Geelong renters can save up to $110 a week on average if they shift to a neighbouring suburb, according to new data.
The move to a “bridesmaid” suburb or town next door could provide solutions “at a time when the cost of living is biting many families”, said the Real Estate Institute of Victoria (REIV).
The institute released data this week showing potential savings across regional Victoria’s for renters willing to make the shortest of relocations to the nearest suburb or town.
Figures for suburbs and towns around greater Geelong offered some of the largest savings in the REIV’s collected data.
“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 said.
The data also indicated significant savings within urban Geelong, such as East Geelong with a median rent of $395 compared to neighbouring Newcomb’s $330.
REIV chief Gil King said the data suggested substantial savings on rent, which would assist many families’ “bottom line”.
“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,” Mr Gil King said.
