If you were to buy a house locally at the current median price of $625,000 and had 10% deposit, then you would need a mortgage for $562,500. This is quite a large mortgage compared to state.
The average suburb population growth in VIC has been 4149.07% since 2006, so the 6632.00% population change in MONTROSE 3765 is above average.
MONTROSE 3765 homeowners are paying around 41.82% 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 MONTROSE, 3765 should have seen some difference. While the latest census median annual household figure income is now $72,228, it was $61,115 back in 2006, which is a net increase of $11,112 Subtract from that the median mortgage repayment increase of $6,132 and a mortgage broker’s clients could be up to $4,980 better off each year even without factoring in mortgage rate cuts.