As rents continue to climb across the nation, there are now a significant number of suburbs across Australia where it is cheaper to pay off a mortgage than rent a property.
New research from RP Data has found that there are 692 suburbs where it is cheaper to buy than pay rent.
The Buy versus rent report provides a complete list of suburbs across the country’s capital city and regional areas and analyses the difference between monthly mortgage repayments and rental payments, taking into account the median value of houses and units compared with median asking rents.
The research found there are 193 suburbs in NSW where it is cheaper to own than rent, 73 of which are located in Sydney.
Queensland has 242 suburbs, while Tasmania has 54 areas and Western Australia boasts 78.
Victoria has 45 suburbs, only two of which are located in Melbourne, and Adelaide has 45 suburbs.
“In some suburbs, it may actually be cheaper to buy than to rent,” said Gerry O’Donnell, general manager of Bluebay Home Loans. “For many buyers, now may be a good time to consider either re-entering the market or buying their first home”.
The full report is completely free and can be found on the following link. Providing a buy versus rent scenario for every suburb nationally, it’s a great tool for anyone looking to buy a home to live in or for investors active in the market.