Campaign launched to entice people to buy rather than rent
RENTERS who wish to embrace property ownership will be relieved to know in some cases, it can be cheaper to buy than rent.
Record low interest rates and strong rents in Gladstone have prompted Latitude Development Group to launch the "cheaper to buy than rent" campaign for Gladstone's $90 million Brookview Estate at Glen Eden.
Group director of residential sales Chris Thompson said the campaign would offer a house-and-land package with mortgage payments less than the current rental on a comparable property.
The campaign gives buyers the opportunity to purchase a four-bedroom, two-bathroom house-and-land package at Brookview Estate that would require interest repayments of about $450 a week.
Mr Thompson said the current interest rate environment - with the lowest official rate in more than 50 years - and present property market conditions had strengthened the case for home ownership in Gladstone.
He said the campaign would target local renters who may have thought it unaffordable to get a foothold in the property market.
"They are dealing with a buoyant rental market where rents are high and will continue to perform strongly," he said.
"So the prospect of purchasing a home is looking more attractive while also becoming something that is within their reach."
Mr Thompson said the deal was made possible due to an arrangement the group had struck with its mortgage broker partner.
"Our buyers will be able to get themselves into their own home with repayments below the current going rate for a comparable rental," he said.