If you were to buy a house locally at the current median price of $580,000 and had 10% deposit, then you would need a mortgage for $522,000. This is an average sized mortgage compared to state.
Between 2005 and 2011 the population of BATEAU BAY, 2261 grew an average of 32.20 people each year. This figure of 2331.80% per annum means BATEAU BAY is one of the fastest growing suburbs in NSW.
In NSW the median mortgage repayment has increased from $1,403 to $1,783 which is $-17 less than the median monthly home loan repayment in BATEAU BAY, NSW.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in BATEAU BAY, 2261 should have seen some difference. While the latest census median annual household figure income is now $48,776, it was $40,232 back in 2006, which is a net increase of $8,543 Subtract from that the median mortgage repayment increase of $3,600 and a mortgage broker’s clients could be up to $4,943 better off each year even without factoring in mortgage rate cuts.