Property prices are rising rapidly and are now the third most expensive in the world, according to a new analysis.
The study by real estate firm PricewaterhouseCoopers shows the average property price is now $8.1 million, compared to $5.9 million in 2015.
That compares with an average of $4.6 million in 2000.
A further $3.6 billion in property taxes is collected annually in Australia.
The figures come after Prime Minister Malcolm Turnbull announced plans last week to increase the country’s property taxes to $25,000 by 2020.
He said the rise in property prices was driven by the ageing population, but was not linked to global warming.
But the research, which looked at the top 20 most expensive properties in Australia, showed that Australia’s top 20 properties are now worth just $7.5 million each, or just over $1 million more than they were in 2016.
It also found that prices for property in Melbourne are the fourth highest in the country.
In 2016, the average house price was $831,500.
In 2020, the median house price in Melbourne was $1.2 million.
The price of property in Sydney increased by more than 60 per cent over the last decade, from $564,000 in 2000 to $821,000 last year.
In 2017, the Sydney median house value was $923,000.
Property values in Sydney are up by more in the past two years, as prices continue to increase.
The median property value in Sydney was $722,000 on July 31, 2018, up by a staggering 67 per cent from $520,000 a year earlier.
The average price of a home in Sydney is now more than $1,200,000, more than double the median value of $912,000 just a decade ago.
Property prices have risen for the past four years, despite an ageing population and growing demand from the global financial crisis.