If you were to buy a house locally at the current median price of $1,450,500 and had 10% deposit, then you would need a mortgage for $1,305,450. This is a very large mortgage compared to state.
NSW has seen an average of 3164.30% rowth over the last 5 years. This means that with well above the state figure, BOTANY, 2019 figure of 1429 represents a 8784.00% change.
Across the nation mortgage brokers have seen home loan repayments rise from census to census. Mortgage repayments in BOTANY, 2019 rank at number 1144th in State or 4405th nationally when listed in order of median monthly mortgage payment.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in BOTANY, 2019 should have seen some difference. While the latest census median annual household figure income is now $84,656, it was $61,947 back in 2006, which is a net increase of $22,708 Subtract from that the median mortgage repayment increase of $4,152 and a mortgage broker’s clients could be up to $18,556 better off each year even without factoring in mortgage rate cuts.