Wow where are you? My area the median rent is only just over half median mortgage repayments. In UK is the norm for rent to be more than mortgage (and people do still have investment properties) but here seems to average about 2/3 or less of mortgage. (Negative gearing is a big contribuor to housing affordability particularly in inner suburbs in my opinion)
Perth NOR, 11kms from CBD. We saved a good deposit, I'm saying if we didn't do that and buy, we'd be paying $500 weekly rent.