‘Cheaper to buy than rent’ in 13 Gold Coast suburbs
Those interested in purchasing Gold Coast real estate may be interested to hear that Coomera topped a list of suburbs where it is cheaper to buy than rent.
In the final Buy vs Rent report for 2012 by RP Data, there were a number of locations listed where paying off a mortgage is cheaper than opting for Gold Coast rental properties.
RP Data found there were 12 other suburbs on the Gold Coast where this is also the case.
The data is based on the assumption that the principal and interest is paid back at a variable rate.
Other suburbs that made the list include Merrimac, Mudgeeraba, Helensvale and Highland Park.
The report listed 494 suburbs across the country where it's cheaper to buy than rent, but it found that if potential purchasers were willing to pay $50 more a week on their mortgage rather than rent, that would rise to 1,620 locales.
However, the statistics don't take into consideration any additional fees that can be incurred, such as body corporate or maintenance.
The report said that there were a number of factors that saw the number of suburbs increase.
It read: "With lower mortgage rates and a further reduction in the median house and unit value across some regions, in conjunction with higher rental rates, there has been a further uplift in the number of suburbs where monthly mortgage payments are lower than rental payments."