If you were to buy a house locally at the current median price of $1,390,000 and had 10% deposit, then you would need a mortgage for $1,251,000. This is a very large mortgage compared to state.
Between 2005 and 2011 the population of BLACKBURN, 3130 grew an average of 167.40 people each year. This figure of 2539.00% per annum means BLACKBURN is one of the fastest growing suburbs in VIC.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,000 which is $548 more every month. As a percentage rise, this makes BLACKBURN, 3130 the number 1453th 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 BLACKBURN, 3130 should have seen some difference. While the latest census median annual household figure income is now $78,416, it was $60,907 back in 2006, which is a net increase of $17,508 Subtract from that the median mortgage repayment increase of $6,576 and a mortgage broker’s clients could be up to $10,932 better off each year even without factoring in mortgage rate cuts.