If you were to buy a house locally at the current median price of $872,500 and had 10% deposit, then you would need a mortgage for $785,250. This is a very large mortgage compared to state.
Australia’s total population growth over the last five years has been 5446.00 This means that RED HILL, 4059’s growth of 143 people is well above the mean for the country as a whole.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,500 which is $548 more every month. As a percentage rise, this makes RED HILL, 4059 the number 363th 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 RED HILL, 4059 should have seen some difference. While the latest census median annual household figure income is now $99,268, it was $69,721 back in 2006, which is a net increase of $29,546 Subtract from that the median mortgage repayment increase of $6,582 and a mortgage broker’s clients could be up to $22,964 better off each year even without factoring in mortgage rate cuts.