Nationally house prices have risen pretty constantly, which means that mortgages are getting bigger. The median house price in FOREST HILL, 3131 is already $889,000, which makes it the number 127th in VIC on a list ordered by most expensive. Make sure that you get good FOREST HILL mortgage broker to look for the best deal.
FOREST HILL, 3131 is number 478th in a list of the country’s fastest growing suburbs, and number 171th in State. It has had an average population growth of 147.20 over the period between the last two national censuses.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $1,800 which is $500 more every month. As a percentage rise, this makes FOREST HILL, 3131 the number 2379th 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 FOREST HILL, 3131 should have seen some difference. While the latest census median annual household figure income is now $58,136, it was $52,639 back in 2006, which is a net increase of $5,496 Subtract from that the median mortgage repayment increase of $6,000 and a mortgage broker’s clients could be up to $-503 better off each year even without factoring in mortgage rate cuts.