Changing face of Melbourne property: Mortgage repayments cheaper than rent in popular suburbs
It’s now cheaper to pay a mortgage than to rent in parts of inner-suburban Melbourne.
Repayments on a medium-priced property in suburbs including Carlton, Kensington, East Melbourne and Parkville gobble up 39 per cent of the average weekly household wage.
For renters it’s closer to 42 per cent.
But ANZ chief economist Richard Yetsenga told Ross and John it’s not all bad news for renters.
“I think it’s a good thing that people have choice about their style of home ownership, whether they rent or buy,” he said.
Mr Yetsenga went on to say indications showed the property market looks set to bounce back, but he expected a more subtle upturn than previous cycles.
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