Mortgage repayments on the rise

Mortgage repayments on the rise

Posted on Tuesday, November 19 2013 at 3:21 PM

Median monthly mortgage repayments in Australia climbed by 38.5 per cent in the period between 2006 and 2011, from $1300 to $1800.

But in a surprise trend, data released by the Australian
Bureau of Statistics (ABS) today shows that the fastest growing mortgage costs
were seen in areas outside major capital cities.

Between 2006 and 2011, mortgage costs increased more than
wages. The median weekly household income grew by 20.2 per cent in that period,
compared to an increase of 38.5 per cent in mortgage repayments.

The Sydney suburb of Woollahra has the most expensive median
monthly mortgage repayments at $3250.

The fastest increase was recorded in
Ashburton in Western Australia, where median monthly repayments increased by a staggering
278.6 per cent.

ABS director of rural and regional statistics, Lisa Conolly,
says analysing growth in regional areas is complex due to a range of factors
influencing mortgage costs.

“Regions such as Ashburton
and Port Hedland in WA have experienced high population growth and turnover,
meaning there would be increased demand for housing and possibly new homeowners
with new mortgages,” Conolly says.


Source: Australian Bureau of Statistics

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