Melbourne renters could save money if they bought an apartment in a handful of suburbs where it’s cheaper to buy than rent – if they have a deposit.
It’s $138.78 cheaper to buy than rent an apartment in Carlton, where the median weekly mortgage repayments are $361.22 compared with the median asking rent of $500 a week. Mortgage repayments on a one-bedroom apartment were cheaper than paying rent in a share house for Jasmine Tsiatsias.The 25-year-old teacher, who previously rented in a Flemington share house, said she was now paying $50 less per fortnight. Even when factoring in owners corporation fees, her hip pocket is better off.
Ray White Ascot Vale selling principle Adam Hicks said renters living in the inner north often turned to areas like Essendon and Travancore when buying their first home because they offered an affordable pool of units while still being close to the city.Luis Ascui “We typically recommend the boutique style ,” he said. “They have lower owner’s corporation fees, and they typically hold their value a lot more. It’s an established solid build and smaller as opposed to being in a block of 400 people.”, in which buyers only need a 5 per cent deposit, could help renters break into the housing market.