Local News

Regional Rent Almost on Par with Mortgage Repayments

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The cost of renting is almost on par with the cost of buying a home in regional Australia.

The latest ANZ-CoreLogic Housing Affordability report shows renters are paying around 34 per cent of their income on housing, compared with mortgage spending 38 per cent of their income on repayments.

Economists say the phenomenon is being driven by lifestyle choices (the desire for tree and sea changes) and a shift to remote working during the pandemic.

While the upswing in rents and property values has generated increases in wealth and investment returns for many property owners, it has created greater affordability challenges for those who are renting, and those looking to purchase their first home.

Photo by Dhyamis Kleber, supplied via pexels.com