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8 suburbs where it’s cheaper to buy than rent

By Staff Reporter
Rent or buy?

The top suburbs where you’d be better off purchasing property rather than renting have been revealed by new data.

Figures from the Real Estate Institute of Victoria (REIV) show there is a significant price difference between fixed mortgage costs and the median rent for the area for certain dwelling types in eight Melbourne suburbs.

REIV CEO Geoff White said first home buyers and savvy investors could both take advantage of the price gap.

“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,” he said.

“Savvy buyers should also consider four-bedroom properties in Melton South, where the median house price is $290,000 and mortgage repayments are $15 cheaper per week than the median rent.”

The REIV figures are below.

Top Melbourne suburbs to buy rather than rent

Suburb

Dwelling Type

Weekly Mortgage (Fixed)

Weekly Median Rent (Jun 2016)

Median Price (Jun 2016)

CARLTON

1-bedroom unit

$226

$375

$215,000

MELBOURNE

1-bedroom unit

$345

$395

$328,000

NOBLE PARK

1-bedroom unit

$195

$215

$185,000

MELTON SOUTH

4-bedroom house

$305

$320

$290,000

DANDENONG

1-bedroom unit

$211

$220

$200,500

DOCKLANDS

1-bedroom unit

$442

$450

$420,000

MELTON

3-bedroom house

$268

$275

$255,000

MITCHAM

1-bedroom unit

$305

$310

$290,000

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Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%
8 suburbs where it’s cheaper to buy than rent
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