Home seekers in Queensland are better off buying than renting, according to the latest report from CoreLogic.
The report showed that 55% of homes in Brisbane and 73% of dwellings in regional Queensland are now cheaper to buy than to rent. This was higher than the national record at 36%.
The report showed that it was cheaper to buy than rent in 97 suburbs in Queensland, based on data recorded in March. Mortgage payments in these suburbs were lower than $250 per week.
Tim Lawless, research director at CoreLogic, said Queensland has a "healthier" mortgage serviceability rate given its softer housing market conditions during the previous growth cycles compared to New South Wales and Victoria.
Lawless said Brisbane's housing market had relatively softer gains in housing values over the past decade, making it a more affordable options compared to larger capitals.
"In fact, over the past 10 years, Brisbane housing values have increased at a much lower rate than Sydney or Melbourne. Brisbane values are up 33% since June 2011 compared with a 90% rise in Sydney housing values and a 58% lift in Melbourne housing values," he told The Courier Mail.
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