Property

REVEALED: Where it's cheaper to pay off a mortgage than rent

6/190 Ewing Rd, Woodridge, is listed for offers $215,000. Picture: realestate.com.au
6/190 Ewing Rd, Woodridge, is listed for offers $215,000. Picture: realestate.com.au

IT is possible to spend less paying off a mortgage than paying monthly rent in Brisbane - you just have to pick the right suburb.

New data released by realestate.com.au has found the property types in the suburbs where in terms of monthly repayments buying is cheaper.

Surprisingly there are even options in the heart of the Brisbane CBD.

The majority of properties though are in the outer suburbs, about 20km away from the city centre.

The data found the median price of a three-bedroom unit in Woodridge, about 19km from the Brisbane CBD, was $217,750.

That would attract (based on a 30 year loan at 5.25%) a monthly mortgage repayment of $962 but a monthly rent of $1300.

A three-bedroom unit in Kuraby with a median unit price of $301,375 would have a monthly mortgage repayment of $1331 while the rent would be $1668.

In the Brisbane CBD a two-bedroom unit with a median unit price of $528,000 would attract a monthly mortgage repayment of $2333 while the rent would be $2600.

2109/108 Albert St, Brisbane City, is listed for offers over $505,000. Picture: realestate.com.au
2109/108 Albert St, Brisbane City, is listed for offers over $505,000. Picture: realestate.com.au

"When you are a renter you do not have the other expenses that you have when you buy but you are also not benefiting from capital growth,'' she said.

"That is not to say you will all see amazing capital growth. But typically when people buy into a market in part they are being forced to save. You are putting your money in there and ideally you will get capital growth. Certainly over the long term it is highly likely you will.''

Ms Conisbee said while many renters could possibly handle the weekly mortgage repayments the biggest stumbling block was saving the deposit to get into the market.

"You need the deposit and that really is the biggest challenge to first home buyers, although many of them can pay off the loan. Getting that initial 20 per cent deposit can be a little bit tricky.''

Ms Conisbee said units featured prominently on the list of properties cheaper per week then renting.

She said this was because of the high levels of supply at the moment.

"Houses are pretty expensive, but with units you have quite a lot of options available for you so much so you can get right in the centre of the city.''

HOW MUCH CHEAPER A MONTH TO BUY THAN RENT

Woodridge (3 bed unit) $338

Kuraby (3 bed unit) $337

Meadowbrook (3 bed unit) $334

Browns Plains (3 bed unit) $305

Brendale (3 bed unit) $287

Slacks Creek (2 bed unit) $284

Woodridge (2 bed unit) $274

Brisbane city (2 bed unit) $267

Kingston (3 bed unit) $265

Source: realestate.com.au

News Corp Australia

Topics:  brisbane mortgage real estate rental


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Focus on bush foods as demand grows

Demand for bush foods continues to increase.

Bush foods will be the centre of attention in a two-day workshop

199 home sites approved in Evans Head

The Evans Head Manufactured Home Estate plans. Zoran Architecture.

Manufactured Home estate approved near aerodrome

Teen actor stars in The Dark Tower

BIG SCREEN: Alstonville's Nicholas Hamilton will be seen in some exciting films this year.

Alstonville's Nicholas Hamilton is part of the cast of the film.

Local Partners

Taylor Swift wipes presence off social media

TAYLOR Swift has completely disappeared off social media — and her fans don’t know what to think.

Swedish TV drama turns up heat

Louise Nyvall stars in the Swedish TV series Farang.

Scandinavian crime thriller goes troppo

Aboriginal artists' call to action

Anwar Young, winner of this year's overall prize and last year's young artist prize.

Important messages of survival and healing

Radio host Matt Okine leaps to small screen

Valene Kane, Matt Okine and Harriet Dyer star in the TV series The Other Guy.

First foray into acting a long time in the making

Hollywood’s new highest paid actress

Jennifer Lawrence had to settle for third this year behind Emma Stone and Jennifer Aniston.

CAN you guess who has dethroned Jennifer Lawrence?

Movie trailer dubbed too racy for TV

Alicia Vikander stars in Tulip Fever.

THE trailer for Tulip Fever is so saucy some networks have banned it

Liz Hurley, 52, has never looked better

She’s definitely not shy to pose in a bikini.

Life in your 50s has never looked as good as it does on Liz Hurley.

Airbnb, Stayz and co tipped to squeeze Coast housing market

HOLIDAY BOOM: Airbnb letting is putting a further squeeze on long-term rentals.

Councils exploring options to manage the industry

Developer tears up couple's contract for new home

Jade and Edward Roberts were stung by the sunset clause on the first day of their honeymoon.

The developer has the right to do this under the sunset clause

Stunning, heritage-listed Coast home going under the hammer

STUNNING: Buderim House, a stunning heritage-listed Queenslander estate, is going to auction.

Coast home that played host to royalty is set for auction

Internet king Kim Dotcom house-hunting

Kim Dotcom and his partner Elizabeth Donnelly have apparently been in Queenstown scoping out houses. Photo / Kim Dotcom

Dotcom tweeted pictures and video of himself and partner Elizabeth Donnelly

First home deposits hits $200k for some

Call for Reserve Bank limits to be scrapped for new buyers

Ready to SELL your property?

Post Your Ad Here!