It’s no secret that buying property in Australia is a tough dream to realise for first home buyers, but it seems like there are still some suburbs in Australia where it is cheaper to buy a property than it is to rent.
It may seem hard to believe that there are any suburbs left in Australia where first home buyers don’t feel priced out of the market, but that’s exactly what new research created for the Australian Financial Review suggests – and the locations are that far away from capital cities.
The research was conducted by CoreLogic and it identified a number of Australian suburbs where it is cheaper to buy property than rent, based on a 20% deposit for a 30-year loan at a 4.25% variable rate.
Suburbs where buying is cheaper than renting
Carlton, Victoria
An average monthly mortgage repayment of $1439, versus monthly rental cost of $2122
Ropes Crossing, NSW
An average monthly mortgage repayment of $1919 versus a monthly rental cost of $2083
Adelaide, SA
An average monthly mortgage repayment of $1502 versus a monthly rental cost of $1912
Logan Central, QLD
An average monthly mortgage repayment of $1014 versus a monthly rental cost of $1495
Gagebrook, Tasmania
An average monthly mortgage repayment of $951 versus a monthly rental cost of $1683
Wyoming, NSW
An average monthly mortgage repayment of $1973 versus a monthly rental cost of $2124
Cooloongup, WA
An average monthly mortgage repayment of $999 versus a monthly rental cost of $1396
Charnwood, ACT
An average monthly mortgage repayment of $1792 versus a monthly rental cost of $2118
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