Suburbs where it’s cheaper to buy than rent
Buying property is becoming cheaper than renting in many suburbs across Australia, new research has found.
According to property pricing specialist RP Data research, which was commissioned by Commonwealth Bank of Australia, there are 94 suburbs across Australia where the monthly cost of rental outstrips the monthly mortgage repayment on both houses and units.
That’s up from 74 suburbs six months ago. Two-thirds of the suburbs are located regional areas with the remaining 34 percent in capital city metropolitan areas.
The biggest gap between the cost of buying and renting was in Western Australia.
Queensland
Brisbane and the Gold Coast are the key locations for buyers in metro areas, while Dysart and Moranbah are where most buyer-friendly regional spots. Click the link to open the map and mouse over the pins to get information about prices in each location.
New South Wales
Darlington in inner Sydney is the key metro location, while Dubbo and Coomba Park are where most buyer-friendly regional spots. Click the link to open the map and mouse over the pins to get information about prices in each location.
Australian Capital Territory
There are just two locations within the ACT where buying an apartment is cheaper than renting. Click the link to open the map and mouse over the pins to get information about prices in each location.
Victoria
Regional Victoria has the biggest gap between buying and renting while three Melbourne suburbs favour buyers.
South Australia
Adelaide has one suburb where buying is cheaper than renting, while the Whyalla area remains a hotbed for buyers looking in regional areas.
Western Australia
Most of WA’s buyer hotspots are clustered around the north west part of the state. Click the link to open the map and mouse over the pins to get information about prices in each location.
Northern Territory
There are two locations where buying is cheaper than renting in the Northern Territory, both in Darwin.
Tasmania
Tasmania is included in the research for the first time with seven locations where it is cheaper to buy than rent.
The biggest savings can be made by buying resource rich areas of Western Australia (in one town it is nearly $4000 per month cheaper to buy a house than to rent it).
Indeed, four of the top five locations in WA offer savings of more than $1000 for buyers.
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