Dubbo is the cheapest and quickest place to pay off a home in the cities of the Central West.
In comparison to the eastern counterparts of Orange and Bathurst, the average Dubbo home is the least expensive averaging $353,896 and with the shortest loan time of 22 years according to data from the latest Regional Australia Institute (RAI) repor, Regional Population Growth: Are We Ready?
Bathurst average house price is the most expensive at $428,307 and 25 years to pay the mortgage and Orange house prices are slightly less expensive at $419,352 averaging 23 years to pay off the home.
Find out where in Australia you can pay off the mortgage fastest, using this MOVE graphic below. Story continues after.
The regional population report also compared real estate around NSW and found that many home owners in state capitals were paying double the mortgage but had a similar average wage said RAI co-chief executive officer Dr Kim Houghton.
The further west people are willing to move the cheaper and quicker it is to pay off the home loan. In Nyngan the average house price is $142,861 where it takes around eight years to pay the house in full.
"The new research has shown that many workers living in our outer city suburbs could be financially better off if they moved to regional Australia," Dr Houghton said.
RAI unveiled a new tool, MOVE, which lets potential home owners find out which areas in Australia give them the best chance of paying off their mortgage faster.
By combining the average wage of a particular wage Local Government Area (LGA) with the average house price, people can quickly find out where they could pay off their mortgage the fastest.
The new research has shown that many workers living in our outer city suburbs could be financially better off if they moved to regional Australia,Dr Houghton, RAI.
The MOVE tool indicated the Dubbo Local Government Area has the lowest average city salary. The average salary in Dubbo is $58,229 during the last financial year.
The average salary in Orange the highest for cities in the region coming in at $64,745 and the average in Bathurst is $62,100.
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