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The top suburbs across Australia where it’s cheaper to buy than rent for both homes and units

The suburbs where it is cheaper to buy than rent for both homes and units have been revealed.

More than half of properties across Australia are now more affordable to purchase than lease out, new analysis by realestate.com.au shows, as interest rates remain at record lows. 

Economists crunched the numbers to determine 56.8 per cent of dwellings are cheaper to buy, taking into account current property prices and a decade-long analysis of finances associated with renting and buying. 

Realestate.com.au economist Paul Ryan said interest rates at the moment can be fixed at less than two per cent a year, making buying a house a much more attractive option.

New analysis shows that in Brisbane City (pictured) buyers of two bedroom units are $1162 a month better off compared renters, based on a 10-year cost analysis  

In Greater Melbourne, Frankston North is the top suburb where it is cheaper to buy than rent, to the tune of $794 a month

In Greater Melbourne, Frankston North is the top suburb where it is cheaper to buy than rent, to the tune of $794 a month

‘This certainty that mortgage costs are not going to increase rapidly provides comfort to buyers borrowing larger amounts,’ Mr Ryan said.

Across Australia’s capital cities, house prices are surging at a double digit annual rate as apartment values fall in the same markets.

In Sydney house prices have surged by $100,000 in just three months.

Some economists have forecast property prices will surge by as much as 20 per cent over the next year.  

‘Part of the reason why prices are forecast to rise so strongly is because people can recognise that generally property is so much cheaper to buy than rent currently,’ Mr Ryan said. 

Across Australia, the outer suburbs of Brisbane, Adelaide, Perth and Hobart are the cheapest to buy at the moment, along with regional areas. 

In Wanneroo (pictured), Perth's north, buyers are $1363 better off a month compared to renters for two bedroom units

In Wanneroo (pictured), Perth’s north, buyers are $1363 better off a month compared to renters for two bedroom units

In Adelaide, Elizabeth South is $772 a month cheaper to buy than rent for three bedroom homes

In Adelaide, Elizabeth South is $772 a month cheaper to buy than rent for three bedroom homes

CHEAPER TO BUY THAN RENT

 Greater capital city

Sydney

Melbourne

Brisbane

Adelaide

Perth

Hobart

Darwin

Canberra 

 Three bedroom houses

Tacoma

Watford Park

Kilcoy

Elizabeth South

Hilbert

Clarendon Vale

Zuccoli

Coombs 

 Two bedroom units

Kangy Angy

Frankston North

Brisbane City

Glanville

Wanneroo

Glebe

Darwin City

City 

In the Greater Sydney region, Tacoma, on the Central Coast, tops the list of three bedroom homes that are cheaper to buy than rent, with the 10-year analysis showing a monthly price difference of $578. 

Nearby Kangy Angy is the place where it is cheaper to buy than rent for two bedroom units in the Greater Sydney region, with homeowners $1206 better off than renters.  

In Greater Melbourne, Watford Park is the number one suburb where buyers are better off than renters for three bedroom homes, to the tune of $472 a month, while for two bedroom units Frankston North comes out on top.

In Greater Brisbane, homeowners are most better off in Kilcoy, where buying is $1014 a month cheaper for three bedroom homes, and for two bedroom units, buyers in Brisbane City are $1162 better off than renters.

In Perth, Hilbert is the top suburb for buyers over rents, at a cost benefit of $811 a month for three bedroom and for two bedroom units, Wanneroo is the place to go as buyers are $1363 better off a month compared to renters.

