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Here are the suburbs where it’s cheaper to buy than rent

24 FEB 2021 By Reporter 9 min read Investor Strategy

As mortgage rates hit historical lows, Aussies are increasingly wondering whether it’s cheaper to buy or rent.

Mollymook Beach NSW spi

According to Domain’s latest research, calculated on the basis of median prices and rents, paying down a mortgage is now cheaper than renting in 722 suburbs for houses and 180 suburbs for units.

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Topping Domain’s list for house affordability is NSW’s Mollymook Beach, where the weekly difference between buying and renting currently sits at $615.

Top 10 suburbs where it’s cheaper to buy a house than rent one
Suburb State Region Weekly difference between buying and renting
Mollymook Beach NSW NSW Country -$615
Middleton SA Country South -$584
Port Elliot SA Country South -$582
Malua Bay NSW NSW Country -$268
Newman WA WA Country -$245
Nickol WA WA Country -$241
Port Hedland WA WA Country -$218
Muirhead NT Darwin -$197
Moranbah QLD Qld Rural -$189
South Hedland WA WA Country -$177

Source: Domain

If purchasing a unit, however, Domain suggests buyers cast their gaze at the ACT. 

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Top 10 suburbs where it’s cheaper to buy a unit than rent one
Suburb State Region Weekly difference between buying and renting
Gungahlin ACT Gungahlin -$165
Darwin City NT Darwin -$162
Mount Lawley WA City -$155
Mudgeeraba QLD Gold Coast Nerang and Hinterland -$154
City ACT Canberra Central -$150
Clifton Beach QLD Cairns -$148
Manoora QLD Cairns -$137
Townsville City QLD Townsville -$136
Pacific Pines QLD Gold Coast Nerang and Hinterland -$134
Cairns North QLD Cairns -$132

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