Australians have forever identified with the notion of owning their own home. In recent years a buoyant economy (characterised by low inflation and interest rates, rises in average wealth, low unemployment, high consumer confidence) and the introduction by the Federal Government of the First Home Buyer's Scheme have resulted in a rising tide of property investment. This surge in demand has created upward pressure on house prices.
This is great news for home-owners but has made life increasingly difficult for many Australians to gain entry into a forever inflating housing market. This trend has caused some to reassess whether buying, and the attendant pressure of higher monthly mortgage repayments, is really worth it. We've put the following list together to help you assess the pros and cons of renting versus buying.