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Melbourne's pendulum swings from rent to buy

As rentals in Melbourne become scarcer and property prices level out after a year of solid growth, the pendulum may have swung to make buying more enticing than renting.

Street view of Southgate Shopping Mall along Southbank Promenade and modern high-rise buildings in diminishing perspective.
Southbank was identified as a potential target for renters looking to buy.

As rentals in Melbourne become scarcer and property prices level out after a year of solid growth, the pendulum may have swung to make buying more enticing than renting in the Victorian capital.

Despite Melbourne prices not moving in February, affordability remains an issue and rents are outpacing property price growth.

Buyers of the median-priced dwelling in Melbourne would get $250 change from their $800,000 outlay, or $1,600 left over from t…