Wednesday, August 29, 2012

Top 13 Suburbs to Buy than Rent

For those looking to switch from renting to buying, there are some interesting statistics released by RP Data today show three suburbs in Perth where it is cheaper to buy a place than rent it. Burswood was the only place you can do that with a house, where it is $545 cheaper per month to pay off the average mortgage than to pay the monthly rent. However, for units, it is cheaper to bu a unit in Mt Hawthorn and the Perth city centre than it is to rent it. Mt Hawthorn is $742/month cheaper to buy than rent whereas the city is almost the same, only $27/month cheaper to buy than rent a unit.

In ten other suburbs in Perth, the cost of buying a place is less than $400 more per month than renting. They are listed below in order of how much more you need to pay per month if you were paying off a mortgage for a house/unit in that suburb. 

Suburb Type Median price Monthly Rent Difference
Mount Hawthorn Unit $236,077 $2,037 -$742.24
Burswood House $671,183 $4,225 -$544.87
Perth Unit $469,237 $2,600 -$27.15
Glendalough House $360,555 $1,950 $26.94
West Perth Unit $484,302 $2,578 $77.12
Glendalough Unit $300,623 $1,517 $131.67
Osborne Park House $354,275 $1,777 $165.84
Ascot Unit $426,462 $2,167 $171.65
Rivervale Unit $356,174 $1,733 $219.59
Osborne Park Unit $296,170 $1,387 $237.25
Jolimont Unit $343,892 $1,603 $282.24
Kewdale Unit $353,238 $1,625 $311.82
Inglewood Unit $347,884 $1,517 $390.80

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