If you were to buy a house locally at the current median price of $1,020,000 and had 10% deposit, then you would need a mortgage for $918,000. This is a very large mortgage compared to state.
Between 2005 and 2011 the population of FOREST HILL, 3131 grew an average of 147.20 people each year. This figure of 1990.20% per annum means FOREST HILL is one of the fastest growing suburbs in VIC.
FOREST HILL 3131 homeowners are paying around 38.46% more than they were at the time of the 2006 census. This means local mortgage brokers’ clients are having to pay about the same as the median average increase of VIC which is 35.71%.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in FOREST HILL, 3131 should have seen some difference. While the latest census median annual household figure income is now $58,136, it was $52,639 back in 2006, which is a net increase of $5,496 Subtract from that the median mortgage repayment increase of $6,000 and a mortgage broker’s clients could be up to $-503 better off each year even without factoring in mortgage rate cuts.