A joint study by Aussie Home Loans and CoreLogic shows the staggering diversity of the Australian housing market, with homes in Tasmania still the most affordable and Sydney the least.
The three most affordable suburbs in Australia have a median valuation of less than $100,000 and all are located along Tasmania’s West Coast.
The regions are all located at least 150km from the nearest capital city, they show little in the way of economic diversity, with local industries generally being dominated by agriculture, mining our tourism.
Chief Executive Officer of Aussie, Mr James Symond said “It is not surprising that the most affordable housing markets with the lowest dwelling values and lowest mortgages are located in regions where jobs are scarce, land is plentiful and buyer demand is generally low.
“However they are located in regions rich in history, with close knit communities and low prices offering housing opportunities with price tags and mortgages similar to the deposit required on a house in the large capital cities”, he added.
Tim Lawless, Research Director of CoreLogic, said “Many of the most affordable areas are located in coastal locations, which are within comfortable driving distances from the capital cities along the eastern seaboard of Australia, such as Queensland’s Gold Coast.
“Across the capital cities, Hobart stands out as providing the most affordable options, with five suburbs showing a median house value that is less than $200,000, all located within either the Brighton or Clarence council regions”, he added.
Adelaide remains the most affordable mainland capital city in Australia, with a median house value of $442,081, while, in contrast, Sydney’s median house value is now just under one million dollars and the cheapest entry point is Tregear with a median value of $432,282.
To view the report, please click here
For further information: Tim Allerton City PR 0412 715 707