Hobart: Australia's cheapest city
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|Monday, 19 April 2010|
Hobart is officially one of Australia’s cheapest cities, property analyst RP Data has said.
According to senior research analyst Cameron Kusher, Australia's chepaest suburb is Gagebrook in the city of Hobart, with a median house price of $153,000.
Other affordable Hobart suburbs include Clarendon Vale, Prinmrose Sands, Bridgewater and Rokeby.
While most of Hobart’s suburbs currently have a median house price under $350,000 – just 20 per cent of the properties in Sydney, Melbourne and Brisbane fall under that price.
In terms of affordability, Mr Kusher said the median price figures for Perth, Darwin and Canberra were “worrisome”.
Darwin and Canberra have no suburbs where the median house price is below $350,000, while the market for Perth is closing in, with only 10 per cent of suburbs within this median price range.
“Based on average personal income data released by the Australian Bureau of Statistics recently, a $350,000 house is 4.8 times greater than the average annual personal income in Western Australia, 5.4 times greater than the average income in the Northern Territory and 4.7 times greater in the ACT,” Mr Kusher said.
“If the household has two incomes, the differential halves. However, not all are dual income households,” he said.
Mr Kusher said buyers looking to purchase at the affordable end will have to target specific areas, like city outskirts, in order to infiltrate the property market.