With a median weekly mortgage of $226, compared to its median weekly rent of $375, Carlton
topped the list of suburbs in Victoria that are cheaper to buy than rent, according to the latest figures released by the Real Estate Institute of Victoria.
Rounding off the list is Melbourne, Noble Park, Melton South, Dandenong, Docklands, Melton, and Mitcham.
In Melbourne, a one-bedroom apartment has a weekly mortgage repayment of $345, which is $50 less than the weekly median rent of $395. In Noble Park, the difference is $20 a week, in mortgage-holder’s favour.
REIV based the figures on the number of bedrooms, a 10% deposit, and a three-year fixed interest rate of 4.5%. In general, one-bedroom apartments in various Victoria suburbs are better off bought than rented, hence allowing many first home buyers to move up a notch on the property ladder.
“One and two-bedroom apartments allow first home buyers to get a foothold on the property ladder for about the same amount they are currently paying in rent,” said REIV CEO Geoff White.
“Savvy buyers should also consider four-bedroom properties in Melton South, where the median house price is $290,000 and mortgage repayment are $15 cheaper per week than the median rent.
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