Is Renting Things for Your Home a Good Idea in Australia Is Renting Things for Your Home a Good Idea in Aus | Page 11

Since 2016, home ownership in Australia has been on the decline. And, with an average Australian
house price of $681,100 (according to the Australian Bureau of Statistics), it’s no surprise more people
are turning to renting. For many, getting on the property ladder is one of life’s biggest achievements,
while renting suits others just fine. But is one better than the other? It’s a question that most people
have asked, and one that we can help you answer.
8.0.1 Renting in Australia
The pros
There are many reasons Australians are choosing to rent over buy, and it’s not just because of the
money – it’s also about the freedom. The ability to move whenever a lease is up is highly appealing to
those who aren’t ready to settle down in one place. Largely, renting is much less financially stressful
than buying. Saving for the deposit on a first home can take a lot of time and sacrifice as opposed to
upfront rental costs, which usually only include a couple weeks of rent in advance and a bond. After
that, renters only have to pay for the rent and utilities. While, depending on where you rent and what
type of dwelling you rent, rental property can be expensive, these costs are often spread out amongst.
Flat mates or a partner, and the major expenses like property tax or home repairs are taken care of by
the property owner (usually).Finally, because you’re saving money when renting, you can spend more
on your own interests (brunch, anyone?) or even save for a house down the line when you are ready to
settle.
The cons
Flexibility can be a con as much as a pro when it comes to renting. The property market changes
regularly, and property managers and landlords are within their rights to change the rent amount once a
lease ends. In some cases, this might force renters to move out and find a cheaper place, which can be a