The latest data from the Real Estate Institute of Victoria (REIV) reveals that people renting a home in Regional Victoria can save up to $110 a week by moving to a neighbouring town.
At a time when the cost of living is biting many families and we are all looking at ways to save a dollar, renting in a ‘bridesmaid town’ could be a viable option to improve your bottom line.
For example, the median weekly house rent in Lara is $390, while you can rent a home for $110 less in adjacent Corio for $280.
The REIV’s data shows that you don’t need to compromise what you love about living in a particular area, be it proximity to the city, convenient transport options, access to amenities including shopping centres and strips, parks and health care facilities to stay within your weekly budget.
REIV rental data for the 12 months to September 2018 shows that people renting in Gisborne, where the median rent is $450, can save $85 a week by moving to nearby Sunbury.
Those renting in Alfredton, where the weekly median house rent is $365, could save $83 by moving to nearby Wendouree where the median house rent is $283.
Other adjacent towns that have large disparities in their median rents include Delacombe ($350) and Redan ($270); Kialla ($360) and Shepparton ($280); Lake Gardens ($360) and Wendouree ($283); Alfredton ($365) and Newington ($298); East Geelong ($395) and Newcomb ($330); Stratford ($320) and Maffra ($260); Soldiers Hill ($340) and Ballarat East ($290) and Irymple ($330) and Red Cliffs ($290).
Find out the median rent in your town and neighbouring towns on the Market Insight section of the REIV website.