It’s cheaper to buy than rent
With new research revealing it’s cheaper to buy an apartment in West End than rent, now may be the perfect time to snap up a property.
Realestate.com.au’s new Buy or Rent Report shows that buyers can save hundreds of dollars each month.
What’s more – the 4101 postcode – home to Enclave – is ranked among the top 10 best suburbs to buy into in Greater Brisbane, relative to renting.
Buyers in West End can save $1,068 a month over renting a median-priced three-bedroom apartment, $938 a month for two bedrooms, and $926* for a one-bedroom apartment, according to the report.
Despite surging property prices, the report says conditions are very favourable for buyers. Based on current prices and a 10-year analysis of all the costs associated with buying and renting, realestate.com.au concludes it’s cheaper to buy than rent 56.8% of dwellings in Australia.Further, apartments across Brisbane “are almost universally cheaper to buy”.
Peace of mind for buyers
Realestate.com.au economist Paul Ryan says low mortgage interest rates mean many Australians can actually save money by buying – rather than renting – a property.
“Interest rates can currently be fixed below 2% per year and the Reserve Bank of Australia has committed to maintaining low interest rates until at least 2024,” he said.
“This certainty that mortgage costs are not going to increase rapidly provides comfort to buyers borrowing larger amounts.”
The research compares the total costs of renting and buying, taking into account mortgage repayments, stamp duty, selling costs and ongoing costs such as maintenance, strata or council rates.
At Enclave, there’s the added advantage that you are buying off the plan – meaning you can lock in today’s prices while your brand new apartment is being built.* Source: realestate.com.au
Data reflects estimates of the differential in monthly present value between estimated median buying and renting costs by suburb and property type, incorporating the fixed and ongoing costs of buying and the opportunity cost of funds. Only includes suburbs with at least 30 high-confidence estimates of the appropriate dwelling type for both purchase and rental price.