If you were to buy a house locally at the current median price of $572,500 and had 10% deposit, then you would need a mortgage for $515,250. This is quite a large mortgage compared to state.
NOVAR GARDENS, 5040 is number 2496th in a list of the country’s fastest growing suburbs, and number 240th in State. It has had an average population growth of -11.20 over the period between the last two national censuses.
NOVAR GARDENS 5040 homeowners are paying around 25.00% more than they were at the time of the 2006 census. This means local mortgage brokers’ clients are having to pay less than 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 NOVAR GARDENS, 5040 should have seen some difference. While the latest census median annual household figure income is now $51,168, it was $52,436 back in 2006, which is a net increase of $-1,268 Subtract from that the median mortgage repayment increase of $3,600 and a mortgage broker’s clients could be up to $-4,868 better off each year even without factoring in mortgage rate cuts.