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Tasmania's property market shows impressive value for money

While other markets across Australia are becoming more expensive, the housing in Tasmania is looking increasingly affordable by comparison.

Hobart, the capital city of Tasmania, is the cheapest of its kind in which to buy and invest in property across the entire country, reports Domain.

These are sentiments that are supported by Tony Collidge, president of the Real Estate Institute of Tasmania. He said: "Our million-dollar properties are equivalent to $10 million (£5.2 million) in Melbourne and Sydney. There's nothing ordinary for over a million down here."

Throughout the December quarter, there were only 19 sales in Tasmania that went in excess of $1 million.

Often, the areas in Tasmania that boast residential properties over $1 million are kept exclusive and have a certain amount of prestige.

Some of these include the suburbs of Sandy Bay, Battery Point, Tranmere and Otago - these are among the most well-known places to buy a million-dollar home.

Buyers looking to spend this kind of money outside of these areas might not know where to look, but Domain has pointed out several places that are key for these high-price listings.

One of Hobart's oldest suburbs, New Town has a median house price of $445,000, but there are mansions that will go for a starting price of $1.375 million. Some of these properties date as far back as the 1830s and have impressive features that are worth their price tag, and are a bargain when compared to markets elsewhere in Australia.

As we said, many of the suburban markets in Tasmania have a certain level of prestige, one of these is Mount Nelson, which is a leafy area that borders onto Sandy Bay.

Kingston Beach is another that is popular for those who have a budget of a million dollars but want to get a lot for their money. What you'll find there are beach-fronted properties that have lots of bedrooms and boast beautiful views of the sea.

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