The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherTaryn ParisMon 27 Nov 23

Buying Cheaper than Renting in Apartment Market

While the Reserve Bank considers whether to gift Australians another cash rate hike ahead of the festive season, househunters could bag a bargain in three states.

The latest PropTrack insights report shows Queensland, Western Australia and Tasmania remain landlords markets, where it is cheaper to buy than rent, particularly in the apartment sector. 

Nationally, more than a third of houses are still cheaper to buy than rent at current prices, according to PropTrack senior economist Paul Ryan, and for apartments it is more than half. 


null


Ryan said many of the capital cities where buying conditions were most favourable reflected recent apartment development and record rent growth. 

“Favourable buying conditions remain despite a record pace of interest rate increases and home prices increasing 36 per cent since the pandemic,” Ryan said. 

“This shows that there are still opportunities for buyers across the housing market.

“A record pace of rent growth—with advertised rents up 14.6 per cent over the past year—has offset higher buying costs in many regions.”


Regions with highest proportion of cheaper homes to buy

STATEREGION% OF HOMES
NSWBotany71%

Auburn63%

Parramatta55%
VICMelbourne City83%

Stonnington West48%

Port Phillip47%
QLDBrisbane Inner80%

Beenleigh78%

Brisbane Inner North62%
SAPlayford84%

Gawler-Two Wells65%

Salisbury65%
WAKwinana95%

Gosnells95%

Swan 93%
TASHobart—North West70%

Brighton68%

Sorell—Dodges Ferry38%


But there were three key regions that Ryan said presented the best value. 

“Buying conditions remain strongest in Queensland, South Australia and Western Australia, which points to continued upward pressure on prices in these regions,” he said.

“Looking to 2024, higher interest rates will challenge housing affordability for many. This may slow price growth and rebalance buying conditions across the market.”

ResidentialAustraliaReal EstateSector
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/buying-cheaper-than-renting-in-apartment-market-proptrack