To buy or to rent?
Recent data has revealed that it is actually cheaper to buy your own residential property than rent in a number of locations across the country.
Research from RP Data released today (December 20) identified 494 suburbs in Australia where it is more financially viable to purchase real estate than rent.
The results are a significant increase on the 388 locations in October - giving prospective buyers more reason to break into the property market.
Queensland offers the highest number (185) of suburbs and towns that offer affordable homeownership, while New South Wales boasted 122 locations.
South Australia was third on the list with 58 suburbs, followed by Western Australia (48), Tasmania (34) and Victoria (28).
The Northern Territory had 18 postcodes, while Canberra had just one suburb in which it is more affordable to take out a mortgage.
"In some suburbs it may actually be cheaper than renting, especially where we are seeing evidence of tight rental markets resulting in rental increases and lower home values," RP Data national research director Tim Lawless explained.
"For many buyers now may be a good time to either re-enter the market or buy their first home."