The Canberra suburbs where it is cheaper to buy than rent: RP Data

Cassidy KnowltonDecember 8, 2020

The Canberra suburb of Hackett leads the Canberra 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 Hackett is $450 a week, according to RP Data, which estimates it is $29 cheaper per month to buy a unit with a principal and interest variable mortgage than rent one.

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For the full list of all suburbs, visit RP Data's website.

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