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.
