If you were to buy a house locally at the current median price of $192,500 and had 10% deposit, then you would need a mortgage for $173,250. This is relatively small mortgage compared to state.
Between 2005 and 2011 the population of MELROSE, 5483 grew an average of -4.80 people each year. This figure of 61.20% per annum means MELROSE is one of the below average growth suburbs in SA.
In SA the median mortgage repayment has increased from $994 to $1,395 which is $395 more than the median monthly home loan repayment in MELROSE, SA.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in MELROSE, 5483 should have seen some difference. While the latest census median annual household figure income is now $39,572, it was $33,332 back in 2006, which is a net increase of $6,240 Subtract from that the median mortgage repayment increase of $5,892 and a mortgage broker’s clients could be up to $348 better off each year even without factoring in mortgage rate cuts.