Buying a home can be cheaper than renting

Recent statistics from RP Data reveal that there are 388 suburbs within Australia where it is cheaper to pay a mortgage than rent. The fresh research is based on principal and interest payments on a variable interest rate mortgage. 

Queensland was the most affordable state according to the report, with data showing that there are a total of 147 suburbs where it is cheaper to pay a mortgage than rent. Of these suburbs, 42 were located in the Greater Brisbane area, with the remaining 105 scattered across regional sectors. 

NSW offered smaller, but nonetheless impressive figures. A total of 88 suburbs were identified within the state, 41 of which were located in Sydney. 

South Australia, which is considered to be one of the country’s most affordable states, offered 48 suburbs. 31 of these suburbs were identified in Adelaide, while the remaining 17 were situated throughout the state. 

Western Australia had the fourth highest number of affordable suburbs, totalling 44. However, only six of these suburbs were located in the state’s capital, Perth. 

In Tasmania 30 suburbs were found, with 14 of these being situated in Hobart. 

For more information about the residential property market in your areas of interest, please feel free to stop by your local CENTURY 21 Real Estate office for clear and expert advice. Additionally, if you would like to speak to a mortgage professional about suitable loan packages, please contact CENTURY 21 Home Loans.

 

Posted by Charles Tarbey on 04/02/2013 at 12:00 AM | Categories:

2 Comments

mohan

mohan wrote on 10/02/2013 12:32 AM

Paul what a quality post with stats, i agree why rent when there are still affordable housing. Having said still so many rent and the rent payments are more than the mortgage repayments
Property In Navi Mumbai

Property In Navi Mumbai wrote on 13/02/2013 9:24 PM

In this blog gave information is very informative and useful. Thank you sharing such ice information.

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