If you were to buy a house locally at the current median price of $1,100,000 and had 10% deposit, then you would need a mortgage for $990,000. This is a very large mortgage compared to state.
Australia’s total population growth over the last five years has been 2187.00 This means that ESSENDON NORTH, 3041’s growth of 271 people is considerably above the mean for the country as a whole.
With a median housing loan repayment of $1,950 a month, ESSENDON NORTH , 3041 mortgage brokers are seeing mortgage holders paying $592 more than 2006.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in ESSENDON NORTH, 3041 should have seen some difference. While the latest census median annual household figure income is now $66,040, it was $53,742 back in 2006, which is a net increase of $12,298 Subtract from that the median mortgage repayment increase of $7,110 and a mortgage broker’s clients could be up to $5,188 better off each year even without factoring in mortgage rate cuts.