If you were to buy a house locally at the current median price of $435,000 and had 10% deposit, then you would need a mortgage for $391,500. This is an average sized mortgage compared to state.
DEER PARK 3023 has seen a high level of growth in it’s population over the last five years.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $1,670 which is $587 more every month. As a percentage rise, this makes DEER PARK, 3023 the number 3137th on a list of suburbs in Australia ranked by percentage mortgage payment increase across the 5 years between the 2006 and the 2011 census.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in DEER PARK, 3023 should have seen some difference. While the latest census median annual household figure income is now $56,992, it was $42,832 back in 2006, which is a net increase of $14,159 Subtract from that the median mortgage repayment increase of $7,044 and a mortgage broker’s clients could be up to $7,115 better off each year even without factoring in mortgage rate cuts.