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



Sod turns on Swanfels rebuild

GOOD START: All Trades Queensland workforce officer and  Southern Downs Mayor Tracy Dobie turning the first sod on the Swanfels Pioneer Park shelter replacement project.

Work starts on bringing shelter back to community

UPDATE: Toddler hit by car in shop carpark

Paramedics treating a toddler reportedly hit by a car.

The boys was transported to hospital in a stable condition

Woolworths, Coles, Aldi: Why it pays to check docket

Do you know about your supermarket's 'freebie policy'?

Local Partners

Festival to honour man in black

Stanthorpe could be on to a Cash cow, with organisers of a new festival confident the event could become a major drawcard for the area.


Wattles pin hopes on semi victory

LAST-DITCH: Souths pair Luke Nolan and Kyle Petersen try to stop Wattles skipper Ryan Duggan scoring.

Coach praises his forwards in run up to semi

Hats off to the volunteers at Morgan Park

UPGRADE: Warwick District Sporting Car Club committee member Wayne Pfingst and volunteer Peter Herlihen at the upgraded bridge.

Praise for four dedicated volunteers at motorsport precinct

Maroons duo ready for Friday night polocrosse

EXCITED: Tambo player Rachael Sargood and son Jett will both play for Queensland at Morgan Park this weekend.

Mother and son playing in different Queensland teams this weekend

OPINION: Bachelor really crossed the line

Leah’s abrupt Bachelor exit is slut-shaming at its worst.

Marvel stars tease superhero epic

The four year wait for Marvel's The Defenders is over.

The Defenders stars on their long-awaited superhero team-up.

The two stars who intimidated Chris Hemsworth

Chris Hemsworth was intimidated by two other Hollywood stars.

Thor star says he was ‘weirdly shaken’ when he met two other actors.

Sam Newman: How a Playboy magazine changed everything

The new crew of The Footy Show.Source:Supplied

How a Playboy magazine changed everything.

Leah slams Matty: ‘I was incredibly disappointed’

Leah says she was ‘incredible disappointed’ with Matty J.

BACHELOR evictee's controversial chat with Kyle and Jackie O.

John Eales finds peace with the haka

Inia Maxwell and John Eales in a scene from the documentary John Eales Reveals: The Haka.

Rugby legend is on a quest to learn about a sacred Maori tradition/

The Bachelor recap: Secret pasts publicly exposed

Matty J is left speechless on The Bachelor.

TWO Bachelor contestants’ secret adult pasts have been exposed.

4800 homes to be built in massive new Coast estate

Masterplanned community full steam ahead - it's not Caloundra South

Open for inspection homes August 17 - 23

Check out this weekend's homes open for inspection.

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

How we got a rental straight away on the Coast

Rita and David Allara, moved down from Townsville, paid three months up front rent to secure the place at flash new unit block in Kings Beach.

Genius move helps secure rental property