Housing in Ararat is so much more affordable.
The percentage of Victorian households spending 30 per cent or more of their gross income on rent or mortgage payments is 17.7 per cent. In Ararat, this figure is just 10 per cent, according to 2006 Census data.
Latest data shows that most home buyers borrow 71 per cent of the purchase price of their home. With median house prices in Ararat less than a quarter of those in Melbourne, there is always going to be plenty left over at the end of the week to enjoy your improved quality of life!
In fact, based on current median house prices, your decision to make your home in Ararat could leave you with as much as $1,660 more in your pocket each month.
Median house prices
Monthly mortgage repayments #:
* Real Estate Institute of Victoria, June 2013 quarter data
# Based on borrowing 90 per cent of the purchase price, repaid over 25 years and 10% depreciation.