PHOTO: Some beach suburbs proving to be great value
- Only 36.2 per cent of properties across Australia are cheaper to buy than rent
- But areas by the beach despite booming house prices affordable for borrowers
- On the Gold Coast, 62.5 per cent of homes are better for borrowers than tenants
Property is still cheaper to buy than rent in a handful of coastal sea change areas that are experiencing a price boom.
Across Australia, only 36.2 per cent of properties have mortgage costs that are less than honouring a lease, with Sydney, Melbourne and Canberra having nothing in the affordability category.
Satellite regional areas like Newcastle, the Central Coast, Wollongong, Geelong, Bendigo and Queensland’s Sunshine Coast are also much harder for buyers, as house prices have surged to record highs during the pandemic.
But a new CoreLogic report has revealed areas by the beach where it is still financially easier to be a home borrower than a tenant, with the banks offering mortgage rates of 2 per cent.
Property is still cheaper to buy than rent in a handful of coastal sea change areas that are experiencing a price boom. On the Gold Coast (pictured is Surfers Paradise), 62.5 per cent of homes are still cheaper to buy than rent, mainly owing to the huge supply of apartments
WHERE IT’S STILL CHEAPER TO BUY THAN RENT NEAR THE WATER
Gold Coast: 62.5 per cent
Moreton Bay north: 63.3 per cent
Brisbane inner city: 52.9 per cent
Adelaide south: 51 per cent
Hobart: 50.2 per cent
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