The Sydney suburbs where buying is cheaper than renting: RP Data
The greater Sydney suburb of Berkeley Vale, by The Entrance and some 92 kilometres from Sydney CBD, leads a new list compiled by RP Data of suburbs where it is cheaper to buy a unit than to rent one.
RP Data compared the cost of a mortgage vs the cost of renting in four different ways: 1, Principal and interest loan on a variable mortgage rate; 2. Interest-only loan on a variable mortgage rate; 3. Principal and interest loan on a three-year fixed mortgage rate; and 4. Interest-only loan on a three year fixed mortgage rate.
The data contains both units and houses, but in most suburbs on the list it is cheaper to buy a unit than buy one.
The comparison does not take into consideration stamp duty, associated buying costs and strata fees, where applicable.
The median unit asking rent in Berkeley Vale is $330 a week, according to RP Data, which estimates it is $385 cheaper per month to buy a unit with a principal and interest variable mortgage than rent one.
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