Mortgage payments cheaper than rent in Australian suburbs

In Australia, many suburbs are now cheaper to buy than to rent. This trend is evident in major cities like Sydney, Melbourne, Brisbane, and Perth. Despite economic pressures, some regions offer affordable homeownership options. Areas facing housing shortages are particularly attractive for buyers. In places like Ipswich, Queensland, apartments can be bought for less than the cost of renting. For example, a two-bedroom unit in Goodna has a median price of $397,770, leading to lower monthly mortgage payments compared to rent. Orelia in Western Australia, near Perth, features affordable units priced at $328,460. Here, the monthly rent for a two-bedroom apartment is around $1,994, while buying is cheaper at about $1,617 each month for a mortgage. This reflects the tight rental market where vacancy rates are very low. In South Australia, Salisbury offers a median apartment price of $408,040, making it cheaper to buy than rent. Renters pay about $1,797 monthly for a two-bedroom unit, compared to $1,757 for mortgage repayments. Other affordable areas include Werribee in Victoria and Mowbray in Tasmania. In these spots, the monthly mortgage payments are lower than average rental costs. Overall, potential homeowners can find significant savings in various Australian suburbs, making buying a property an appealing option.