Hobart Real Estate is Most Affordable in Australia

Real estate in Hobart is more affordable than in any other Australian capital city, which could be useful food for thought for anyone considering a property purchase in the Tasmanian capital.

The latest RP Data-Rismark Hedonic Home Value Index for April shows that in the previous three months, the median price for a home in Hobart was $311,500, compared with the capital city average of $485,000.

Hobart, the research found, is the only city to post negative year-on-year dwelling values, with median house prices dropping by 1.4 per cent over the past 12 months.

Sydney, the most expensive city in the nation for the past three months, recorded median property values of $565,000 – a quarterly increase of 1.1 per cent and a year-on-year rise of 3.7 per cent.

RP Data research director Tim Lawless said that in general, the market is showing green shoots of recovery, especially compared to its performance at this time last year.

“Overall the housing market is in much better shape than it was a year ago where values were still falling and market sentiment was very low," he said.

Savvy buyers looking for a bargain may wish to look beyond Australia's capital cities on their quest for more affordable homes. The RP Data-Rismark findings revealed that outside of the eight capitals, the median property price in Australia for the past three months was $326,000.