Nationally house prices have risen pretty constantly, which means that mortgages are getting bigger. The median house price in REDFERN, 2016 is already $1,367,500, which makes it the number 222th in NSW on a list ordered by most expensive. Make sure that you get good REDFERN mortgage broker to look for the best deal.
Between 2005 and 2011 the population of REDFERN, 2016 grew an average of 110.40 people each year. This figure of 2386.80% per annum means REDFERN is one of the fastest growing suburbs in NSW.
REDFERN 2016 homeowners are paying around 25.10% 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 NSW which is 29.63%.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in REDFERN, 2016 should have seen some difference. While the latest census median annual household figure income is now $75,244, it was $56,310 back in 2006, which is a net increase of $18,933 Subtract from that the median mortgage repayment increase of $6,072 and a mortgage broker’s clients could be up to $12,861 better off each year even without factoring in mortgage rate cuts.