Most affordable Australian cities to buy a house in
House prices are continuing to skyrocket, but three Australian cities are still offering buyers a chance at finding a home without breaking the bank.
A report released by CoreLogic yesterday showed house prices are rising one month faster than the average wage over a year.
Today finance expert Effie Zahos broke down which areas are the most affordable to buy in.
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The top three cities to buy a house in. Today
Perth comes in at number one, she said.
"The reason why Perth is in number one - it has a high stock of housing right across Perth," Zahos explained.
"They seem to have their units mostly in the city, which is why you will pay more".
Zahos said houses are more popular than ever thanks to the pandemic.
Demand for homes skyrocketed as people look for security amid the pandemic. Supplied
"We want a house because we are working from home now, we want the study room, we want to feel safer, don't want to live in high density areas," she said.
"We are paying more for that space."
The most affordable cities to buy an apartment in. Today
Should you be looking to buy a unit, Darwin comes in at number one on the affordability scale.
"The median price there, $342,000," Zahos said.
"It actually saw an increase in price over the month. It's done well, year to date, but still nowhere near records."
To watch the full segment, please watch the interview at the top of the page.
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
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