If you were to buy a house locally at the current median price of $775,000 and had 10% deposit, then you would need a mortgage for $697,500. This is quite a large mortgage compared to state.
WATSONIA, 3087 is number 1288th in a list of the country’s fastest growing suburbs, and number 318th in State. It has had an average population growth of 47.80 over the period between the last two national censuses.
WATSONIA 3087 homeowners are paying around 34.45% 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 WATSONIA, 3087 should have seen some difference. While the latest census median annual household figure income is now $60,840, it was $49,899 back in 2006, which is a net increase of $10,940 Subtract from that the median mortgage repayment increase of $5,328 and a mortgage broker’s clients could be up to $5,612 better off each year even without factoring in mortgage rate cuts.