Believe it or not, the Melbourne suburbs where it's cheaper to buy than rent!
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Melbourne’s lofty median house prices come a close second to Sydney’s, sitting at over $820,000 according to CoreLogic RP Data.
Conversely, recent Real Estate Institute of Victoria data suggests that if you know where to look, purchasing Melbourne real estate can still be quite affordable – perhaps even more so than renting.
In such areas investors can take advantage of high rental yields and aspiring property owners can say goodbye to their landlords and begin to expand their own property portfolios.
One of Melbourne’s most vibrant waterfront areas: the Docklands is surprisingly affordable for those happy to live or invest in a one bedroom unit.
In fact, the Real Estate Institute of Victoria data shows that a mortgage on a $420,000 one bedroom unit (the median price), with a fixed rate of 4.5 per cent and a 10 per cent deposit will cost you $442 a week in repayments.
On the other hand, the median rent on such a property will set you back at least $450, slightly more than mortgage repayments would. Renting provides brilliant short term accommodation, however, in the long run you’d be best to take advantage of a thriving Melbourne property market and start to secure a financial future with property.
One of the most diverse and exciting areas of Melbourne, this suburb sits just north of the city’s most central point, offering endless activities and cultural experiences to enjoy.
REIV data suggest that mortgage repayments on a one bedroom unit in the area will set you back a mere $226 a week. That’s $149 cheaper than the median rent on the same type of property, and concrete proof that you don’t have to look to more removed or quiet areas for affordability.
If you’re a bit further up the property ladder then such properties may be ideal as an investment thanks to high rental yields and low maintenance costs.
To further prove this point let’s have a quick look at the cost of renting and buying a one bedroom unit in Melbourne as a whole. If you buy at the city’s median price of $328,000, than your mortgage repayments will be $345, roughly $50 cheaper than your rent would be.
If you’re interested in owning your own little piece of Australia by making the switch from renting to buying then don’t hesitate to contact the expert team at Nelson Alexander.
We know the ins and outs of Melbourne’s property market, and can help find you the perfect property regardless of what your needs or budget are.