Hobart Homes Have Become Cheaper To Buy Than Rent

Price Plummet

Article heading image for Hobart Homes Have Become Cheaper To Buy Than Rent

It has been revealed that it is cheaper to pay mortgage repayments than pay rent for over 70 per cent of properties in regional Tasmania, as well as 50 per cent of those in the capital.

Despite surging house prices during the COVID-19 pandemic, it's still cheaper to buy than rent in large suburban areas.

The summary is due to rising rents and falling interest rates, Eliza Owen from CoreLogic outlined the values surrounding the ability to achieve home ownership.

"If you look at your individual circumstances, and your housing costs are actually cheaper if you're servicing a mortgage than renting - that is something that is worth looking into because at the end of the day it gives you the benefit of home ownership." Owen said.

Calculating the cost per CoreLogic, 82.8 per cent of properties in the state's West and North West region are cheaper to buy than rent, and in areas around Launceston and the North East it's 72.4 per cent.

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15 July 2021

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