The Australian Property Monitors reported that Coonamble in New South Wales have the most affordable suburbs with an average home value of $77,500. Following it on the list are Coober Pedy and Fisherman Bay in South Australia with averages of $81,500 and $92,000 respectively.
The report also states that among all states, Tasmania offers the cheapest home buying rates with an average mortgage of $191,700 which is 3.2 times bigger than the $59,872 average male income. Due to these data, APM research manager Yvonne Chan said that first home buyers and investors should first look in buying properties in the said territories.
Home Loans
In other news, Federal Housing Minister Tanya Plibersek announced that each state government can now determine their own cap for the first-home buyer grant. Due to this announcement, the grant’s upper limit in New South Wales will be at $750,000 and the stamp duty for any property is pegged at $600,000 at year’s end.
However, Australian Property Monitors economist Matthew Bell says that this is still a good time to enter the housing fray despite benefit retractions. He added that since properties that will be bought now is likely to rise in value, this is a great opportunity for first-home buyers who want to maximize their wealth in the long run.
Through the worst times of the global financial crisis, Australia’s house prices only fell by 4.2 per cent in March 2009. However, the losses have already been recovered due to the strong population growth and undersupply of home properties.
For information on affordable homes, home loans & mortgages or to apply for a home loan online, click here.
