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New data highlights best areas to buy

The areas of Australia where buying a home is cheaper than renting have been revealed.

Research from RP Data has revealed the sites across Australia where it is cheaper to pay a mortgage than to rent property at present.

The company's annual Buy Versus Rent report has been published and has highlighted Queensland as the state with the most areas (84) where it is currently better value to buy Australian property than rent.

New South Wales came in second place with 54 areas where this is the case, while Victoria fell behind its east counterparts with just ten areas.

RP Data's research director Tim Lawless told Australian Property Investor: "With lower mortgage rates, tight rental markets resulting in some rental increases, and lower home values, many buyers may see now as a good time to either re-enter the market or buy their first home."

Meanwhile, research carried out by Property Monitors recently showed the average value of apartments in Melbourne fell by 1.2 per cent during the second quarter of the year to AU$392,862.

Posted by Craig Francis

- mortgage, property, rent, Melbourne

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