Geelong suburbs where buying is better than renting revealed

More Suburbs of Geelong are available to the rolas that try to enter the real estate market after the trimming of this week’s interest rates, according to a new analysis.

Finder Reveeals research is already better to buy a unit than to lease one in Geelong West and Whittington.

The decision of the reserve bank to reduce rates for another 25 basic points opens even more to other suburbs by reducing the gap between reimbursements and the most extenious weekly mortgage rentals to less than $ 50 per week Hill, Bell Posts.

Related: List of shame: 75 banks reject the cut of RBA rates

Geelong suburbs where vendors prices are maintained or folded

High -end flip adds more than $ 350,000 to the characters home

This two bedroom unit in 2/17 Collins ST, Geelong West, is on the market for $ 500,000- $ 550,000.

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Mortgage payments do not cost much more than rent in Herne Hill, where 2/136 McCurdys RD will cost $ 849,000- $ 899,000.

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There is a more ray of hope in the house market, with the rolers that need to find less than $ 100 per week to buy in Norlane and Breakwater.

The investigation assumes that the purchase of homes at the medium price of the current suburb, with a deposit of 20 percent, an interest rate of 5.81 percent and a 30 -year loan period.

When the rate cut is transferred, paying the mortgage of a unit would be $ 30 per week cheaper than rent in Geelong West and $ 17 cheaper in Whittington.

This would increase to a savings of $ 41 and $ 28 per week, respectively, if the RBA reduced the rates again.

Geelong Real Estate CO, Ricky Forte, said Geelong West units remained one of the few affordable support points in the market.

This two bedroom unit in 20 Anglesea TCE, Geelong West, was recently sold for $ 610,000.

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The affordability is a large tie card in Whittington, where this negotiation in 6/220-222 Wilsons RD appears for $ 270,000- $ 290,000.

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“With average prices of around $ 500,000, it is a way of freeing itself from the increase in the location of sacrificing interest rates,” said Forte.

“You can buy an orderly unit of two beds here for the same weekly cost as interesting and you are a short distance from everything.”

He said that creak the numbers around paying a Versus rental mortgage had become a serious part of decision -making for housing buyers.

But the Mortgage of Finance Doolan, Sarah Daly, said it was not the only consideration, since the Rolers had to take into account the safety and future yields.

“Just even if the rent is expectation with the way in which the rates are, it is even more affordable, in most cases, rent. But what does that seem in the long term?” Daly said.

“Just because it is more affordable to execute that it does not take into account its future growth of assets, so I think it should be considered if it can see if it should go.”

Hayeswinckle, East Geelong agent, Tiffany Simpson (right), is seeing more optimism among first -home buyers such as Zoe Trezise, ​​who bought his first property several years ago.

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She said the trust was returning to the Geelong market, with the consultations that increased on the back of the cut of the first rate.

Hayeswinckle, East Geelong agent, Tiffany Simpson, said it was the star schedule for buyers of the first house, who felt safer to use their total indebtedness capacity than 12 months ago.

“It’s a moment of opportunity because I don’t think there is an incremental increase, if there will be a slow cut,” he said.

“It is tending in the right way, and it may not be significant at this time, however, if you can assure something now in the future, it should be more affordable.

“If you are too long, then you will miss the competition will only increase.”

Rent versus buy in Geelong

Source: Finder. Assumes the purchase of housing at the medium price of the current suburb, with a 20 percent deposit, an interest rate of 5.81 percent and a 30 -year loan term.