Time is right to build a new home Fri 10 August 2012 Lara Giddings Premier Download hi-res version The Premier, Lara Giddings, today encouraged Tasmanians to consider building their own home, with lower interest rates and competitive building rates helping to make home ownership more affordable. Ms Giddings was speaking at the opening of Wilson Homes' new display centre at Cambridge. "Wilson Homes is a proud Tasmanian company and was recently named the HIA Australian Medium Builder of the Year 2012," Ms Giddings said. "This new centre showcases examples of Wilson Homes' quality craftsmanship and clever design which are helping to make building a home more affordable and more attractive for Tasmanians. "With lower interest rates, lower land prices and competitive pricing, now is a great time to consider building your dream home." Ms Giddings also released new analysis (table attached online) of recent housing data which shows that Hobart remains the most affordable capital city, while the rest of Tasmania is significantly more affordable than other regions of Australia. "This analysis shows that Tasmania is the standout performer for housing affordability across the country," Ms Giddings said. "Tasmania's housing affordability has improved in every quarter since December 2010, as interest rate reductions coupled with softer price growth improve buyer's purchasing power." The recent HIA Commonwealth Bank Affordability Report states that: "Tasmania retains the mantle as home to the most affordable housing in the country." The HIA calculates housing affordability by analysing local housing prices and wages against home lending rates. In Tasmania, the affordability multiple is only 1.3 compared to 1.7 nationally, which represents the number of average full time adult wages required to affordably service a mortgage on median priced dwelling. Ms Giddings said the State Government was working with the industry to create jobs and stimulate economic activity. "I was pleased recently to announce a partnership with the Brighton Council to deliver a $100 million affordable housing project at Brighton. "This innovative model is helping to stimulate the building sector and put home ownership within reach of more Tasmanians."