If you were to buy a house locally at the current median price of $633,000 and had 10% deposit, then you would need a mortgage for $569,700. This is quite a large mortgage compared to state.
With a net change of 6 people, WEST LAKES SHORE 5020 has has shrunk when compared to other suburbs in SA.
WEST LAKES SHORE 5020 homeowners are paying around 44.42% more than they were at the time of the 2006 census. This means local mortgage brokers’ clients are having to pay more than the median average increase of SA which is 43.56%.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in WEST LAKES SHORE, 5020 should have seen some difference. While the latest census median annual household figure income is now $67,652, it was $58,250 back in 2006, which is a net increase of $9,401 Subtract from that the median mortgage repayment increase of $6,396 and a mortgage broker’s clients could be up to $3,005 better off each year even without factoring in mortgage rate cuts.