A combination of record low interest rates and affordable median prices are creating suburbs where mortgage holders have more spare change than their renting counterparts, according to Domain data.
“Generally what we saw in houses — which is consistent across capital cities — (is that) rents outstrip mortgage repayments in more affordable areas,” said Domain research analyst Eliza Owen.
This trend is especially visible in Brisbane compared to Sydney or Melbourne given our more affordable housing costs.
For houses, the #10 suburbs where it’s cheaper to buy than rent included lower socio-economic suburbs where residents unable to overcome buying hurdles were driving up rents through increased rental demand.
For units, the oversupply in recent years has kept capital growth at bay while ongoing rental demand from mobile workers, short-term residents and young professionals had seen rental growth.
Check out the #20 suburbs where it’s cheaper to buy than rent.
#10 suburbs where houses are cheaper to buy than rent
Waterford, $367 weekly mortgage repayment vs $400 weekly rent
Bellmere, $329 vs $360
Loganholme, $365 vs $395
Crestmead, $320 vs $350
Redbank Plains, $315 vs $340
Raceview, $318 vs $340
Holmview, $373 vs $395
Boronia Heights, $329 vs $350
Bethania, $327 vs $345
Hillcrest, $334 vs $350
#10 Suburbs where units are cheaper to buy than rent
Eagleby, $221 weekly mortgage repayment vs $300 weekly rent
Bowen Hills, $339 vs $418
Deception Bay, $240 vs $305
Runcorn, $341 vs $400
Spring Hill, $367 vs $419
Calamvale, $346 vs $395
Fortitude Valley, $358 vs $400
Upper Mount Gravatt, $401 vs $440
Kallangur, $272 vs $310
Moorooka, $318 vs $350