Nationally house prices have risen pretty constantly, which means that mortgages are getting bigger. The median house price in ULTIMO, 2007 is already $1,650,000, which makes it the number 153th in NSW on a list ordered by most expensive. Make sure that you get good ULTIMO mortgage broker to look for the best deal.
NSW has seen an average of 3164.30% rowth over the last 5 years. This means that with well above the state figure, ULTIMO, 2007 figure of 1560 represents a 7011.00% change.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,280 which is $376 more every month. As a percentage rise, this makes ULTIMO, 2007 the number 698th 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 ULTIMO, 2007 should have seen some difference. While the latest census median annual household figure income is now $57,096, it was $48,770 back in 2006, which is a net increase of $8,325 Subtract from that the median mortgage repayment increase of $4,518 and a mortgage broker’s clients could be up to $3,807 better off each year even without factoring in mortgage rate cuts.