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) on the 19th of November 21013 shows that the fastest growing mortgage costs were seen in areas outside major capital cities.
Between 2006 and 2011, home loan repayments 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 home loan repayments, which may lead to more home owners seeking to refinance for a better deal.
The Sydney suburb of Woollahra has the most expensive median monthly repayments at $3250.
The fastest increase was recorded in Ashburton in Western Australia, where median monthly mortgage repayments increased by a staggering 278.6 per cent.
ABS director of rural and regional statistics, Lisa Conolly, says analysing growth in regional areas is complex due to a range of factors influencing mortgage costs.
“Regions such as Ashburton and Port Hedland in WA have experienced high population growth and turnover, meaning there would be increased demand for housing and possibly new homeowners with new mortgages,” Conolly says.
FASTEST GROWING MORTGAGE REPAYMENTS INCREASES WITHIN EACH STATE/TERRITORY(a)
Local Government Area |
Median Mortgage Repayment
|
Change
|
|
2006
($/month) |
2011
($/month) |
(%)
|
|
Western Australia | |||
Ashburton |
252
|
954
|
278.6
|
Port Hedland |
1 083
|
2 600
|
140.1
|
Derby – West Kimberley |
900
|
1 842
|
104.7
|
Northern Territory | |||
Victoria-Daly |
370
|
834
|
125.4
|
Queensland | |||
Blackall Tambo |
499
|
953
|
91.0
|
Mount Isa |
1 083
|
2 000
|
84.7
|
Winton |
500
|
921
|
84.2
|
South Australia | |||
Roxby Downs |
1 300
|
2 323
|
78.7
|
Whyalla |
737
|
1 300
|
76.4
|
Tasmania | |||
George Town |
700
|
1 200
|
71.4
|
Southern Midlands |
693
|
1 183
|
70.7
|
New South Wales | |||
Hay |
650
|
1 083
|
66.6
|
Gunnedah |
867
|
1 300
|
49.9
|
Victoria | |||
East Gippsland |
867
|
1 296
|
49.5
|
Surf Coast |
1 218
|
1 800
|
47.8
|
|
(a) There are no LGAs in the Australian Capital Territory
FASTEST GROWING MORTGAGE REPAYMENTS INCREASES WITHIN EACH STATE/TERRITORY (a) Source: Australian Bureau of Statistics