Rent or Buy? Suburbs Where It's Cheaper to Buy Than Rent
Updated: Sep 21, 2020
Did you know renting can be more expensive than buying?
Yes, here in Melbourne, there are suburbs where mortgage repayments are less than your monthly rent. And some are in prime blue chip or inner city areas, such as Southbank, Windsor, Carlton, Toorak, Prahran. Have a chat with us, to find out more.
Do remember, if you were to buy, you'll need to factor in purchase costs such as conveyancing, building and pest inspections, and the annual council and body corporate rates, insurance, etc. But you do enjoy the equity appreciation when property prices go up.
Is it a right time to buy?
Yes. Prices in Melbourne have stopped falling, and in some instances, have risen. Auction clearance rates are well over 70%, stocks are reducing. And with a triple bonus of low interest rates, relaxed lending, tax refunds, prices will only trend up in the coming months.
But there are still bargains around metropolitan Melbourne. We regularly list selected discounted properties in our blog :