But as interest rates have also risen, mortgage repayments have become more expensive.
So what do the numbers show? Is it cheaper to rent or buy a unit in Brisbane?
Number crunchers at Domain have done the hard yards with a calculator and come up with some answers.
Based on the median Brisbane unit price of just over $450,000 and the median weekly unit rent of $530 a week, it may be cheaper to buy, but it depends on the size of your deposit.
Here’s how it looks.
- Based on a 20% deposit, your weekly mortgage repayments would be $498 a week. It is cheaper for renters in this situation to pay a mortgage than to pay rent.
- Based on a 10% deposit, your weekly mortgage repayments would be $560 a week. It is cheaper for renters in this situation to keep renting, but the numbers are pretty close.
- Based on a 5% deposit, your weekly mortgage repayments would be $591 per week, so still quite a bit more than your rent.
Remember, these figures are based on median prices and rents, and your situation could vary. Also, the analysis doesn’t consider the costs of holding a property such as council rates, insurance and maintenance.
So it pays to get good advice from an independent financial advisor or mortgage broker to see what the numbers look like for your situation.
Ready to buy? View our current listings for sale.
Want to keep renting? Check our listings for rent.
