If you were to buy a house locally at the current median price of $664,500 and had 10% deposit, then you would need a mortgage for $598,050. This is an average sized mortgage compared to state.
PICTON 2571 has seen steady growth in it’s population over the last five years.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,167 which is $434 more every month. As a percentage rise, this makes PICTON, 2571 the number 846th 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 PICTON, 2571 should have seen some difference. While the latest census median annual household figure income is now $77,376, it was $61,620 back in 2006, which is a net increase of $15,756 Subtract from that the median mortgage repayment increase of $5,208 and a mortgage broker’s clients could be up to $10,548 better off each year even without factoring in mortgage rate cuts.