Sydneysiders may be encouraged to pack their bags and move, after it was revealed owning a home in a number of New South Wales towns is cheaper than renting.
Residents could save up to $150 a week by purchasing a property instead of renting in regional centres such as Broken Hill, in the state’s west, and Wellington, 350kms northwest of Sydney.
Buying homes has also been revealed as cheaper than renting in parts of the Hunter Region, Tamworth and Wagga Wagga, the Daily Telegraph reported.
Sydneysiders may be encouraged to pack their bags and move, after it was revealed owning a home in a number of New South Wales towns is cheaper than renting (stock image)
Residents could save up to $150 a week by purchasing a property instead of renting in regional centres such as Broken Hill (main), in the state’s west
In total, 40 areas in NSW are more affordable to make weekly payments on a mortgage at 80 per cent of a home’s value than renting, according to property data analysis by CoreLogic.
Calculations were based on the average standard variable interest rate of 4.5 per cent, and excluded council rates and maintenance costs.
The biggest savers on rent were those in Broken Hill, who stash $143 on average by owning property instead.
Those in Wellington save $97 on average, while home owners in Murwillumbah, near the Queensland border, save an average of $94.
Buying homes (stock image) has also been revealed as cheaper than renting in parts of the Hunter Region, Tamworth and Wagga Wagga
In total, 40 areas in NSW are more affordable to make weekly payments on a mortgage at 80 per cent of a home’s value than renting. Pictured: Wellington, 350kms northwest of Sydney
Discouraged by crippling real estate prices in the nation’s largest city, Sydneysiders are increasingly looking to regional towns, such as Tamworth (pictured) to become home owners
Discouraged by crippling real estate prices in the nation’s largest city, Sydneysiders are increasingly looking to regional towns to become home owners.
Wagga Wagga’s population growth rate has nearly doubled since 2013, while Tamworth is now NSW’s third largest inland city, the publication reported.
Tamworth real estate agent Gavin Knee of Burke & Smyth said Sydneysiders are largely responsible for affecting local sales.
‘A large number of the people who bought Tamworth homes last year were either Sydney-based investors or Sydney families deciding to make the move,’ he said.
‘South Tamworth has been really popular because first home buyers can get into the market for cheaper than it would cost to rent a home.’
Andrew Maughan is a former Mosman resident who decided to buy in Tamworth because purchasing a Sydney home was ‘too much of a sacrifice’.
‘Here, we’ve purchased a four-bedroom house and it’s actually cheaper to pay down than the Tamworth house we have been renting,’ he told the Daily Telegraph.