Cheaper to buy than rent in many suburbs
It’s cheaper to buy than to rent in a number of suburbs across the country, according to a report from a leading property data and analytics company.
Comparing monthly mortgage repayments and monthly rental payments across Australia, RP Data has found that, in 388 suburbs, it’s actually cheaper to get onto the property ladder.
“The largest number of suburbs, where paying a mortgage is currently more affordable than renting, can be found within the Brisbane region,” the RP Data Rent vs Buy Report says.
“Across the Greater Brisbane region, based on servicing a principal and interest mortgage on a variable interest rate, there are now 42 suburbs where paying a home loan is more affordable than paying a landlord. Sydney is not far behind (41 suburbs), followed by Adelaide (31 suburbs).”
While 142 suburbs were across the capital cities, regional areas dominated the list, with 246 suburbs finding better payment schedules for buyers.
“Nationally, there are an additional 1,031 suburbs where it costs an extra $50 per week to service a mortgage compared with paying rent.”