It’s cheaper to buy than rent, says REA

It will be cheaper to buy an apartment in many suburbs throughout Australia than rent over the next 10 years, new research reveals. So – if you haven’t jumped on the property market yet, there may never be a better time than right now!

REA’s just-released inaugural Buy or Rent Report reveals that some incredible savings in two of the suburbs that are home to CDL Australia developments – Brickworks Park in Alderley, Brisbane (pictured above) and The Marker (below) in Melbourne West.

Buyers in Alderley can save $910 a month over renting a median-priced three-bedroom apartment, $721 a month for two bedrooms, and $518 for a one-bedroom apartment, according to the report.

In Melbourne West, the savings weigh in at more than $800 a month on a median-priced three-bedroom apartment, and $440 for a two-bedroom apartment, and $347 for a one-bedder*.

With both suburbs in high demand, future residents of both projects will be close to all the conveniences you could need including cafes, restaurants, shops, public transport, education facilities and employment.

Buoyant 10-year outlook

More than 70 per cent of apartments throughout Australia will be cheaper to buy than rent over the next decade, the average period homeowners hold on to their properties.

The research compares the total costs of renting and buying, taking into account mortgage repayments, stamp duty, selling costs and ongoing costs such as maintenance, strata or council rates as well as bonds for renters.

Despite surging property prices, record low interest rates are making the market very favourable for purchasers.

Realestate.com.au economist Paul Ryan says that with the Reserve Bank of Australia committed to maintaining low interest rates until 2024, many Australians can actually save money by buying rather than renting.

“The certainty that mortgage costs are not going to increase rapidly provides comfort to buyers borrowing larger amounts,’’ he said.
At Brickworks Park and The Marker, there’s even more peace of mind.

One of the great advantages is that you are buying off the plan – meaning you can lock in today’s prices while your brand new apartment is being built.

TO FIND OUT MORE ABOUT CDL’S NEW RESIDENTIAL PROJECTS IN AUSTRALIA, VISIT OUR PROJECTS PAGE.

* Source: realestate.com.au

*Data reflects estimates of the differential in monthly present value between estimated median buying and renting costs by suburb and property type, incorporating the fixed and ongoing costs of buying and the opportunity cost of funds. Only includes suburbs with at least 30 high-confidence estimates of the appropriate dwelling type for both purchase and rental price.