If you're considering purchasing property in Carlton – whether for personal occupation or investment purposes – now could be the perfect time to take the plunge, especially if you currently rent.
The latest RP Data Buy vs Rent report has highlighted Carlton as one of the suburbs across Australia where it is currently cheaper to purchase a mortgage and make repayments than it is to pay weekly rent for units.
According to the report, units in Carlton are cheaper to purchase than rent. The median weekly rent in the suburb sits at $390, which equates to $1,690 every month.
The estimated difference between this and a variable interest rate (5.4 per cent) for the principal and interest is $518, repaying just the interest will save you $751 every month.
Furthermore, a three year fixed interest rate (5.15 per cent) can save homeowners $550 if their loan is principal and interest, or a huge $794 if your loan is interest only.
One of the reasons highlighted for this was the Reserve Bank of Australia's decision to reduce the cash rate to 2.75 per cent – which helped to spur on lower mortgage rates and encourage consumer confidence in the housing market.
If you'd like to take advantage of this in order to grab yourself a slice of Carlton property, get in contact with the team at Ray White Brunswick today!