If you were to buy a house locally at the current median price of $1,286,250 and had 10% deposit, then you would need a mortgage for $1,157,625. This is a very large mortgage compared to state.
With a net change of 600 people, NEWTOWN 2042 has grown considerably when compared to other suburbs in NSW.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,600 which is $472 more every month. As a percentage rise, this makes NEWTOWN, 2042 the number 243th 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 NEWTOWN, 2042 should have seen some difference. While the latest census median annual household figure income is now $91,156, it was $72,493 back in 2006, which is a net increase of $18,662 Subtract from that the median mortgage repayment increase of $5,664 and a mortgage broker’s clients could be up to $12,998 better off each year even without factoring in mortgage rate cuts.