New analysis from Compare the Market reveals that in some suburbs, buying is now cheaper than renting, allowing tenants to save hundreds of dollars each month.
In Victoria, unit buyers are benefiting the most, with Melbourne CBD renters paying an extra $688 per month compared to buyers. Andrew Winter, property expert at Compare the Market, highlights that while property price growth has been slower in Victoria, rents have continued to rise, creating opportunities where mortgage repayments are more affordable than rent.
With select pockets across the state now offering lower home loan repayments than rental costs, buyers could be in a stronger financial position by owning rather than renting.
