Paying off a mortgage cheaper than renting
Buying a house is more cost efficient than renting in some parts of the country, one report has revealed.
According to RP Data's annual Buy versus Rent report, Australians struggling to enter the property market will find it more affordable to buy real estate in more than 240 suburbs across the country.
The information, based on a principal and interest loan with a variable mortgage rate, showed Queensland was the best location for budding homeowners, with 68 regional towns, and 16 suburbs in Brisbane more affordable to pay off a mortgage in.
New South Wales revealed 54 mortgage friendly suburbs, including 22 in the Sydney area.
Rental price hikes contributed with this year's string of interest rate cuts and falling real estate prices are attributed to the reasons behind the results.
Homeowners looking to get a foot on the property ladder may want to consider real estate options in Western Australia, which has 35 more financially viable suburbs to buy in, with three located in the state's capital city.
Thirteen suburbs in Tasmania are cheaper to buy into than renting, including one in Hobart - Canberra has just one suburb.
In comparison, those with a rental property in the Northern Territory will find it more affordable than paying off a mortgage.