After scrambling over that first high hurdle of saving a deposit, today’s first home buyers then have to face the challenge of hefty mortgage repayments. In the face of such difficulties the question is often asked, “should we buy now or continue to rent until interest rates come down?”
But new data analysis on the affordability of renting versus buying has shown some surprising results in a small number of unit/apartment markets around Australia, including inner Melbourne.
Along with rising mortgage interest rates, Melbourne rents have also skyrocketed in recent years. So recent statistics indicating that monthly mortgage payments on many units and apartments in inner Melbourne is now about the same or lower than monthly rental fees, is surprisingly good news for would-be buyers.
In fact, new data shows mortgage repayments on median-priced units in inner Melbourne are estimated to be approximately $320 lower per month than the equivalent median rent.
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By Wendy Chamberlain
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