If you were to buy a house locally at the current median price of $420,000 and had 10% deposit, then you would need a mortgage for $378,000. This is an average sized mortgage compared to state.
MOUNT BARKER, 5251 is number 334th in a list of the country’s fastest growing suburbs, and number 10th in State. It has had an average population growth of 310.20 over the period between the last two national censuses.
MOUNT BARKER 5251 homeowners are paying around 41.55% 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 SA which is 43.56%.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in MOUNT BARKER, 5251 should have seen some difference. While the latest census median annual household figure income is now $57,304, it was $47,824 back in 2006, which is a net increase of $9,479 Subtract from that the median mortgage repayment increase of $5,724 and a mortgage broker’s clients could be up to $3,755 better off each year even without factoring in mortgage rate cuts.