Sydney’s stunning beaches, relaxed lifestyle, and iconic architecture make it an attractive place to live, but the soaring cost of housing is driving many to explore more affordable options in the suburbs and regional towns of New South Wales. According to a recent analysis by national brokerage group Mortgage Choice, buying a home can actually be more affordable than renting in certain areas of the state.
The study highlights that in at least 18 locations across NSW, the cost of paying off a home loan is less than the average rent, with monthly savings of up to $690. This offers a glimmer of hope for potential homeowners struggling with Sydney’s high property prices.
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The analysis is based on purchasing a home at the median market price with a 20% deposit, using the average mortgage rate of 6.69% from Australia’s top four banks.
Buying a Home Is Cheaper Than Renting
Some of the most significant savings were found in the New England region, with places like Muswellbrook in the Hunter Valley also making the list. Here’s a breakdown of the suburbs where buying is cheaper than renting, along with the 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
For those looking to escape the high prices of Sydney, these regional areas present a more affordable pathway to homeownership, with the potential for substantial savings compared to renting.
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This analysis by Mortgage Choice offers valuable insights for those considering a move to the more affordable regions of NSW. With careful planning and the right financial advice, buying a home in these areas could be a wise investment for the future.
