News

Cheaper to buy than rent

Jessie Wells and Damian Claffey have just bought their first home in East Lismore, and will be paying less in morgage than they were in rent.
Jessie Wells and Damian Claffey have just bought their first home in East Lismore, and will be paying less in morgage than they were in rent. Mireille Merlet-Shaw

WITH concerns about the lack of home affordability, it may surprise many to discover that it is cheaper to buy than rent in some areas across the Northern Rivers.

A study by RPData has discovered property hunters in parts of Byron, Lismore and Casino could save almost $1000 a year if they bought rather than rented.

Jessie Wells and her partner Damian Claffey are convinced owning a home is better than renting, and bought in Lismore last month with the help of Wal Murray&Co First National Lismore.

She said they were caught in a rental trap when they moved to Perth but on returning to the Northern Rivers they realised renting here would be more expensive than buying.

"I'd rather be paying off my own house than someone else's," Ms Wells said.


View Cheaper to buy than rent in a larger map

She said they are significantly better off financially than when renting.

"We were paying around $50 more a week renting."

Ms Wells said owning makes where they live feel more like "home". Renting is not very secure.

Selling principal at Ray White in Lismore, Chris Harley said he had seen an increase in home ownership in the past few months.

He said the combination of low interest rates at the bank and the drop in housing prices is "a fundamental recipe" for property buying as housing becomes more affordable.

"Money is cheap for the banks and prices of houses have dropped off in the last two years," Mr Harley said.

The growth in home ownership is being felt nationally with the Australian Bureau of Statistics reporting the number of mortgages being taken out has risen almost 2% in the May quarter after successive interest rates drops.

Topics:  housing prices



Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Women’s title race a nail-biter

Tyler Wright of Australia winning her quarterfinal heat at the Drug Aware Margaret River Pro in Western Australia on April 15.

Women's WSL title race hotting up a carnival moves to Brazil

Awards honour accessibility

AWARDS LAUNCHED: Tweed Shire Inclusion Awards patron Bill Chaffey, councillors Carolyn Byrne and Warren Polglase, Wendy Gilbert, Angela Maxwell, Beverly Kelso, Chris Walters, Suzi Hudson and Daily Grind assistant manager Thomas Steinbaher.

Awards encourage inclusion across the Tweed

V8 racer needs your support

ZOOM ZOOM: Bathurst is on the cards for Brendan Strong if he can rally support from businesses in the area.

Tweed V8 racer has his sights set on Bathurst

Latest deals and offers


Spectacular Crash as Corvette Flips at Drag Races

Corvette flips at 350kmh.

Driver walks away from 350kmh crash in Texas.

Star Wars: Force Awakens told in Emojis

Disney has released an emoji version of The Force Awakens.

To commemorate Star Wars Day, Disney releases emoji version of film on a smart...

NYPD join dance challenge

New York Police respond to NZ dance challenge.

New York's finest accept Kiwi dance challenge.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

VIDEO: Art Deco fan pays $835,000 for Imperial Hotel

No Caption

Iconic "Impy" sold at a bargan price to bidder who loves Art Deco.

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances