If you were to buy a house locally at the current median price of $3,250,000 and had 10% deposit, then you would need a mortgage for $2,925,000. This is a very large mortgage compared to state.
Between 2005 and 2011 the population of CLOVELLY, 2031 grew an average of 30.80 people each year. This figure of 896.00% per annum means CLOVELLY is one of the more rapidly growing suburbs in NSW.
Mortgage payments in CLOVELLY , 2031 have increased by $798 over the 5-year census period.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in CLOVELLY, 2031 should have seen some difference. While the latest census median annual household figure income is now $131,508, it was $92,700 back in 2006, which is a net increase of $38,807 Subtract from that the median mortgage repayment increase of $9,576 and a mortgage broker’s clients could be up to $29,231 better off each year even without factoring in mortgage rate cuts.