We are pretty close to average, at 350K. We also have average household income. I use both of these Facts when bleating to politicians in the hope it will make them more likely to listen to me, as an "average" Australian.
We are pretty close to average, at 350K. We also have average household income. I use both of these Facts when bleating to politicians in the hope it will make them more likely to listen to me, as an "average" Australian.
Not sure if to thank you for introducing the ABS website - I could waste alot of time on that. It lets you review the figures by suburb - so for your area you might not be delusional Zazou.:
There are lots of other stats on there which may or may not depress you number of cars per household, number of different housing types, number of families etc.
For those interested in the Melb and Sydney comparisons
Median monthly mortgage repayments $2,169 (Sydney Significant Urban Areas) from ABS 2011 Census
Median monthly mortgage repayments $1,820 (Vic Major Urban - basically greater Melbourne + Geelong) from ABS 2011 Census
What scares me is that we could on both our incomes (once DH is building again) get a pretty huge mortgage, we have no debt other than an investment property that is rented out, and that mortgage is small (under 250) and pays itself, but that is it, no credit cards, personal loans etc. and we make decent money when both working full time, but my parents lived through recession and 18% interest rates and that scares me. Yes I know it goes in cycles etc. but even a 1 or 2% interest rate rise on a 500k mortgage is crazy town!!! Imagine 3,4 or 5% up from now on that amount :o
Average monthly mortgage repayment in our postcode is $2500/month. There are quite a lot of retired people who don't pay mortgages. I guess the GG and PM don't pay mortgages either or the embassies... Do they include Ambassadors etc in the census?
I can't imagine being in that much debt either, I seriously couldn't sleep at night. And yeah I've heard all the recession stories from parents/grandparents which is probably part of the reason I could never see myself getting into that much debt. The banks were willing to lend us an insane amount of money when we went to get a home loan preapproval for this house and I just laughed out loud and said no way, think he was a bit shocked lol! My expectations on the average mortgage were the same as yours.:
No.:
There might be a problem with using monthly mortgage payments as a measure for comparison because one loan may be structured over a ten year period & another may be structured over 25 or even 35 years, obviously that would change the repayment amounts significantly.
Just reading this again. If its just the average mortgage that seems fair enough. Some have mortgages, some don't. If its the average per household (and lots aren't paying), then those who do have mortgages must have massive ones lol.:
The median household income is $2,581/week so I guess the average household is capable of serving the average mortgage.
Good to know our repayments are less than the average, at a little over $2k a month.
The median rent in our area is higher than our mortgage, so I'm happy we finally bought a home!
Wow where are you? My area the median rent is only just over half median mortgage repayments. In UK is the norm for rent to be more than mortgage (and people do still have investment properties) but here seems to average about 2/3 or less of mortgage. (Negative gearing is a big contribuor to housing affordability particularly in inner suburbs in my opinion):
I'm pretty sure that if they were averaging mortgage repayments they don't take into account people who no longer have mortgages - ie 10 people, 2 have paid off mortgage, the average is based on the 8 remaining, otherwise it's not realistic.
Embassies/diplomatic residences are not included within the census figures. GG and PM should however, if they are staying there that night, alhough I'm thinking there's no mortgage on those properties!
Also, I can't remember if the question in the census is based on what you actually pay versus what the minimum repayment is - we pay more than twice our minimum payment so we get through it much faster, but if people just looked at how much our mortgage repayment was it would look like we had a massive mortgage, whereas it was just average (but now nice and small).
Perth NOR, 11kms from CBD. We saved a good deposit, I'm saying if we didn't do that and buy, we'd be paying $500 weekly rent.:
But the vacancy rate in Perth is shocking. Agents are turning away prospective tenants at viewings because literally 100's of people are turning up, offering $100, even $200 more than asking just to have somewhere to live.
Ill have that!!!!!!!! Our income is half that:
Wow, our mortgage repayments are about $1800 per fortnight! But when we bought our house (in 2007) people would turn up to an open house and put in an offer, it was almost impossible to buy a house for under $500,000. Compared to everyone here I'd say our mortgage is big, but compared to lots of our friends and colleagues it's not that large.
Same here OLP. What we could do with $2500 a week... Jeebus.
Far more interesting on the ABS site is the stat of how many households have a mortgage repayment of more than 30% of household income, I wonder how that compares with the last census - I suspect more people are going over 30% in 2011 than previously.
2500 a week sounds alot guaranteed but according to figures still is a quarter of their income - with quarter of income going on mortgage seeming fairly standard across the board.
We bought nearly 4 years ago, outer suburbs of Melbourne's west. Established - 30yr home, recently renovated, 4 bdrms, 2 bthrms, 3 toilets, 2 car garage on 700sq block. We since added ducted heating, house already had cooling.
$280k.
There was no way at the time I was going to let us have more than 300k mortgage.
I worked in a bank at the time, and saw so many not cope with repayments. People need to assess their lifestyle for before and after buying a house. I have friends who have bought closer to city (don't work there) bigger mortgage, now need to renovate to add rooms as they have had children. They kept telling me before we bought oh it's about being close to the city. When generally once you move in you hardly eat out anymore!
We fixed a portion, as we wanted to know how much each month. May do the same when its unlocked, one of the tasks to to while on mat leave - research loans!!