If you were to buy a house locally at the current median price of $1,042,500 and had 10% deposit, then you would need a mortgage for $938,250. This is a very large mortgage compared to state.
With a net change of 814 people, PARADISE POINT 4216 has grown considerably when compared to other suburbs in QLD.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,297 which is $564 more every month. As a percentage rise, this makes PARADISE POINT, 4216 the number 683th 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 PARADISE POINT, 4216 should have seen some difference. While the latest census median annual household figure income is now $60,476, it was $49,987 back in 2006, which is a net increase of $10,488 Subtract from that the median mortgage repayment increase of $6,768 and a mortgage broker’s clients could be up to $3,720 better off each year even without factoring in mortgage rate cuts.