Now is a great time to jump into the housing market in more than 200 areas across the country if you are renting and looking to get onto the property ladder according to Chairman and founder of Aussie, John Symond.
“According to the comprehensive RP Data research released yesterday there are 238 suburbs where the average mortgage repayment is cheaper than the median rent for the area, based on a mortgage where you pay both principal and interest. Changing the loan type to interest only, there’s more than 1000 other suburbs where you can get into your own home faster, ” he says.
“Coupled with lower interest rates, low unemployment, and lots of variety and choice of homes for sale at the moment, it really is an ideal time to buy, if you have your deposit saved up and are ready to look. There are some great opportunities for home buyers out there, because I think the time is not far off when the market will turn and prices could increase again, ” continues Symond.
In NSW there are 54 suburbs where it is cheaper to buy than rent, with 22 in Sydney and 32 in regional areas. There are 16 suburbs in Brisbane and 68 regional towns in Queensland; 10 regional Victorian areas; About 20 in Adelaide and three regional SA towns; Hobart has 12, and there’s another 13 around Tassie; three in Perth and 32 elsewhere in WA and six around the Northern Territory. There’s many more options in every state for purchasers planning to buy with interest only loans.
The RP Data report can be downloaded free at www.rpdata.com.au/buyorrent and the free report and spreadsheet is very informative for anyone looking to buy or to invest in a particular area.