Where it’s cheaper to buy property than rent across Australia

 

Shared by Champion Group of Companies.

Written by Sue Williams

Domain Reporter | Feb 19, 2021

It is currently cheaper to buy a home than pay rent in over a third of all the Australian suburbs for which there are reliable statistics, a landmark Domain study has found.

Even more shocking is the fact that, in some cases, those mortgage repayments can add up to less than half the weekly rent.

And while buying is cheaper mostly in regional areas of the country, and on the outskirts of cities, some of the biggest bargains are found in some desirable areas, such as Mollymook Beach on the south coast of NSW and Portland on Victoria’s southwest coast.

“There are now almost 37 per cent of suburbs where it’s cheaper to buy than rent, which surprised me too,” said Domain senior research analyst Dr Nicola Powell. “It is so encouraging for first-home buyers wanting to get into the property market.

“It’s also good news for investors who are looking for positively geared property. They’ll be receiving more rent than it’s costing them actually to own the property.”

Check the details of cities where buying properties is cheaper than rent them through the link below.