Revealed: The hundreds of suburbs where it is cheaper to BUY than rent – but if you live in Sydney or Melbourne you might be out of luck
- Suburbs of some of the country’s capital cities are cheaper to buy than rent
- Sydney and Melbourne city dwellers are still better off renting that buying
- Brisbane has 140 suburbs where house hunters would benefit from buying
- Adelaide suburb would save home owners $775 per month compared to renters
Many city-dwellers have resided themselves to a lifetime of renting rather than buying thanks to ever-increasing property prices – but new analysis shows some suburbs could be affordable after all.
New data shows that in some suburbs of the country’s capital cities it’s actually more cost-effective to buy a home outright rather than rent.
Unfortunately for those in Sydney and Melbourne it might be time to consider relocating, as neither area is considered as affordable to buy – despite the recent plummet in property prices.
Fortitude Valley (pictured) and the historic riverside inner suburb of Teneriffe are two well-priced Brisbane suburbs
Brisbane (pictured) has 140 suburbs that are more beneficial to buyers rather than renters
While the New South Wales and Victoria capitals remain well-above the average person’s price range, plenty of other places offer a great rate for would-be house buyers, according to news.com.au.
According to the data released by realestate.com.au, the Queensland capital comes up trumps in terms of having plenty of suburbs for house hunters to pick from.
There are 140 suburbs in Brisbane where data suggests buying would be more beneficial than renting.
The trendy Fortitude Valley and the historic riverside inner suburb of Teneriffe are just two places that top the list for wannabe home owners.
Another area that comes with a bargain price tag is the up-and-coming Newstead, with the analysis estimating the median property price is $647,500, which means homeowners could save $111 more a month than their renting counterparts.
Elsewhere in Adelaide’s Kent Town, an inner urban suburb, if a perspective home owner borrowed 80 per cent up front to pay for a property a median price would work out at just $455,000, which would make the monthly repayments as little as $1673.
Buying in Kent Town (pictured) would save home owners around $775 per month compared to renters
Campbelltown and Kent Town are two areas of Adelaide wannabe home owners should pay a visit to
While renters in that area are expected to stomp up a staggering $2448, which means they’d lose an extra $775 every month.
And just 5km from Perth’s Central Business District, in Glendalough, happy homeowners can expect to see a positive buy-to-rent ratio of $539.
25 suburbs of Canberra have a better deal for buyers rather than renters, and Hobart has a total of 35 suburbs which will save home owners some cash.
The up-and-coming Newstead (pictured) comes with a bargain price tag for house hunters
Longwarry (pictured) is cost-effective for house hunters but is over 30km away from the Melbourne city centre
And if house hunters refuse to leave Sydney or Melbourne, they may be forced to move further afield in a bid to get a bang for their buck.
Airds, which is a situated a staggering 56km from the cities Central Business District, is a suburb where property purchasers can get a better deal than renters.
While Diggers Rest and Longwarry are the only two areas in the Melbourne to offer a decent deal, but both places over are 30km away from the city centre.
Diggers Rest (pictured) and Longwarry are the only two areas in the Melbourne to offer a decent deal