If you were to buy a house locally at the current median price of $795,000 and had 10% deposit, then you would need a mortgage for $715,500. This is a very large mortgage compared to state.
Between 2005 and 2011 the population of MANLY, 4179 grew an average of -22.60 people each year. This figure of 720.20% per annum means MANLY is one of the more rapidly growing suburbs in QLD.
MANLY, 4179 has seen a substantial increase in the amount of mortgage repayment the median home owner makes every month. Between 2006 and 2011 mortgage brokers have seen the median housing loan repayment increase from $1,600 to $2,167.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in MANLY, 4179 should have seen some difference. While the latest census median annual household figure income is now $73,268, it was $52,416 back in 2006, which is a net increase of $20,852 Subtract from that the median mortgage repayment increase of $6,804 and a mortgage broker’s clients could be up to $14,048 better off each year even without factoring in mortgage rate cuts.