property
Suburbs where buying is now cheaper than renting
Several Hobart and Launceston pockets show mortgage repayments falling below weekly rents after the latest bank rate moves.
How we reported this
Median house prices in Moonah and Invermay now deliver lower weekly outlays for buyers than equivalent rental costs, according to fresh calculations based on July listings and current fixed-rate mortgages.
The shift follows 18 banks cutting rates in the past month, pushing standard variable loans below 5.8 per cent for many owner-occupiers. Tasmania’s overall median dwelling price sits near $560,000, yet selected northern and inner suburbs have seen values stall while rents keep climbing on strong lifestyle migration.
Local price gaps in Hobart and Launceston
Along Main Road in Glenorchy, a three-bedroom weatherboard listed at $485,000 carries repayments around $620 a week at prevailing rates. The same property rents for $680 a week through local agents. In Launceston’s Invermay, houses near the University of Tasmania campus trade around $440,000, producing mortgage costs under $570 weekly compared with $630 rents. Housing Tasmania’s shared-equity scheme has added further leverage for first-time buyers in these postcodes.
Real Estate Institute of Tasmania data released last week recorded a 3.2 per cent rise in median rents across greater Hobart since January, while capital growth in the same period remained flat outside Sandy Bay and Battery Point. Battery Point’s premium streets continue to command $1.2 million plus, keeping them outside the affordability crossover.
Next steps for buyers and renters
Prospective purchasers should compare current fixed offers from at least three lenders before locking in, and check eligibility for Tasmania’s stamp-duty concessions that still apply on homes up to $600,000. Renters eyeing the switch can start with listings on realestate.com.au filtered for Moonah, Invermay and nearby New Norfolk to identify properties where ownership costs now sit below lease payments.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.