Australian Lending Centre uncovers a number of suburbs in Australia where it is more affordable to buy property than rent.
According to research by property specialist RP Data, there are 74 suburbs across Australia where the monthly cost of renting is higher than that of a mortgage repayment. This is split respectively between regional and metro areas.
While the news is good for buyers, the report will set off alarm bells for tenants who are currently renting.
RP Data national research director Tim Lawless said, ”The effect of these combined factors means that renters are now doing their sums to determine whether paying off a mortgage is actually going to be cheaper than paying a landlord.”
Chris Riotto of the Australian Lending Centre has commented that; ”Low interest rates and current Government incentives are positive factors for Australians looking to buy a property and now with this new information on areas where it is cheaper to buy than rent consumers should definitely be weighing up their options’.
If you would like to talk to someone today about getting a mortgage or refinancing do not hesitate to contact us here at the Australian Lending Centre where our mortgage team will run through the options that may be available to you.
Call us on 1300 138 188 or simply fill out an express enquiry form on this page of our website.