PHOTO: In Sydney just 7.1 per cent of properties are deemed to be cheaper to mortgage than to rent.
Housing affordability is the number one reason many Australians are unable to own their own home, but it is possible to service a mortgage for less money than it costs to rent.New data from property research firm CoreLogic has found approximately 33.9 per cent of properties in Australia had estimated property repayments that were less than weekly rental repayments.The calculations were made based on an 80 percent loan-to-value ratio loan, and did not account for the cost of having to save for a 20 per cent deposit in the first place.
Despite this, on a capital city level, Darwin became the cheapest place to avoid a landlord with 77.6 per cent of properties having an estimated mortgage repayment cheaper than paying rent.In second place was Hobart (with 59.7 per cent of properties cheaper), followed by Brisbane (48.8 per cent), the ACT (44.9 per cent), Perth (44.3 per cent) and Adelaide (40.6 per cent).In the country’s second most coveted property market in Melbourne, just 9.6 per cent of properties had estimated mortgage repayments cheaper than rental repayments.
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