The seven Melbourne suburbs where it’s cheaper to buy than rent

There are only seven Melbourne suburbs where it’s cheaper to pay off a mortgage than to rent, new research from PRD Real Estate reveals.

Mortgage repayments on median-priced units in Travancore, Carlton, Bundoora, Notting Hill, Epping, Sydenham and Truganina are cheaper than renting in those suburbs.

Buying rather than renting is most advantageous in Travancore, where average unit repayments are 22 per cent cheaper than median rental prices.

Director of Pagan Real Estate, Ryan Pagan, says first-home buyers should expand their searches.

“You have to look in suburbs you can afford,” he told Stephen Quartermain and Emily Power, filling in for Ross and Russel.

“A lot of first-home buyers want to live in properties in areas where they grew up, I don’t think you can do that first time around.”

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