Now cheaper to buy than rent in 400 Aussie suburbs
THERE are now nearly 400 suburbs nationwide where buying a home is a better deal than renting, according to industry analysts RP Data.
The company's Buy versus Rent Report estimates the difference between monthly mortgage payments and monthly rental payments based on the median value of houses and units within all suburbs around the country compared with median asking rents.
The research shows that 388 suburbs provide better value to buyers than renters, including 88 in NSW with 41 in Sydney and 47 in regional parts.
The result is a 63% rise in the number of suburbs where paying a mortgage is more affordable than paying a landlord - based on principal and interest payments on a variable interest rate mortgage - compared with August.