Tasmania homes are cheapest
16 March 2016 by News DeskIf you're looking for property down under the cheapest place to buy a house or apartment in Australia is in Tasmania, according to new figures.
A house in Sydney could cost you $1 million but a three bedroom home with a garden in Tasmania will cost only a third of that, latest reports show.
Tasmania is the cheapest state or territory in Australia to buy property.
The average price of a house on the island is around $352,000 but it is possible to find a three bedroom house for under $300,000.
Tasmania, whose population is just 500,000, also boasts the most profitable homes with properties in state capital Hobart having an average of $150,000 worth of equity.
Across the island as a whole the average level of equity (value today compared to original purchase price) is 32.7 per cent, or $95,427.
The areas with the most equity are Hobart, Kingborough and Clarence where owners have the most value in their property.
Hobart also has the fastest-growing house prices across Australia. In the last three months of 2015 the average price of a house in the city increased by 6.2 per cent.
“Compared to any other state, Tasmania is the most affordable place to live,” says Darrell Todd, CEO of thinkingaustralia.
“The average house in Tasmania costs around $650,000 less than the average house in Sydney and $360,000 less than in Melbourne. In Adelaide, the second cheapest capital city for property, the average house will cost you $494,000.
“Tasmania is the un-discovered jewel in Australia’s crown,” says Darrell Todd, CEO of thinkingaustralia.
“The island has stunning nature reserves, national parks and World Heritage sites that make up over a third of the land. There are 18 national parks and more than 2000 kilometres of walking tracks.
“It is a go-to destination for anyone who likes the aquatic lifestyle as it’s surrounded by the Southern Ocean, Bass Strait and Tasman Sea and has beautiful coastlines, bays and beaches.”
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