Queensland dominates list of 692 suburbs where you could be better off buying than renting: RP Data

The number of suburbs where you could be financially better of buying rather than renting has risen from 494 suburbs in December to 692 as of July, according to the latest RP Data Buy vs Rent Report.

The theoretical report lists suburbs across Australia where renters should think about doing the sums and perhaps looking at buying an equivalent property (if they can find one) rather than paying rent to a landlord.

The latest list is dominated by Queensland suburbs which make up more than third (242 suburbs) out of the 692 suburbs.

Greater Brisbane accounts for 71 suburbs while the remaining 171 can be found in the regional areas of the state.

There are 193 suburbs in NSW (73 are in Sydney), 75 in WA, 54 in Tasmania and 45 each in Victoria and South Australia.

Just two out of the 45 Victoria suburbs are in Melbourne.

Reflecting their relative unaffordability, there are just 29 Northern Territory suburbs on the list and six in Canberra.

A discounted variable mortgage rate of 5.4% and a three-year fixed mortgage rate of 5.15% have been assumed as part of the analysis.

Additionally, RP Data has assumed buyers hold a 10% deposit.

The full report is available to download for free at rpdata.com.au/buyorrent