Sydney has much to offer in terms of gorgeous beaches, laidback lifestyle, and world-class architecture but skyrocketing housing prices are driving more people to seek out a life in the suburbs and regional towns around NSW. Recent analysis from the national brokerage group Mortgage Choice has revealed that it is $690 cheaper to pay off a home loan each month than to rent in parts of regional NSW. According to the analysis, at least 18 locations around the state are cheaper to buy a house in than renting with average home loan repayments being less than average rent, offering some hope to potential homeowners.
The study assumed buying a home at the median market price with a 20 percent deposit, applying the average mortgage rate of 6.69 percent available from Australia’s top four banks.
The study found that homeowners in parts of the New England region got some of the biggest savings. Places relatively closer to Sydney like Muswellbrook in the Hunter Valley region were also named in the study with an average saving of $100.
NSW Suburbs where buying is cheaper than renting
These are the suburbs around NSW that are cheaper to buy a house in than rent along with average monthly savings.
- South Lismore, Richmond-Tweed — $688
- Boggabri, New England and North West — $542
- Wee Waa, New England and North West — $486
- Broken Hill, Far West and Orana — $450
- Peak Hill, Central West — $363
- Lismore, Richmond-Tweed — $319
- Cobar, Far West and Orana — $269
- Girards Hill, Richmond-Tweed — $235
- South Kempsey, Mid-North Coast — $183
- Wellington, Far West and Orana — $165
- Muswellbrook, Hunter Valley — $100
The study was conducted by Mortgage Choice Analysis.