Island state offers top affordability
Investors looking for affordable property in Australia's capital cities should head south to Hobart, according to RP Data senior research analyst Cameron Kusher.
The Hobart suburb of Gagebrook takes the title of the cheapest capital city suburb in the country, with a median house price of $153,000, Kusher says.
The next most affordable suburbs in Hobart are: Clarendon Vale (median house price $156,000); Primrose Sands ($180,000); Bridgewater ($181,000); and Rokeby ($190,000).
More than half of Hobart's suburbs have a median house price below $350,000, Kusher says.
Sydney is at the other end of the scale, with an overall median house price of $592,000, though many suburbs offer much more affordable property.
Its most affordable suburb is Willmot (median house price of $219,000), following by Tregear ($220,000) and Lethbridge Park ($226,000).
The most affordable suburbs in Australia's other capitals, according to RP Data, are:
- Elizabeth South in Adelaide ($200,000);
- Lamb Island off Brisbane($205,000);
- Charnwood in Canberra ($351,000);
- Moulden in Palmerston, just outside Darwin ($392,000);
- Milgrove in Melbourne's outer east ($219,000); and
- Hillman in Perth's Rockingham region ($280,000).
