The Perth suburbs where it’s cheaper to buy than rent
It’s now cheaper to buy a house than rent, in more than 100 suburbs around Perth, according to new data from the Real Estate Institute of WA.
REIWA President Damian Collins told Perth LIVE’s Oliver Peterson, the number-crunching has taken into account interest rates, council rates and maintenance costs – and it still works out cheaper in nearly a third of the local property market.
“It’s a combination of factors, that our rents have moved up, our mortgage rates are so low, and our house prices are the cheapest of any capital city in any state in the country,” he said.
“Certainly if you’re going to get out there and buy if you’re a tenant, I haven’t seen a better time to do it.”
The best value suburbs, include Brentwood, Medina, Parmelia, Bullsbrook and Lockridge.
“It is predominantly in the lower-priced suburbs, although there are a few up towards the median, $520,000,” he said.
“But certainly in some of the southern suburbs around Parmelia, Orelia, those sort of locations, we’re looking at around $350 a week to rent a property in those areas.
“And yet you can buy one with all your mortgage and rates and taxes and maintenance costs involved at around about $240, $250 a week.”
Press PLAY to hear the full interview on Perth LIVE
The top 10 suburbs where it’s cheaper to buy than rent:
- Brentwood
- Medina
- Parmelia
- Bullsbrook
- Orelia
- Armadale
- Camillo
- Leda
- Lockridge
- Brookdale