Buy a House than Rent

The latest data shows that buying a house in Sydney and Brisbane is much cheaper compared to renting.

It appears that the average mortgage repayments in Sydney are much cheaper when compared to rents in more than 70 suburbs. The same is true for Brisbane’s suburbs.

According to RP Data, close to 50 suburbs in Victoria also have cheaper mortgage repayments, making buying a wiser choice than renting.

Tim Lawless, the head of research of RP Data, said apartment-style housing in major cities is usually more expensive. He said there is evidence to show that the tight rental markets result to increases in rental and lowers home values.

It is in Queensland where rent prices far exceed house repayments with 242 suburbs. New South Wales is second with 193.

Aside from Sydney, it is also cheaper to buy in Campbelltown, Blacktown, Bankstown, Haymarket, Rushcutters Bay, and Waverley.