How to get a top-end home with no-contract mortgage in Victoria

With a rising cost of living and soaring demand, some people are opting to save and rent their homes.

Weber Shandwick Restaurant in Melbourne has been offering its $2,500 (AUD$3,000) monthly mortgage for the last six years.

The restaurant’s chief executive, Anthony Shand, said the average rent for a property in Melbourne was $1,000.

“The price of a property can go up and down a lot,” he said.

“We’ve seen it go up 10 per cent or 15 per cent and then down 20 to 30 per cent.”

Mr Shand said he could see the appeal of renting a property if you have no fixed income and don’t want to have to pay rent to a property manager.

“If you’re not paying a mortgage, you can rent it for less,” he explained.

“It’s not as expensive as buying a home, but it does require a bit of work to get the property.”

Mr Truss said his company would look to add more rental properties to its portfolio.

“There’s a lot of interest in it, but not in the same way that we would,” he told ABC Radio Melbourne.

“What we would like to see is people having a more flexible income and having more flexibility about what they’re going to do with that income.”

Mr Quirke said there was a huge demand for the rental market.

“A lot of people want to live on their own,” he added.

“They want to be able to spend more time with their kids, be able go out to social events, have the time to spend with their friends.”

For more local news and views, follow ABC News on Facebook and Twitter.