If you were to buy a house locally at the current median price of $687,500 and had 10% deposit, then you would need a mortgage for $618,750. This is quite a large mortgage compared to state.
Between 2005 and 2011 the population of SPRINGVALE, 3171 grew an average of 268.20 people each year. This figure of 3934.00% per annum means SPRINGVALE is one of the fastest growing suburbs in VIC.
With a median housing loan repayment of $1,500 a month, SPRINGVALE , 3171 mortgage brokers are seeing mortgage holders paying $417 more than 2006.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in SPRINGVALE, 3171 should have seen some difference. While the latest census median annual household figure income is now $45,968, it was $36,160 back in 2006, which is a net increase of $9,807 Subtract from that the median mortgage repayment increase of $5,004 and a mortgage broker’s clients could be up to $4,803 better off each year even without factoring in mortgage rate cuts.