If you were to buy a house locally at the current median price of $765,500 and had 10% deposit, then you would need a mortgage for $688,950. This is quite a large mortgage compared to state.
Between 2005 and 2011 the population of GOWANBRAE, 3043 grew an average of 170.80 people each year. This figure of 529.00% per annum means GOWANBRAE is one of the more rapidly growing suburbs in VIC.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,080 which is $396 more every month. As a percentage rise, this makes GOWANBRAE, 3043 the number 1325th 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 GOWANBRAE, 3043 should have seen some difference. While the latest census median annual household figure income is now $78,104, it was $76,689 back in 2006, which is a net increase of $1,414 Subtract from that the median mortgage repayment increase of $4,758 and a mortgage broker’s clients could be up to $-3,343 better off each year even without factoring in mortgage rate cuts.