Many people who move to Tasmania sell property on the mainland and then have the option to dramatically reduce their investment in their home, and often their mortgage, due to the lower property prices in Tasmania.
It isn’t always the case though. When you move you may choose to live close to the city and pay a similar price to what you may pay to be a fair way out of the city in the larger capitals. You do get more for your money, the savings just aren’t necessarily as great if you are not comparing apples to applies in terms of type of property and proximity to the city and services.
This article from The Mercury shows that Hobart remains the most affordable city of all the capitals.
Hobart retains title as Australia’s most affordable capital city
Hobart’s long-running title as the nation’s most affordable capital city to buy property remains firmly intact, says the latest RP Data-Rismark home value results.
With a median dwelling price of $345,000, Hobart properties are nearly 50 per cent cheaper than the most expensive capital city, Sydney.
Sydney properties currently have a median price tag of $678,500.
For May, all state capital cities saw a fall in values, but Hobart experienced the lowest drop of just 0.6 per cent.
For the year to date, capital growth in Hobart has been the second highest at 4.2 per cent.
During the property downturn, Hobart’s real estate values fell by 11.5 per cent from the market peak in November 2009.
The median dwelling price has grown $45,000 in just seven months.
The capital city market has been slowly growing in value since early last year.