PHOTO: Increased housing supply in areas like Parramatta is giving buyers more options. Picture: AAP Source: News Corp Australia
Record low interest rates and falling property prices have created a “once in a generation” situation where it is cheaper to own property than to rent it.
New research revealed paying off a mortgage on units in some Sydney pockets has become up to $400 per month cheaper than the typical rent – despite rents also falling in recent months.
Homeowners got some of the biggest savings in areas with a high concentration of new housing, especially high-rise apartments, the analysis of mortgage and property sales data revealed.
The areas included a cluster of suburbs sandwiched between Sydney Olympic Park and Parramatta such as Granville, Merrylands, Homebush and Guildford.
Paying a mortgage on a median priced unit in these areas was about $100-$430 cheaper per month than renting.
Apartment owners also got considerable savings further west in Penrith and Liverpool.
READ MORE VIA NEWS.COM.AU
