PHOTO: Erika Moncada recently moved into Ed Square in Edmondson Park after realising the area offered better value. Picture: Julian Andrews Source: News Corp Australia
It is cheaper for new homeowners to pay down a mortgage than stump up rent in some Sydney areas despite a recent explosion in prices, new economic data reveals. SEE THE LIST
Rock bottom interest rates have made homeownership cheaper than renting in many Sydney pockets despite a recent explosion in prices.
Data published this week showed Sydney prices hit a record high this month after soaring 5.7 per cent since October but monthly mortgage repayments are still lower than rent in many instances, especially for apartment buyers.
Home buyers got the biggest savings compared to renters in the Sydney areas with a high concentration of recently built units, analysis of mortgage and price data revealed.
They included Liverpool, Granville and Guildford, where paying down a mortgage on an apartment was an average of about $100-$250 cheaper per month than renting at current rates.
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