Insights

Making the decision between renting or buying your home is not a decision to make lightly.

Caulfield has proven to be a popular location to rent and for prospective homeowners alike. If you’re trying to decide which of the two suits you we’ve complied a little list to help make that decision a little easier:

• Decide on your short-term and long-term goals. If you’re looking at a shorter time frame then renting might be more appealing, whereas if you plan on remaining in Caulfield for a longer time buying could be more cost effective.

• Caulfield is a big suburb with median house prices growing steadily higher as you travel from Caulfield South up towards St Kilda. This may mean that you may be more financially suited to buying in certain areas of Caulfield, or renting in others.

• Families are being drawn to the largely residential suburb of Caulfield, with a close proximity to schools being a plus for growing families, and the surrounding suburbs of Elsternwick and Malvern providing residents with more of a lively atmosphere right on their doorsteps.

• With its quiet leafy streets and the distinct feel of its large Jewish community the Caulfield area is also great for older residents and maturing independents planning on retiring in the area.

• It is important for prospective residents to remember that Caulfield is currently a high demand market. This means that competition for buying is higher and more competitive, with mortgage repayment approximately $6,319 per month for a $1.3 million home.

• Investing in a home in Caulfield has a great potential to pay off in the long term with current trends indicating that Caulfield South and Caulfield East are some of Victoria’s fastest growing suburbs.

With its expansive parks and quiet residential atmosphere Caulfield is a great neighbourhood for everyone, all that needs to be decided is whether you rent or buy!