property
Is renting actually cheaper than buying right now?
Perth's median house price near $680,000 combined with sub-1% vacancy rates is pushing more households to compare weekly rent outlays against mortgage costs in the current market.
How we reported this
Perth buyers now face mortgage repayments that exceed typical rents by several hundred dollars a week on median-priced homes, reversing the long-held assumption that ownership costs less over time.
National housing targets face renewed pressure after new home starts fell 11 percent in the latest quarter, a slowdown that has lifted construction costs and kept interest rates elevated. In Perth the effect shows up immediately through sustained demand from the mining sector and limited new supply, leaving households to calculate whether renting preserves more cash flow in the short term.
Joondalup and Wanneroo both recorded vacancy rates below 0.8 percent last month according to REIWA data, with three-bedroom homes in Joondalup fetching $620 a week while equivalent mortgage payments on a $680,000 purchase now sit above $950 after a 6.2 percent interest rate. The same pattern appears along the Mitchell Freeway corridor where new mining-related jobs have kept demand high since the start of 2025.
Weekly cost comparison in growth corridors
A $680,000 property purchased with a 20 percent deposit requires a loan of $544,000, producing repayments of roughly $3,900 a month or $900 a week once rates and fees are included. In the same suburbs, comparable rentals listed on 1 July averaged $610 to $650 a week, leaving a gap of more than $250 a week that tenants can direct to savings or other expenses. The margin widens further in areas such as Scarborough where beachside units rent for $580 while ownership costs exceed $870.
Next steps for Perth households
Prospective buyers should run fresh figures through the WA Treasury mortgage calculator before signing contracts, factoring in stamp duty concessions available until December 2026 and any upcoming rate movements flagged by the Reserve Bank. Renters weighing a move can contact local agents in Joondalup or Wanneroo to lock in fixed-term leases before the spring leasing cycle begins in August.
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.