Some Adelaide suburbs cheaper to buy than rent

By the resi financial blog team, 10 September 2013

Some Adelaide suburbs are cheaper to buy than rent

If you are currently renting accommodation in Adelaide, and are dreaming about owning your first home, then you may be interested to hear that there are a number of suburbs that are actually cheaper to buy than rent.

According to Turner Real Estate, Adelaide has around 40 suburbs where it is cheaper to buy the property than to rent.

Turner Real Estate managing director Robin Turner has stated that affordability in these suburbs has been increasing, which may prompt many people into homeownership instead of continuing to rent.

"Whilst interest rates are so low, there is golden opportunity in our market," said Mr Turner in a July 11 release.

“We are starting to see the market warm-up in the sales area and rents tend to rise in line with CPI, so buying now could be a smart move for those ready to make the transition."

Adelaide's Evanston Gardens topped the list as the most affordable, with median house prices registering at $150,000. Here, renters can find accommodation for $270 per week, but could potentially be paying $148 towards a mortgage instead.

Next on the list was Elizabeth North, where median house prices are $177,375, weekly rents are $246, and a weekly mortgage payment could be around $175.

Buying your first home can seem a little scary, and it's a big long-term commitment, so it's important that you ensure you are making a wise decision before you begin your hunt.

Obtaining some expert advice about loans for first home buyers will help you on your search, as well as help from an expert real estate agent to match you with the perfect home.

For help with finding a first home loan with great 3 year fixed mortgage rates for a property in Adelaide, contact one of the resi loan specialists for expert advice and assistance.

Categories: Home Loans