By NATALIE GALLENTI
MAKING mortgage repayments has become a more attractive option than renting for many City of Brimbank residents.
RP Data’s annual Buy vs Rent report revealed suburbs like Albion and Kealba remain hotspots for those keen to purchase, with rent prices outpricing mortgage repayments.
The report revealed this was a trend throughout Australia, particularly in regional areas.
In the neighbouring municipality of Melton, it was cheaper to buy in Melton and Melton South with median house prices of $225,996 and $211,455 respectively.
The report showed median rental prices of $265 and $240 for the rapidly growing suburbs.
RP Data research director Tim Lawless said a number of factors were contributing to improved housing affordability across the country.
“With lower mortgage rates, tight rental markets resulting in some rental increases and lower home values, many buyers may now see as a good time to either re-enter the market or buy their first home,” Mr Lawless said.
The report showed Australia-wide there were 238 suburbs and towns where median mortgage repayments, based on principal and interest payments on a variable rate home loan, were cheaper than the median rent.
Regional areas dominated the list, accounting for 162 of the 238 places where it was cheaper to take out a mortgage than it was to pay off another person’s loan.
The report is based on data and analysis in the 12 months to June.
