Buying a House is More Affordable in 35 Suburbs of West Australia
Toowong, QLD -- (SBWIRE) -- 09/11/2012 -- Good news has emerged for the people of West Australia who are renting their residences. Now they can afford to buy their own houses instead of buckling under huge rental payments every month. A recent report in Australia suggests that in 35 suburbs in the west side, it is cheaper to buy homes than it is to pay rent.
Recently, the Residential Property of Australia compiled data of 238 suburbs across the country to find out the amount of rent as well as the prices of the houses in different areas. According to the data of RP, there are 35 suburbs in West Australia where it is affordable and less expensive to buy a home than living on rent based on paying a deposit of 10 percent as well as the remaining amount gradually.
A list compiled by the Residential Property shows that Mt Hawthorn and Burswood are at the top with respect to the most affordable homes. According to RP data, the people living in Mt Hawthorn can save around $742 per month as a homeowner on an average rent, whereas in Burswood, people can save around $545 per month.
Tim Lawless, a representative from the Residential Property data, stated that the lower mortgage rates and easy financing facilities have made it possible to buy houses by paying less than rent. This will cause the people of West Australia to return to the property market.“These conditions have resulted in improved housing affordability. With lower mortgage rates and tight rental markets resulting in some rental increases and lower home values, many buyers may see now as a good time to either re-enter the market or buy their first home." – says Lawless according to WA Today.
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