In Brissie these areas are in short supply, but they do exist – surprisingly one such suburb is in the inner city, according to new analysis from Compare the Market.
Spring Hill is known for its charming Queenslander cottages dotted amongst a vibrant city scape. These houses, while tiny, can be pricey.
But units here are surprisingly cheap with a median value of $568,500. That amounts to an average monthly mortgage repayment of $2,724.
By comparison, the monthly rent for a Spring Hill unit is $2,912.
Buying instead of renting could present quite a saving at face value but remember to factor in the costs of ownership including rates, insurance and maintenance.
The other Brissie burb where it’s cheaper to buy than rent is Goodna. Units again are the cheaper option here.
Compare the Market property expert Andrew Winter says if you want to get into the market it pays to consider all your options, acknowledging the more affordable options tend to be units.
“But if owning a home is part of your long-term plan, and you have a deposit saved, you might find it’s worth paying a bit more to have a little slice of Australia to call your own,” Mr Winter told realestate.com.au.
“If you don’t currently need a lot of space, a unit somewhere central and convenient may be a great stepping stone.”
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