Buying just one suburb away from your preferred location could help buyers own their home outright up to 17 years earlier...
Most Australians consider owning their home outright a key priority - this can be achieved much faster by having a broader look at suburbs.
The benefits of saving a larger deposit and paying off your mortgage
sooner are the savings on interest and the faster build-up of equity.
This would benefit all home buyers, but particularly for first-home buyers that are just beginning to build their equity.
WHY PAY MORE?
House
Popular suburb: Median: Neighbour: Median: Saving:
BERWICK $447,995 CRANBOURNE NORTH $330,542 $117,453
ST KILDA $807,057 WINDSOR $742,154 $64,903
BRIGHTON $1,739,840 RIPPONLEA $739,339 $1,000,501
MORNINGTON $495,274 BAXTER $310,300 $184,974
GLEN WAVERLEY $734,776 SCORESBY $440,656 $294,121 40.0%
Units:
Popular suburb: Median: Neighbour: Median: Saving:
SOUTH YARRA $514,818 BURNLEY $377,265 $137,553
BERWICK $352,890 CRANBOURNE NORTH $274,404 $78,486
TOORAK $746,098 ARMADALE $498,237 $247,861
RICHMOND $495,129 MELBOURNE CBD $389,682 $105,447
GLEN WAVERLEY $558,411 WANTIRNA SOUTH $360,848 $197,563
Popular suburb: Median: Neighbour: Median: Saving:
BERWICK $447,995 CRANBOURNE NORTH $330,542 $117,453
ST KILDA $807,057 WINDSOR $742,154 $64,903
BRIGHTON $1,739,840 RIPPONLEA $739,339 $1,000,501
MORNINGTON $495,274 BAXTER $310,300 $184,974
GLEN WAVERLEY $734,776 SCORESBY $440,656 $294,121 40.0%
Units:
Popular suburb: Median: Neighbour: Median: Saving:
SOUTH YARRA $514,818 BURNLEY $377,265 $137,553
BERWICK $352,890 CRANBOURNE NORTH $274,404 $78,486
TOORAK $746,098 ARMADALE $498,237 $247,861
RICHMOND $495,129 MELBOURNE CBD $389,682 $105,447
GLEN WAVERLEY $558,411 WANTIRNA SOUTH $360,848 $197,563
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