property
Footscray Renters Now Pay Less Than Mortgage Holders for Similar Homes
Weekly outlays for Footscray tenants now sit below mortgage payments on similar homes as interest rates hold steady into July 2026.
How we reported this
In Footscray this month, renting a three-bedroom house on Barkly Street costs an average $520 a week while the equivalent mortgage repayment on a property bought at current rates reaches $585.
The gap widened after the Reserve Bank left the cash rate unchanged at its June meeting, pushing fixed-rate loans higher for new buyers while rents eased on listings that lingered past 30 days.
Properties near Footscray Market on Leeds Street and the Maribyrnong City Council’s affordable housing register both show the same pattern, with tenants paying less each week than owners servicing loans on comparable stock.
CoreLogic figures released 15 June 2026 put Footscray’s median house price at $812,000, up 3.8 per cent from the same date last year, while Domain rental data recorded a 2 per cent drop in asking rents for three-bedroom homes since March.
Cost breakdown across local streets
Buyers targeting the Footscray Station precinct face a 25 per cent deposit requirement on an $812,000 purchase, leaving a $609,000 loan at 6.1 per cent interest that totals $3,720 a month before rates and insurance. Renters in the same pocket pay $2,080 a month on average, according to the June rental report from the local real estate institute branch. The difference leaves tenants with roughly $1,640 extra each month after housing costs, money that can cover rising grocery bills at the Nicholson Street supermarkets or unexpected car repairs.
Even after accounting for the tax advantages of negative gearing, the monthly cash outflow remains higher for owners who bought after January 2025 when rates last climbed.
Practical moves for Footscray households
Tenants weighing a purchase should run exact repayment figures through the Maribyrnong City Council’s free mortgage calculator before signing contracts, using the latest rate quotes from three local lenders. Landlords with properties on the council’s rental register can check current vacancy rates at the Footscray Housing Office on Paisley Street to decide whether to hold or sell before the September quarter. Those steps will clarify whether the current rent advantage holds through the rest of 2026.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.