Renting direct with the landlord who is a nice bloke. We rent the place for a good price, but we are good tenants, automatic payment of rent setup so never late, look after the place, etc. He only inspected on the lease renewal, no 3 monthly intrusions.
We're paying around half what it would cost to buy the equivalent.
We are 300m from one of the nicest beaches in Adelaide (Brighton).
The freedom rent provides is fantastic and the I sleep like a baby now we're free of the mortgage.
Some say there is no freedom when renting because you can't put a nail in the wall... there are 3M picture hooks which you can put on the wall and remove without leaving a mark, get with the times.
I can see how owning might benefit a family wanting to stick to one place for a long time without worry, but as a young couple with no kids, renting really does suit.