Buying Beats Renting in third of Aus
It’s cheaper to buy than rent more than a third of homes throughout Australia according to a new report from PropTrack.
It found 36% of homes are cheaper to buy than rent, with Queensland, Tasmania and Western Australia offering the highest proportion of homes that cost less to buy.
In Western Australia more than three-quarters of homes were cheaper to buy than rent.
The ratios were even higher in unit markets with 55% of unit markets cheaper to buy than rent.
PropTrack economist Paul Ryan says even though home prices have increased substantially since the start of the pandemic, rents have also skyrocketed.
“This shows that there are still opportunities for buyers across the housing market,” he says.
“A record pace of rent growth, with advertised rents up 14.6 per cent over the past year, has offset higher buying costs in many regions.”
Ryan says buying conditions remain strongest in Queensland, South Australia and Western Australia which is likely to result in price increases in those areas.
