If you were to buy a house locally at the current median price of $2,226,250 and had 10% deposit, then you would need a mortgage for $2,003,625. 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, DRUMMOYNE, 2047 figure of 991 represents a 11277.00% change.
DRUMMOYNE 2047 homeowners are paying around 15.82% more than they were at the time of the 2006 census. This means local mortgage brokers’ clients are having to pay much less than the median average increase of NSW which is 29.63%.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in DRUMMOYNE, 2047 should have seen some difference. While the latest census median annual household figure income is now $111,696, it was $89,741 back in 2006, which is a net increase of $21,954 Subtract from that the median mortgage repayment increase of $4,524 and a mortgage broker’s clients could be up to $17,430 better off each year even without factoring in mortgage rate cuts.