In recent times there have been some fundamental shifts in the Australian property market.
Property values fell through most of 2008 however the market recovered all of those losses through 2009. The market also witnessed interest rates falling to 49 year lows and although the Reserve Bank of Australia has since increased interest rates, they remain at historically very low levels.
The effect of these combined factors is that many renters are now doing their sums to work out whether paying off a home loan is actually going to be cheaper than paying a landlord.
As Australia’s leading home lender we have teamed up with RP Data, Australia’s leading property information researcher, to provide an insight into those areas where, on average, it has become more affordable to purchase a home than to rent it.
You can get a quick guide to buying your first home.