PHOTO: Units in inner-city Barangaroo had the best weekly savings for buyers versus renters. Photo: Wolter Peeters
First-home buyers hoping to say goodbye to the rental market are in for some good news, with property market conditions over the September quarter increasing the number of suburbs where it’s now cheaper to pay off a mortgage than pay the weekly rent.
Compared to June there are now 175 additional suburbs across the country where it is now cheaper to buy versus rent, new Domain data shows. Figures in June revealed 150 suburbs nationwide. In September, the number of suburbs increased to 325, with Brisbane home to 123 of them.
Domain research analyst Eliza Owen says this uplift is reflective of overall changes in the property and rental markets over the past quarter.
Number of suburbs where a mortgage repayment on median house or unit property prices is lower than the median asking rent
| SEPTEMBER 2019 | JUNE 2019 | |||
| HOUSES | UNITS | HOUSES | UNITS | |
| Sydney | 1 | 7 | 0 | 1 |
| Melbourne | 0 | 19 | 1 | 11 |
| Brisbane | 69 | 54 | 24 | 22 |
| Adelaide | 55 | 10 | 30 | 4 |
| Perth | 53 | 14 | 20 | 6 |
| Hobart | 9 | 0 | 8 | 0 |
| Canberra | 5 | 18 | 0 | 18 |
| Darwin | 6 | 5 | 3 | 2 |
| Australia | 198 | 127 | 86 | 64 |
Source: Domain
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