If you were to buy a house locally at the current median price of $1,215,000 and had 10% deposit, then you would need a mortgage for $1,093,500. This is quite a large mortgage compared to state.
Between 2005 and 2011 the population of COMO, 2226 grew an average of 11.00 people each year. This figure of 737.80% per annum means COMO is one of the more rapidly growing suburbs in NSW.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,600 which is $650 more every month. As a percentage rise, this makes COMO, 2226 the number 243th 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 COMO, 2226 should have seen some difference. While the latest census median annual household figure income is now $117,208, it was $86,741 back in 2006, which is a net increase of $30,466 Subtract from that the median mortgage repayment increase of $7,800 and a mortgage broker’s clients could be up to $22,666 better off each year even without factoring in mortgage rate cuts.