Revealed: 300 suburbs where it’s cheaper to buy than rent

It is up to $300 a week cheaper to own a home than lease in some 300 suburbs across Queensland, despite the average rent in the state climbing to a record high.

As first homebuyers race to take advantage of government incentives, exclusive new analysis reveals there are 84 suburbs where it is cheaper to pay off a mortgage for a house than rent one — but all of them are in rural or regional areas.

There’s more opportunity for buyers looking for units though, with 216 suburbs (18 per cent of all suburbs analysed) where the median mortgage repayment falls below the median rent, including eight in South East Queensland.

This one-bedroom apartment at 2266/38 Hope Street, South Brisbane, is on the market for offers over $765,000.

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They include the unit-heavy, inner-Brisbane suburbs of South Brisbane, Bowen Hills, Spring Hill, and Fortitude Valley, according to the analysis by comparison site, Finder.

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The central Queensland coal mining town of Moranbah is the cheapest place in the state to own a home when compared to renting, with a saving of about $300 a week for both houses and units.

The Mackay and Cairns regions also have some suburbs where the cost of owning a home is cheaper than renting, such as Mackay Harbour, Blacks Beach, Mossman, and Port Douglas.

This three-bedroom house at 23 Flinders Dr, Moranbah, is on the market for $448,000.

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The analysis takes into account a standard 20 per cent deposit and 30-year loan term at a rate of 5.52 per cent.

With the Help To Buy Scheme, only a 5 per cent deposit is required for first homebuyers, but that means a larger loan size and a higher monthly repayment.

The number of suburbs where it is cheaper to pay off a mortgage than rent with a 5 per cent deposit then drops to less than half.

An apartment in this complex on Wickham Terrace in Spring Hill is for sale for offers over $700,000.

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Finder head of consumer research Graham Cooke said the data showed renting remained the cheaper option in the majority of suburbs.

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“Even in the rare pockets where the maths is flipped, the calculations don’t account for the deposit you’re required to save, stamp duty, and all the other fees that go into buying a home,” Mr Cooke said.

“The reality is that for most young Aussies, particularly those in capital cities, the dream of home ownership is being squeezed from both ends. Negative gearing assures that the gap between house prices and rental costs will remain for the foreseeable future.”

Finder.com.au head of consumer research Graham Cooke.

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It comes as new figures from PropTrack reveal the median dwelling rent in Brisbane and regional Queensland now sits at a record high of $670 a week, or close to $35,000 a year.

Home Loan Experts mortgage broker Sheng Ye said rising rents were actually pushing many tenants to “seriously consider buying sooner” than planned.

“Rental increases are forcing people out of their preferred suburbs and into areas farther from the city,” Mr Ye said.

“In many cases, renters are asking whether buying — even if it’s farther out — might be the better long-term option.”

This apartment at 705/24 Brewers St, Bowen Hills, is for sale for offers in the low to mid $700,000s.

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Mr Ye said he was noticeing more renters who had previously delayed entering the market, now actively searching for suitable properties.

“That tells me demand hasn’t gone away,” he said. “People are still looking to buy, and I expect 2026 to be an active year for both buyers and sellers, even if affordability continues to shape where and how people enter the market.”

Vervé Property buyers’ agent Lisa Evans said she was advising her clients not to “rent and wait” for a market correction.

This four-bedroom house at 5 Sunbird Close, Port Douglas, is for sale for offers over $1.145m.

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“We are witnessing a fundamental shift where the cost of renting has become a perpetual ‘tax’ on future wealth,” Ms Evans said.

“In blue-chip-adjacent pockets like Carina Heights, the gap has narrowed to the point of no return. When you’re paying $685 a week in rent, you are essentially servicing someone else’s debt on an asset that is appreciating at a rate of over 10 per cent annually.

“As a buyer’s agent, my focus isn’t just on the weekly repayment, it’s about helping clients secure their ‘entry ticket’ into a city where the supply-demand imbalance is now a permanent fixture of the landscape.”

Even after accounting for the ‘holding costs’ like rates and body corporate, Ms Evans said the net wealth of a homeowner in some Brisbane suburbs was accelerating six figures ahead of a renter.

This two-bedroom apartment at 8 Church St, Fortitude Valley, is for sale for $850,000.

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“In a market with a 0.7 per cent vacancy rate, ownership isn’t just a lifestyle choice, it’s a strategic hedge against a rental market that is effectively ‘inflation-proofing’ the landlords while pricing out the tenants,” she said.

But Mr Cooke urged caution. He said low deposit schemes had been touted as a solution to help first homebuyers get a foot on the property ladder, but they also came with a hidden sting: by borrowing more, you could face higher interest costs.

“We have reached the point where the sheer cost of entry, combined with the rising cost of debt, keeps the property ladder largely out of reach for many Australians,” he said.

“Anyone who has already purchased a home should look to see if they can get a better deal on their mortgage. Even shaving half a percentage point off your home loan can save you thousands of dollars.”