Hobart is no longer the most affordable city in the country to purchase a house after the Australian property market experienced another unsurprisingly turbulent month of results.
Newly released data from CoreLogic shows home prices in the Tasmanian capital recorded a quarterly growth of 1.2 per cent in March – making it the only capital city to experience a price increase in the last three months – and an overall growth of 6 per cent in the last 12 months.
Hobart’s consistent run of good results means it’s no longer the most affordable capital city, CoreLogic’s head of research Tim Lawless told ABC News.
“We can see markets like Adelaide, Perth and Darwin more affordable than Hobart, so there’s been a changing of the guard there,” said Lawless.
Hobart is continuing to ride a boom that has seen it’s median house price rise to $464,168, overtaking Perth ($442,716), Adelaide ($426,990) and Darwin ($400,316), which are now the most affordable cities to purchase property.
On the other end of the spectrum Sydney ($782,473) and Melbourne ($624,425) comfortably remain the most expensive destinations to purchase a house, however both cities continued their downward trends with quarterly price decreases of -3.2 per cent and -3.4 per cent, respectively.