Living in Australia, I know you’re all too familiar the struggle that comes with saving for a house when you’re paying rent out the wazoo.
How are you supposed to live?
Well it seems there is a trick to it, and realestate.com.au have revealed what it is… do you have an open mind yet?
Realestate.com.au has revealed where the highest demand was for rental properties over the past 12 months and then pinpointed neighbouring suburbs where tenants could cash in on a popular location without paying top dollar.
The result is a line-up of suburbs that would allow renters to save up to a whopping $9,000 a year just by house hunting one of two suburbs out of the property hot spots.
Chief economist with REA group, which owns realestate.com.au, Nerida Conisbee, said renters can get swept up in a lifestyle and that could cost them dearly.
“You’re effectively paying a premium for that lifestyle. One example was Dee Why, which is on the beach whereas Brookvale is a little further away, but what that means is you’re paying an extra $100 a week to be able to walk to the beach,” she said.
“Then there’s also the brand of a suburb as well. It’s people wanting to be able to say ‘I live in South Yarra’ which is one of the top suburbs in Melbourne. The reputation of South Yarra is certainly better than Southbank, but you’re effectively paying a $165 a week premium for that reputation and being within walking distance of its cafes and restaurants.”
“You may have to commute a bit longer you might have to walk a bit longer to get to the beach and have fewer good cafes and restaurants but you can make massive savings and that’s the trade off isn’t it?” she said.