For those willing to pay an extra $50 on their rent, here’s the good news– you can say goodbye to your landlord and be a homeowner yourself.
Latest RP Data figures show it’s now cheaper to buy than rent in a record 388 suburbs across Australia with softer property prices proving a boon to renters.
The RP Data Buy vs Rent report analyses the difference between monthly mortgage payments and monthly rental payments based on the median value of houses and units.
Australia's cheapest suburb: Land for under $10K, home for under $100K
The data published by News Ltd shows that there has been a 63 per cent increase in the number of suburbs where it is now cheaper to pay a mortgage than pay a landlord.
In August, only 238 suburbs fit the criteria.
Looking at the state-wise breakdown, Queensland has the most number of suburbs and towns – 147 - where it is cheaper to buy than rent.
Although most are located in regional areas including Mackay, the Darling Downs, Gold Coast and Sunshine Coast, Brisbane city also accounts for 42 suburbs, primarily in Logan and Ipswich.
New South Wales comes in second with 88 suburbs across the state where a home mortgage is cheaper than renting.
Photos: Sydney homes for under $300,000
Enmore and Rushcutters Bay are among the surprise entrants.
RP Data estimates reveal those wanting to buy a unit in Enmore with an interest only loan based on 5.9 per cent, would pay $691 less a month than the current median rent.
Victoria is home to just 17 suburbs where it is now cheaper to buy than rent. Three of those were close to the Melbourne CBD and others were in country towns like Mildura, Bendigo and around the Wimmera.
In South Australia and Western Australia, there were 48 and 44 suburbs and towns respectively, while in Tasmania and the Northern Territory there were 30 and 11.
South Australia had 31 suburbs out of the 48 that were located within Adelaide where it’s cheaper to be a home owner rather than a renter
Download the full report here http://www.myrp.com.au/buyorrent
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10 Comments
The people in these locations wanting to buy should consider yourselver lucky. You want to know hard try checking the over priced Darwin realty. The rich get richer and the poor are screwed over, average price starts at $500,000. We can't even buy a full house with the first home loan the developers are charging $600,000 and the Government gets to keep half.
ReplyThey manage to talk so easy on getting a loan for what 5.9% you should try and get one for most banks will not give the average person such a loan? I have even seen a lot of people apply for a loan get nocked back then reapply for a more expensive loan and get approved. I ques you can talk easy if your like a miner or doctor. As for renting it is in most areas still affordeble and easy to get yet cost effective so you can save up and i do not see real estate picking up over night.
ReplySocialist politic in every western country [or cauntry ?? ] , they destroyed Western world ,,, my and your world is dying ,,,,,, same shyte coming here ,,,,,,, curently we are good thanks to fake numbers , printed trillions , lie and much more ,,,,DEVIL IS LURKING BEHIND THE DOOR , CAN YOU SEE HIM OR ARE YOU BLIND ,,, SEE A DOCTOR
ReplyAlways buy, don't rent. That way your kids have something to fight over when your gone.
2 Replieslast few years I was talking ,,,, interest down , house prices down ,,,, now you see it ,,,,, but You have not see it ,,,,WE ARE JUST BEGINING GOING DOWN ,,,, MUCH MORE TO COME ,,,,,,,GLOBAL WORLD . GLOBAL PROBLEM , TIME TO VISIT HELL AMIGO ..... BUT YOU STILL DO NOT TRUST ME ????? OK , STAY IN BED
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