Too much stuff taking up your space? Using your garage or spare room as a dumping ground for your excess belongings? You may be surprised by how much money you’d save if you downsized to a smaller place and rented a storage unit for your items instead.
For the second article in our Storage Space vs. Living Space series, we headed to Melbourne to do some comparisons. We looked at the average cost of renting a 3-bedroom house and the average cost of renting a 2-bedroom apartment and a self-storage unit in various suburbs.
Please note: Prices are based on calculated averages on realestate.com.au and National Storage costs. Your actual savings would vary in relation to several factors such as the age, style and specific location of your properties.
Inner Suburbs
By trading your house for a smaller home and a storage unit in the inner suburbs of Melbourne, you could save around $1,246 every month. That extra cash could get you:
- 2 nights’ accommodation in a hotel – every weekend
- 2 large pizzas every night
- A 13-day South African Safari (if you save for 6 months).
| Suburb | 3-bedroom house per month | 2-bedroom apartment & storage unit per month | Potential savings per month |
|---|---|---|---|
| Brunswick | $2542 | $1714 (1 x 1m unit) | $828 |
| Collingwood | $3172 | $2080 (1 x 1m unit) | $1092 |
| Glen Iris | $2730 | $1825 (1 x 1m unit) | $905 |
| Hawthorn | $2596 | $1741 (1 x 1m unit) | $855 |
| North Melbourne | $2842 | $1767 (1 x 1m unit) | $1075 |
| Northcote | $2556 | $1720 (1 x 1m unit) | $836 |
| Port Melbourne | $3720 | $1936 (1 x 1m unit) | $1784 |
| Prahran | $3368 | $1784 (1 x 1m unit) | $1584 |
| Richmond | $3184 | $1792 (1 x 1m unit) | $1392 |
| South Melbourne | $3628 | $1954 (1 x 1m unit) | $1674 |
| South Wharf | $3536 | $1853 (1 x 1.5m unit) | $1683 |
Northern Suburbs
By moving into a smaller home and hiring a storage unit in the northern suburbs of Melbourne, you could save about $900 each month. With that extra money, you could afford:
- Dinner at a fancy restaurant every weekend
- A flight to Paris
- A huge 3D flat screen TV (if you save for 4 months).
| Suburb | 3-bedroom house per month | 2-bedroom apartment & storage unit per month | Potential savings per month |
|---|---|---|---|
| Tullamarine | $2880 | $1980 (1.5 x 1.5m unit) | $900 |
Eastern Suburbs
By swapping your large home with a spare room for a smaller home and a storage unit in the eastern suburbs of Melbourne, you’re looking at around $748 extra in your account every month. That extra dosh could get you:
- A move ticket and large popcorn every day
- Hang gliding every week
- Return flights to Bali.
| Suburb | 3-bedroom house per month | 2-bedroom apartment & storage unit per month | Potential savings per month |
|---|---|---|---|
| Box Hill | $2340 | $1520 (1 x 1m unit) | $822 |
| Croydon | $2300 | $1440 (1 x 2m unit) | $860 |
| Croydon South | $2000 | $1320 (1 x 1m unit) | $680 |
| Hoppers Crossing | $2140 | $1480 (1.5 x 1.5m unit) | $660 |
| Kilsyth | $2120 | $1300 (1 x 1m unit) | $820 |
| Mulgrave | $2160 | $1510 (1 x 1m unit) | $650 |
Southern Suburbs
By opting for a small home and a storage unit in the southern suburbs of Melbourne, you could save yourself around $717 every month. This could help you get your hands on:
- A decent work lunch every day
- A round of cocktails for 10 of your friends every weekend
- A night of luxury accommodation in the Yarra Valley.
| Suburb | 3-bedroom house per month | 2-bedroom apartment & storage unit per month | Potential savings per month |
|---|---|---|---|
| Breakwater | $2320 | $1710 (1.5 x 1.5m unit) | $610 |
| Dandenong South | $2280 | $1705 (1 x 1.5m unit) | $575 |
| Highett | $2200 | $1322 (1 x 1m unit) | $878 |
| Moolap | $2320 | $1503 (1.5 x 1.5m unit) | $817 |
| Moorabbin | $2400 | $1694 (1 x 1m unit) | $706 |
Western Suburbs
By saying goodbye to your large home and hello to a smaller one and a storage unit in the western suburbs of Melbourne, you could be pocketing around $1,091 every month. With those savings, you could afford:
- A lavish champagne brunch every weekend
- 2 full days at a spa
- A weeklong cruise to Hawaii for 2 (if you save for 2 months).
| Suburb | 3-bedroom house per month | 2-bedroom apartment & storage unit per month | Potential savings per month |
|---|---|---|---|
| Brooklyn | $2520 | $1268 (1.5 x 1.5m unit) | $1252 |
| Subury | $2480 | $1550 (1.5 x 1.5m unit) | $930 |
Don’t waste money on a large home when you need extra space for your belongings. Place your unused items or special collections in a clean and safe storage unit. Make the move to a small home and rent a self-storage unit to cut costs today.
