So tough in fact, that new analysis from ubank has shown that only 0.3 per cent of Brisbane properties are cheaper to buy than to rent.
So what does that mean for tenants looking to become homeowners?
There’s a few ways to look at it.
First up, if you want to buy in the same type of property and location you’re renting, chances are you’ll need to budget for your loan repayments to cost more than your rent.
If your budget doesn’t stretch that far, then consider locations or property types that will cost you less.
Ubank reported that the median Brissie rent of $678 per week would buy you a home worth $606,000, if your rent went towards an owner occupier loan and you had a 20 per cent deposit.
With Brisbane’s median house price pushing $1 million, and the median unit price sitting around $700,000, that makes it tough – but not impossible – to buy a home with the equivalent of a rental repayment.
For $600,000, you’re more than likely looking at the unit market and this opens up quite a few options, including here in the middle ring north.
A quick scan of realestate.com.au will show you where to look. At the cheaper end of the scale, Zillmere for example has a median unit price of $585,000 and Brendale units also sit around this median. Meanwhile the thriving mini city of Chermside has a median unit price of $635,000 and nearby gentrifying Stafford has a similar median unit price of $630,000.
If you’re looking for cost effective ways to start your property journey, contact us for a chat.
