PROSPECTIVE property owners will be happy to hear that Coomera was the top suburb on the Gold Coast where it is more affordable on average to pay a mortgage than to rent.
According to recent figures in RP Data’s December 2012 Buy vs. Rent summary report, there were 13 suburbs on the Gold Coast in which the mortgage was the cheaper option.
The top five suburbs in order included Coomera, Mudgeeraba, Helensvale, Highland Park and Merrimac.
On average for those who made principal and interest repayments on variable interest rates it was about $255 per month cheaper than if they were to rent. However, monthly rental costs were more expensive in Coomera than they were in Mudgeeraba.
The study does not take into account rates, body corporate or maintenance fees, nor does it consider the effects of capital gains or losses.
Coomera Property Management licensee Sandra Ryman said the market had a lot of rental properties on offer as owners were holding off selling.
“The market’s actually saturated with rental properties,” she said.
“Any renter who can get the money together to buy, now definitely is the time to do it.”
