You can't directly compare renting and mortgaging. A few differences:

What you have after (nominally) 30 years:

• Renting: nothing.
• Owning: secure rent-free accomodation. Can work less and do more of what you enjoy.

Other ongoing costs:

• Renting: moving house every ~1-5 years.
• Owning: building insurance, council rates, water supply, (sometimes body corp fees); (total ~$50-$200/week depending on bushfire/flood risk).

If you're a keen gardener:

• Renting: time and costs to rebuild then restore to original every time you're evicted. Uncertain planning timeframes.
• Owning: Go ahead and plant that orchard and have excellent fruit and nuts for the next 30-60 years.