If you were to buy a house locally at the current median price of $2,132,500 and had 10% deposit, then you would need a mortgage for $1,919,250. This is a very large mortgage compared to state.
The average suburb population growth in VIC has been 4149.07% since 2006, so the 14453.00% population change in CAULFIELD NORTH 3161 is well above average.
CAULFIELD NORTH, 3161 has seen a substantial increase in the amount of mortgage repayment the median home owner makes every month. Between 2006 and 2011 mortgage brokers have seen the median housing loan repayment increase from $1,800 to $2,210.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in CAULFIELD NORTH, 3161 should have seen some difference. While the latest census median annual household figure income is now $90,220, it was $63,003 back in 2006, which is a net increase of $27,216 Subtract from that the median mortgage repayment increase of $4,920 and a mortgage broker’s clients could be up to $22,296 better off each year even without factoring in mortgage rate cuts.