Sydney's median house price surged to a new record high of $1.309million in the March quarter as values soared $103,000 or by 8.5 per cent in just three months. Pictured is a Baulkham Hills house with a price guide of $1.6million

Sydney’s median house price surged to a new record high of $1.309million in the March quarter as values soared $103,000 or by 8.5 per cent in just three months. Pictured is a Baulkham Hills house with a price guide of $1.6million

TOP 10 SUBURBS IN EACH CAPITAL CITY WHERE IT IS CHEAPER TO BUY

 Greater Capital City

Sydney

 

 

 

 

 

 

 

 

 

 

Melbourne 

 

 

 

 

 

 

 

 

 

   

Brisbane 

 

 

 

 

 

 

 

 

 

 

Adelaide 

 

 

 

 

 

 

 

 

 

 

Perth 

 

 

 

 

 

 

 

 

 

 

Hobart 

 

 

 

 

 

 

 

 

 

 

Darwin 

 

 

 

 

 

 

 

 

 

 

Canberra 

Three bedroom homes 

Tacoma

Rocky Point

Warragamba

Hamlyn Terrace

Warnervale

Mount Victoria

Wadalba

Watanobbi

Doyalson

Blue Haven

 

Waterford Park

Rockbank

Mickleham

Millgrove

Wollert

Kurunjang

Kalkallo

Melton

Donnybrook 

 

   

Kilcoy

Lockrose

Waterford

Toogoolawah

Logan Reserve

D’Aguilar

Kooralbyn

Yarrabilba

Crestmead

Regency Downs 

 

Elizabeth South

Gawler West

Munno Para

Elizabeth Park

Wingfield

Elizabeth North

Hackham West 

Smithfield Plains

Smithfield

Elizabeth Downs 

 

Hilbert

Meadow Springs

Lakelands 

Carramar 

Stratton

Orelia

Wellard

Brabham

Koongamia

Port Kennedy 

 

Clarendon Vale

Gagebrook

Risdon Vale

Herdsmans Cove

Chigwell

Derwent Park

Goodwood

New Norfolk

Warrane

Glenorchy 

 

Zuccoli

Muirhead

The Narrows

Woolner

Lyons

Gray

Ludmilla

Moulden

Karama

Wagaman 

 

Coombs 

Denman Prospect

Moncrieff

Casey

Throsby

Bonner 

Crace

Forde

Dunlop

Phillip  

 Two bedroom units

Kangy Angy

Stanhope Gardens

Vineyard

Warragamba

Banksmeadow

Canton Beach

Bayview

Belrose

Tascott

Leppington

 

Frankston North

Bangholme  

Williams Landing 

Woori Yallock  

Burnside Heights

Roxburgh Park

Travancore

Notting Hill

Kealba

Melton South

 

 Brisbane City

Woolloongabba

Kangaroo Point

Eight Mile Plains

Dutton Park  

Durack

Macgregor

North Lakes

South Brisbane

Spring Hill

 

Glanville

Walkerville

Sturt

Happy Valley

Adelaide

O’Sullivan Beach 

Mawson Lakes 

Darlington

Keswick

Hillier

 

Wanneroo

Merriwa

Coodanup 

Wattleup

Swanbourne

Yangebup

Padbury

Currambine

Munster

Kallaroo

 

Glebe

Herdsmans Cove

Mornington

Bridgewater

Rokeby

Chigwell

Moonah

Derwent Park

New Norfolk

Berriedale 

 

 Darwin City

Anula

Rosebery

Wagaman

Malak 

Woodroffe

Moulden

Karama

Bakewell

Larrakeyah 

 

City 

Reid

Turner

Dickson

Crace

Denman Prospect

Wright

Braddon

Lawson

Oaks Estate 

 

In Adelaide, Elizabeth South is $772 a month cheaper to buy than rent for three bedroom homes and Glanville is $994 a month cheaper to buy than rent for two bedroom units. 

Victorian-based buyer’s agent and Real Estate Buyers Agents Association of Australia president Cate Bakos said regional areas were also proving attractive for those wanting to switch from renting to buying.  

‘For a lot of tenants, they’re saying “why would I rent when – provided I can save a big enough deposit or get some help with some of the incentives on offer – I could have a mortgage that’s cheaper than my rent”,’ she said. 

Read more at DailyMail.co.uk