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.
