 Hobart, the most affordable city in Australia
Home ownership in Hobart based on today’s interest rate and average $250,000 loan will require every first home owner a $50,000 annual pay to be able to afford a $1600 monthly repayment.
On the other hand the Commonwealth Bank report showed that there are a lot of chances for first-home buyers to acquire a property if they will look for more affordable locations in the suburbs.
The data revealed that Hobart rose as the most affordable city in Australia for a median "first-home buyer price" of $295,000. In the 2nd half of 2009 there were 290 houses and 107 units in Hobart sold for the price around $295,000.
Other major cities have these property median prices: Adelaide ($296,000), Brisbane, ($337,000), Melbourne ($346,000), Perth ($366,000), Darwin, ($374,000), Sydney ($388,000) and Canberra ($396,000).
In most of these cities, first-home buyers are forced to look for properties in outer suburbs, but in Hobart the inner suburbs are still affordable.
The report further showed that majority of the affordable properties for first-home buyers are within 10km of Hobart's central business district.
In Launceston, the average property is around $252,000 while the average home loan to first-home buyers is $213,000. In Burnie and Devonport, though the average first-home price is $239,000 it showed 159 properties are within the means of first-home buyers.
According to Commonwealth Bank home loans manager James Sheffield this report throw light on the thinking that the Australian dream of buying first home is far from reach.
“If you want to be close to the city a unit is probably your best option, if you are prepared to travel you can get a house in the suburbs." Sheffield commented.
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