Buying a house cheaper than renting in some parts of NSW, report says

According to the Domain report, people with a mortgage in Mascot, Chippendale, Granville, Guilford and Blacktown are paying less than those who rent.

Transcript

00:00Breaking into the housing market can feel prohibitive for many.

00:05It is very daunting and very scary to me.

00:10And it gives me a lot of stress, I would lie.

00:13But a new report is offering a semblance of hope.

00:16Believe it or not, there actually are some areas still in Sydney

00:20where it is cheaper to buy than it is to rent.

00:23For some, it's hard to believe.

00:25If that's true, it's a good thing.

00:27And I would be saving for it, but I don't think it's true.

00:31I don't know.

00:32According to the Domain Report, people with a mortgage in Mascot,

00:36Chippendale, Granville, Guilford and Blacktown are paying less than those who rent.

00:41A similar pattern has emerged in regional house prices

00:44in areas like Broken Hill, Moree and Wellington.

00:47It can be a way to get onto the property ladder

00:50if you're willing to compromise potentially on the size of that apartment

00:54or perhaps you're not going to be on the best street in those areas.

00:58But that compromise just doesn't appeal to everyone.

01:01Even suburbs like Granville are considered too far away from Sydney CBD for some.

01:06But then Opal gets expensive, do you know what I mean?

01:08Like travelling, I was in Olympic Park earlier and it was an hour to and from work.

01:13And then with train issues with the weather being winter and stuff.

01:16It would be an enormous sacrifice to compromise where you really like living

01:22and where you've got a community just to be able to purchase a property.

01:26Got two young boys, so that's always a factor.

01:29Like what are the schools over there?

01:30What is the community like over there?

01:31But we're at that point now where we have to move further and further out

01:35to be able to afford anything.

01:36Even if it's cheaper to buy, you still have to pay a big amount of money

01:41and you need to have a big amount of deposit.

01:43A constant hurdle for anyone vying for the home ownership dream.