The top 14 Melbourne suburbs where it's cheaper to buy than rent: REIV

The top 14 Melbourne suburbs where it's cheaper to buy than rent: REIV
Jonathan ChancellorDecember 13, 2015

New REIV data shows that tenants can repay the mortgage on a $210,000 one-bedroom Carlton property for just $221 a week - $135 less than the suburb’s median weekly rent of $356. 

With a median apartment price of $335,000, one-bedroom apartments in Melbourne are also more affordable to buy than rent with weekly mortgage repayments of $352 - $49 less than the weekly median rent of $401.

Other suburbs offering value for money include two-bedroom apartments in Carrum Downs where mortgage repayments on a $267,750 property are $282 a week while the median rent for the same property type is $310 – a $28 weekly difference. 

These figures are based on median house prices by bedroom, a 10 per cent deposit and a three-year, fixed interest rate of 4.5 per cent. 

REIV CEO Enzo Raimondo said first home buyers are taking advantage of the low interest rate environment to enter the market at a price they can afford. 

“One and two-bedroom apartments allow first home buyers to get a foothold on the property ladder for what they are currently paying in rent,” he said. “Savvy buyers should also consider two-bedroom properties in Sunshine, where the median apartment price is $275,000 and mortgage repayments are $21 cheaper per week than the median rent.”

 

TOP Melbourne SUBURBS TO BUY RATHER THAN RENT:

 

SuburbDwelling TypeWeekly Mortgage (Fixed)Weekly median rent (Sep 2015)Median Price (Sep 2015)
     
Pakenham3-bedroom unit$294$300$280,000
CARLTON1-bedroom unit$221$356$210,000
Melbourne1-bedroom unit$352$401$335,000
Southbank1-bedroom unit$447$465$425,000
NOBLE PARK1-bedroom unit$201$210$191,000
MITCHAM1-bedroom unit$303$310$288,000
Ascot Vale1-bedroom unit$265$270$252,125
Carrum Downs2-bedroom unit$282$310$267,750
SUNSHINE2-bedroom unit$289$310$275,000
Pakenham2-bedroom unit$264$273$251,000
Werribee2-bedroom unit$246$250$234,000
Craigieburn2-bedroom unit$292$295$278,000
MELTON SOUTH3-bedroom House$257$265$244,000
MELTON3-bedroom House$258$260$245,000

 

Source: REIV

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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