The clever counters at CoreLogic have discovered that almost half of all Brisbane properties are cheaper to buy than rent, reports 9 news.
What the?
They’ve calculated mortgage repayments based on a loan amount that is 80 per cent of the property value and compared that with rental payments for an equivalent property.
Sound too good to be true? It probably is to some extent because it doesn’t take into account the cost of home ownership like council rates and repairs.
But it’s still a good wake-up call for those who think home ownership might be out of reach. Brissie offers some great value buying if you’re prepared to look around.
If you’re not wedded to Brisbane, then the easiest Australian city in which to make the transition from tenant to mortgage holder is Darwin where more than three-quarters of all its properties are cheaper to buy than rent.
Unsurprisingly, wannabe buyers in Sydney and Melbourne face the toughest prospects with less than 10 per cent of properties fitting this criteria.
Check out the percentage of properties in our capital cities where it’s cheaper to buy than rent:
- Darwin, 77.6%
- Hobart, 59.7%
- Brisbane, 48.8%
- Canberra, 44.9%
- Perth, 44.3%
- Adelaide, 40.6%
- Melbourne, 9.6%
- Sydney, 7.1%
Ready to make your first move on the property ladder? View our current listings for sale or contact us for a chat.
Not ready for a mortgage? Check our listings for rent.