If you were to buy a house locally at the current median price of $1,950,000 and had 10% deposit, then you would need a mortgage for $1,755,000. This is a very large mortgage compared to state.
CAMBERWELL 3124 has seen a high level of growth in it’s population over the last five years.
CAMBERWELL 3124 homeowners are paying around 36.17% more than they were at the time of the 2006 census. This means local mortgage brokers’ clients are having to pay about the same as the median average increase of VIC which is 35.71%.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in CAMBERWELL, 3124 should have seen some difference. While the latest census median annual household figure income is now $110,344, it was $86,730 back in 2006, which is a net increase of $23,613 Subtract from that the median mortgage repayment increase of $7,968 and a mortgage broker’s clients could be up to $15,645 better off each year even without factoring in mortgage rate cuts.