by 12 per cent last year to 1.3.3million.
In 2016, Australia had the second-highest percentage of foreign born residents of any country in the World at 1.1 per cent.
In the United Kingdom, the proportion of foreign nationals in the population rose to 8.5 per cent, the highest in the G7 group.
“The trend has been steady and continuing in terms of growth in Australia,” Mr McMorris said.
The United Kingdom has had a lot more foreign- born residents than the rest of the world, but the country has a lot less foreign-built houses.
According Domain Group’s data, only 2 per cent of the UK population is foreign-made.
This number is only slightly lower than the United Nations’ population of 10.1 million.
The biggest growth in foreign-owned houses has been in Melbourne, where new house building rose by 8 per cent between April and May to 3,919,000 homes.
In March, the city