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.

3 jailed, prison drug business run with smuggled phone

"Vile and insidious drug" leads to syndicate jail terms.

Nuclear-powered USS Ronald Reagan heads into Brisbane

On top of being a mobile military airport, the USS Ronald Reagan is its own floating city, with at least 5000 sailors on board at any time.

The Nimitz class airline carrier towers 20 storeys above waterline

Elite school brings in sleep expert

The survey found seniors were the most sleep-deprived.

Survey of students find most sleep deprived because of study, tech

Local Partners

'It's crap': Carpark chaos at Bremer High

A LACK of parking at Bremer State High School is causing frustration for parents, some of whom have been slapped with hundreds of dollars in fines.

Working class? Man, Gympie's got the show for you

Jimmy Barnes

Aussie rock icons coming to Gympie for 150th celebrations.

Tables turn as rescue crew takes on gruelling mountain

EPIC CHALLENGE: Hundreds of runners will tackle the 4.2km run from the heart of Pomona to the top of Mt Cooroora and back on Sunday.

They are usually the people coming to the rescue of adventurers

VIDEO: Girls can feel safe at Splendour

Punters at Splendour in the Grass 2016 at Byron Bay.

High visibility police will be among the crowd at all times

Beauty blogger’s horribly racist product review

A POPULAR beauty blogger and model has come under fire for using a racist slur in a recent post.

Outrage as Ninja Warrior cuts Australia's fittest man

Adelaide’s James Newbury was mysteriously cut from the Ninja Warrior broadcast.

Australia's fittest man wasn’t good enough for Ninja Warrior.

Maggie's whirlwind trip around Japan

Maggie Beer pictured in a scene from her TV special Maggie in Japan.

Cooking icon serves up the best of Japanese cuisine in new TV show.

Exploring our complex relationship with the Southern Cross

Warwick Thornton in a scene from his documentary film We Don't Need A Map.

Filmmaker Warwick Thornton explores national identity, nationalism.

Ben will be cooking with Oma

Masterchef 2017 contestant Ben Ungermann.

MASTERCHEF'S last man standing will draw on his Dutch heritage.

Prince Charles and Camilla heading for Qld

Prince Charles and Camilla

It promises to be a holiday fit for a King

Eddie McGuire to come back as Footy Show co-host

Eddie McGuire at the Million Dollar Lunch annual fundraiser for the Children's Cancer Foundation in Melbourne, Friday, Aug. 6, 2015. (AAP Image/Tracey Nearmy) NO ARCHIVING

Footy Show axes Craig Hutchison, Sam Newman survives

Mum buys $900,000 apartment for her 8-year-old son

Tania Katsanis beat another couple of homeowners to secure the winning bid.

The apartment was a 'bargain' as the property market bottoms out

Townhouses planned for Nicklin Way site

CBRE's Brendan Robins and Rem Rafter on site at Wurtulla.

Prime 1.5ha Sunshine Coast property set for town homes development

Owner tells of ghostly goings on at old Mackay pub

GHOST STORIES: Several people have died at the Mirani Hotel

Owner says pub is 'definitely haunted'

Locky eyes next 'series' win

WINNING COMBINATION: Rugby league great Darren Lockyer is to launch his collection of house designs with Ausmar on Saturday at Caloundra.

NRL legend Darren Lockyer in Sunshine Coast partnership

Ready to SELL your property?

Post Your Ad Here!