If you were to buy a house locally at the current median price of $645,000 and had 10% deposit, then you would need a mortgage for $580,500. This is a very large mortgage compared to state.
Australia’s total population growth over the last five years has been 8381.00 This means that HOPE ISLAND, 4212’s growth of 3085 people is well above the mean for the country as a whole.
HOPE ISLAND, 4212 has seen a substantial increase in the amount of mortgage repayment the median home owner makes every month. Between 2006 and 2011 mortgage brokers have seen the median housing loan repayment increase from $1,995 to $2,650.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in HOPE ISLAND, 4212 should have seen some difference. While the latest census median annual household figure income is now $80,236, it was $69,903 back in 2006, which is a net increase of $10,332 Subtract from that the median mortgage repayment increase of $7,860 and a mortgage broker’s clients could be up to $2,472 better off each year even without factoring in mortgage rate cuts.