Believe it or not, it’s cheaper to buy a property than to rent one in certain areas. So, if you had the chance to ditch the landlord once and for all, wouldn’t you?

Of course, it comes down to individual preference and viable relocation options.  But if you’re not too fussy, or you’re already in the right spot, you could be saving yourself some precious pennies.

 

According to CoreLogic data research, it’s possible to service a mortgage for less than it costs to rent, for around 34% of all Australian properties.

 

To break that down further, 6 of our capital cities currently offer favourable buyer vs renter opportunities, with Darwin coming in at 77.6%!

Following closely behind are Hobart at 59.7%, Brisbane 48.8%, ACT 44.9%, Perth 44.3%, and Adelaide at 40.6%.

It comes as no surprise that Melbourne’s offerings are a bit meeker, with an estimated cheaper mortgage repayment figure of just 9.6%.

And Sydney’s piddly 7.1% is disheartening, though you could still expect to secure a bargain in the outer western suburbs of Parramatta and Auburn.

There are some hidden factors that might influence the rent to mortgage ratio, pushing rental prices much higher.  Transitory areas like mining or university towns, for example, or simply a shortage of vacancies, can affect the numbers.

The flip side is that these figures don’t account for the cost of having to save for a 20 per cent deposit on a home loan. The struggle to find this reserve places extra pressure on the rental market, inflating tenant outlays further.

It’s certainly worth considering your options.  Isn’t it better to be paying off your very own mortgage, instead of servicing someone else’s?

If you’re grappling with lack of funds right now, let us help you accumulate more.  You can use what you’ve already got to double your money in a very short time.

Come and have a chat with one of our senior finance consultants to find out how.  And you can finally be lord of the manor.