If you were to buy a house locally at the current median price of $449,000 and had 10% deposit, then you would need a mortgage for $404,100. This is an average sized mortgage compared to state.
Across the whole country SOMERVILLE,3912 is number 409th fastest growing suburb by population growth, and 153th in State. Its population grew by 697 people over the last five years.
In VIC the median mortgage repayment has increased from $1,111 to $1,477 which is $-129 less than the median monthly home loan repayment in SOMERVILLE, VIC.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in SOMERVILLE, 3912 should have seen some difference. While the latest census median annual household figure income is now $66,924, it was $56,893 back in 2006, which is a net increase of $10,030 Subtract from that the median mortgage repayment increase of $4,716 and a mortgage broker’s clients could be up to $5,314 better off each year even without factoring in mortgage rate cuts.