PHOTO: A three-bedroom property at 2 Hill Avenue Cumberland Park, Adelaide, is listed for sale for $785,000 to $815,000.
Buyers are getting more bang for their buck as property prices fall across the country, but just how far your budget can stretch still varies drastically from city to city.
House prices dropped 2 per cent across Australia’s capital cities to a median of $804,602 amid the coronavirus pandemic, according to the latest quarterly Domain House Price Report.
Darwin, Perth and Hobart were the most affordable markets, all priced at less than half the cost of Sydney’s median house price of $1,143,012.
While the pandemic had virtually brought interstate migration to a standstill, Hobart had been seeing strong interest from the mainland – from both investors and owner-occupiers looking to relocate – for several years, said Rob Henry director of Harcourts Hobart.
“Its affordability [is the big drawcard],” said Mr Henry. “There’s also less traffic, which makes it easy to get around. The population is much lower so there isn’t the intense environment that they get in Melbourne and Sydney, it’s more relaxed … and people feel very safe, especially at the moment.”
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