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Staff Reporter
New data reveals median monthly mortgage repayments in Australia have risen by 38.5 per cent between 2006 and 2011, increasing from $1,300 to $1,800 per month.
The Australian Bureau of Statistics (ABS) has found that between 2006 and 2011 mortgage costs have increased to a rate that is almost double the average income.
ABS director of rural and regional statistics Lisa Conolly said: "The median weekly household income increased by 20.2 per cent, compared to an increase of 38.5 per cent in mortgage repayments."
The most expensive mortgage repayment of all Local Government Areas (LGAs) in Australia in 2011 was Woollahra, in Sydney's eastern suburbs, with a median monthly mortgage repayment of $3,250, compared to the rest of New South Wales at $1,933. Eight of the top 10 suburbs with Australia's highest mortgage repayments were in Sydney.
The fastest increase in a median monthly mortgage repayment was recorded in Ashburton in Western Australia, which increased by 278.6 per cent compared to 2006.
Ms Conolly said analysing the growth in median mortgage repayments in regions was complex. This was due to the range of factors that influenced how mortgage costs in regions changed, including local economic circumstances, regional housing supply and demand, the age of the mortgages and the stage of life of the local population.
"Regions, such as Ashburton and Port Hedland in Western Australia have experienced high population growth and turnover, meaning there would be increased demand for housing in these regions, and possibly new homeowners with new mortgages," said Ms Conolly.
Australia’s highest mortgage repayments are found in the following areas:
- Woollahra – $3,250
- Manly – $3,033
- Mosman – $3,033
- Hunters Hill – $3,000
- Ku-ring-gai – $3,000
- Leichhardt – $3,000
- Pittwater – $3,000
- Waverley – $3,000
- Cottesloe (WA) – $3,000
- Nedlands (WA) – $3,000
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