If you were to buy a house locally at the current median price of $561,001 and had 10% deposit, then you would need a mortgage for $504,900. This is an average sized mortgage compared to state.
The average suburb population growth in VIC has been 4149.07% since 2006, so the 30417.00% population change in MILL PARK 3082 is well above average.
MILL PARK 3082 homeowners are paying around 33.33% 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 MILL PARK, 3082 should have seen some difference. While the latest census median annual household figure income is now $71,084, it was $59,503 back in 2006, which is a net increase of $11,580 Subtract from that the median mortgage repayment increase of $4,800 and a mortgage broker’s clients could be up to $6,780 better off each year even without factoring in mortgage rate cuts.