Buy vs rent decision weighs heavy on prospective homeowners

WOULD-BE first homebuyers are finding it tough to break the shackles of the rental cycle with only a handful of Toowoomba suburbs where it is cheaper to buy than rent.

RP Data's Buy vs Rent Report for December places Toowoomba ahead of the rest of the country, with 185 towns and suburbs where taking out a mortgage is cheaper than a rental lease.

Houses in Miles topped the state's list with a $1430-a-month surplus for homeowners who take out a 5.65 per cent variable interest loan with principal compared to median rental prices.

However, affordable homes are notoriously hard to find in the town as owners cash in on a housing shortage caused by mining companies in the area.

Houses in Wandoan and units in Chinchilla were next on the Darling Downs with $755 and $575 respective savings.

Toowoomba's four entries to the list fell well short of their mining-town neighbours and were limited to apartment-style living.

RP Data national research director Tim Lawless said the results were typical for major centres where the buy-in price for units tend to be lower compared with weekly rents.

"In some suburbs it may actually be cheaper than renting especially where we are seeing evidence of tight rental markets resulting in rental increases and lower home values," he said.

"For many buyers now may be a good time to either re-enter the market or buy their first home."

Mount Lofty units represented the biggest saving at $189 a month, followed by Harristown at $58, Darling Heights at $39 and North Toowoomba which broke even.

Topics:  domain housing property real estate rent rp data toowoomba units

Shots fired into Qld home as family inside

Man, woman and three children inside home at time

Five things to do this weekend

GOOD TIMES: Head to the Ipswich Vintage and Veteran Vehicle Club swap meet on Sunday.

What's on in Ipswich

'It would be shameful if city fell to Hanson's deplorables'

Pauline Hanson

What do you think about this? Here's what you said on Facebook

Local Partners

The Koi Boys are back with more covers and original songs

Former Voice contestants The Koi Boys have signed with Universal Music.

THE Voice favourites release their debut album today.

Five things to do this weekend

GOOD TIMES: Head to the Ipswich Vintage and Veteran Vehicle Club swap meet on Sunday.

What's on in Ipswich

RECAP: The Bachelorette S2E10 - hometown visits

Georgia Love in a scene from season two episode 10 of The Bachelorette.

Georgia meets the families of her four beaus tonight.

The Bachelorette: Courtney too slow for Georgia's love train

Courtney Dober in a scene from The Bachelorette.

FORMER favourite eliminated after introducing Georgia to his family.

Your guide to a great night out in Ipswich

See Paisley Road live.

Check out some live and local music

Singing ex-diplomat brings Afghanistan war to life

Folk singer Fred Smith's concert draws on his experience as a diplomat in Afghanistan.

Fred Smith's regional Queensland tour focuses on the Afghanistan war

New $200 million development will create 580 jobs

Cassie And Josh with baby Alfie and daughter Andee. They have bought at new Lennox Head development Epiq.

Majority of new positions will be given to Northern Rivers locals

Cherrabah's mega resort plans axed

PLANS for a massive development at Cherrabah have been scrapped.

What our mayor thinks of the new draft SEQPlan

The plan to use the innovative technology as part of the new Maroochydore CBD was cemented on site today when Mayor Mark Jamieson and Envac Asia Region president Chun Yong Ha formally signed the contract for the $20 million underground waste collection system.

New plan accommodates Sunshine Coast Council's vision for growth.

Dusit Thani finance crisis 'just a small hiccup'

ON TRACK: Springfield Land Chairman, Maha Sinnathamby, Ipswich Mayor Paul Pisasale, Developer Richard Turner and Springfield Land Deputy Chairman, Bob Sharpless, at the recent resort sod turning ceremony.

Property developer says project remains firmly on track

OPINION: Dusit Thani Resort needs our full support

An artist impression of the Dusit Thani Brookwater Golf and Spa Resort.

Resort will bring great benefits to Ipswich

Heavyweight enters real estate market

Des Besanko principal and director of Raine and Horne Springfield.

Major rebranding which has seen two big name brands merge