Market News
According to Mortgage Choice, the cost of renting is edging closer to the comparable repayments made by borrowers on a mortgage. The median monthly rent in the March quarter for an apartment in Sydney was $1,777, for Darwin it was $1,681 and Brisbane and Perth stood at $1,517. Melbourne was at $1,473, Hobart $1,170 and Adelaide $1,127. In comparison, a 30-year $300,000 home loan at 7% costs $1,996 per month in repayments, with additional costs such as land tax/strata fees, council rates, maintenance and water which need to be considered. While housing affordability has ...
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