Hobart, Surfers Paradise and Perth have the highest mortgage-to-rent ratios in the country, according to the 2011 Australian census. Their CBD residents pay a 37% premium to eventually own their housing.
In a post yesterday, I suggested that Sydney’s CBD housing may be overpriced relative to the income of their CBD residents. Yet, this chart shows that Sydney CBD residents actually typically pay more for renting than they do for a mortgage (albeit the difference is a paltry 0.3%). Therefore, if you can afford to pay for overpriced housing in central Sydney, you might as well buy it.
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| Median monthly mortgage-to-rent payment difference (Source: 2011 Australian Census data) |
In a post yesterday, I suggested that Sydney’s CBD housing may be overpriced relative to the income of their CBD residents. Yet, this chart shows that Sydney CBD residents actually typically pay more for renting than they do for a mortgage (albeit the difference is a paltry 0.3%). Therefore, if you can afford to pay for overpriced housing in central Sydney, you might as well buy it.
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