Despite having its reputation as one of the most expensive cities to live in, Sydney has more affordable properties compared to the other capital cities in the country.
A report by RP Data showed that 18 suburbs in the Sydney area are more affordable for buying a property than renting. This compares with just one suburb each for Darwin, Adelaide and Perth. Melbourne and Queensland have only two suburbs each that are cheaper to buy than rent while Canberra boasts four suburbs.
Homebuyers in Sydney's Rose Hill save $504 per month by owning their home. In Dysart, Qld, homebuyers are better off by $613 while renters converting to homeownership in Baynton, WA, would see their expenses drop by a massive $3,788 per month.
RP Data's research director Tim Lawless noted that during 2008 Australia experienced some fundamental shifts in its property market where property values fell, interest rates dropped to a 45-year low and weekly rents increased dramatically.
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