As property prices continue to rise and the pace of rental growth slows, new data shows it is cheaper to rent than buy in 94% of Australian suburbs.

Analysis by Domain shows the cost of servicing a mortgage on a house is only more affordable in 6% of Australian suburbs. The analysis is based on median house prices, a 20% deposit and a mortgage rate of 5.68% which is compared with median asking rents for the same suburb.

In capital cities, weekly mortgage repayments are lower than weekly rents in 1.7% of suburbs, while in regional areas, it is cheaper in 14% per cent of regional suburbs. Perth is the most favourable city for house buyers, with 4.8% of suburbs where it’s cheaper to buy than rent. Brisbane is next with just 0.4% while in Sydney, Adelaide and Melbourne, there are no suburbs where a weekly mortgage payment is cheaper than a weekly rent.