We all know that buying property is a good move to build equity and create security, control and stability, but did you know that buying your home can also be considerably cheaper than renting?
As the 2021 the REA Insights Buy or Rent Report reveals, more than 50 per cent of houses and almost 75 per cent of apartments in Australia will be cheaper to buy than rent over the next 10 years.
According to the report, based on the median sale price of a 1-bed apartment in Footscray, you could save $258* every month if you choose to buy compared to renting or save $255* a month when you buy a 2-bed apartment.
Despite surging property prices and strong predicted growth, low interest rates has made home ownership far more affordable than the alternative.
Taking into consideration other buying costs such as stamp duty and ongoing costs like maintenance and council or strata rates, the report also highlights the benefits for investors to add properties to their portfolio while interest rates are low.
With interest rates currently as low as 2 per cent or less, and the Reserve Bank of Australia committed to maintaining low interest rates until at least 2024, home ownership will continue to be cheaper than renting in Footscray for the next 10 years.
Recently launched to the public, a range of 1, 2 and 3-bed apartments are selling now at Millhouse Residence, Footscray’s newest apartments.
To find out more about Millhouse Residence, register your details here to receive a floorplan and pricing download pack.
*Data reflects estimates of the differential in monthly present value between estimated median buying and renting costs by suburb and property type, incorporating the fixed and ongoing costs of buying and the opportunity cost of funds. Only includes suburbs with at least 30 high-confidence estimates of the appropriate dwelling type for both purchase and rental price.