Sydney Mortgages Higher Than London or New York
#1
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Sydney Mortgages Higher Than London or New York
http://www.news.com.au/money/propert...mpact+news_rss
Wow, I knew Sydney was expensive but spending 3/4 of your income on your mortgage hardly leaves a lot for other bills let alone anything else .
SYDNEYSIDERS spend more on their mortgage than families in London and even New York.
A survey of global cities put Sydney at the top when it came to the percentage of income spent on mortgages.
The median Sydney house price is $626,444, with mortgage repayments of $4123 a month - three quarters the average monthly income.
Read more: http://www.news.com.au/money/propert...#ixzz11oOXPqHh
A survey of global cities put Sydney at the top when it came to the percentage of income spent on mortgages.
The median Sydney house price is $626,444, with mortgage repayments of $4123 a month - three quarters the average monthly income.
Read more: http://www.news.com.au/money/propert...#ixzz11oOXPqHh
#2
And YOU'RE paying for it!
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Re: Sydney Mortgages Higher Than London or New York
But the Sydney average wage is higher than the Australian average wage...and the people earning the lowest or no wages don't have mortgages.
#5
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Re: Sydney Mortgages Higher Than London or New York
Although some houses prices are very high, the actual average new mortgage figures, show a different story regarding real repayment ratios.
The average new mortgage is closer to $310,000 with repayments of $2,157 per month.
The average mortgage holder is full time employed, and has a working partner, but often only part time.
The average NSW Full time Male wage is $6,158 per month, so the average mortgage repayment is closer to 35% of a SINGLE wage.
If both are working, with one part time, that ratio could come down to 20% -25%.
The average new mortgage is closer to $310,000 with repayments of $2,157 per month.
The average mortgage holder is full time employed, and has a working partner, but often only part time.
The average NSW Full time Male wage is $6,158 per month, so the average mortgage repayment is closer to 35% of a SINGLE wage.
If both are working, with one part time, that ratio could come down to 20% -25%.
#6
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Re: Sydney Mortgages Higher Than London or New York
The average new mortgage is closer to $310,000 with repayments of $2,157 per month.
The average mortgage holder is full time employed, and has a working partner, but often only part time.
The average NSW Full time Male wage is $6,158 per month, so the average mortgage repayment is closer to 35% of a SINGLE wage.
The average mortgage holder is full time employed, and has a working partner, but often only part time.
The average NSW Full time Male wage is $6,158 per month, so the average mortgage repayment is closer to 35% of a SINGLE wage.
- people who aren't average
- houses that aren't average cost
- people who are average, but not living in an average cost house
- people who aren't average, but are living in an average cost house
#7
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Re: Sydney Mortgages Higher Than London or New York
Less than 20,000 FHBs nationally? Looks a bit low.
Why are you only quoting March and June statistics btw?
Why are you only quoting March and June statistics btw?
Last edited by Steve2009; Oct 9th 2010 at 1:07 am.
#8
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Re: Sydney Mortgages Higher Than London or New York
Because I don't have the September Qtr figures ready yet, the Australian Bureau of Statistics will release that one in early November.
But if you want more...
But if you want more...
Average Existing Mortgages in each Australian State
NSW
In New South Wales, the average Home Loan in April 1979 was $25,400 In April 1989 it was $85,400, an increase of 218.1% over the previous 10 years. In April 1999 it was $158,500 an increase of 96.16% over the previous 10 years. In April 2009 it has become $283,300 an increase of 78.74% over the previous 10 years.
The NSW increase from 1979 to 2009 has been 1015.4%. This works out at an average annual rate of 8.4%
VIC
In Victoria, the average Home Loan in April 1979 was $24,300.
In April 1989 it was $68,400, an increase of 181.48% over the previous 10 years.
In April 1999 it was $123,500, an increase of 80.56% over the previous 10 years.
In April 2009 it has become $249,000, an increase of 101.62% over the previous 10 years.
The Victoria increase from 1979 to 2009 has been 924.7%. This works out at an average annual rate of 8.05%
QLD
In Queensland, the average Home Loan in April 1979 was $21,700.
In April 1989 it was $51,900, an increase of 139.17% over the previous 10 years.
In April 1999 it was $116,700, an increase of 124.86% over the previous 10 years.
In April 2009 it has become $270,800, an increase of 132.05% over the previous 10 years.
The Queensland increase from 1979 to 2009 has been 1147.9%. This works out at an average annual rate of 8.8%
WA
In Western Australia, the average Home Loan in April 1979 was $23,900.
In April 1989 it was $54,500, an increase of 128.03% over the previous 10 years.
In April 1999 it was $115,900, an increase of 112.66% over the previous 10 years.
In April 2009 it has become $282,800, an increase of 144.00% over the previous 10 years.
The Western Australia increase from 1979 to 2009 has been 1083.3%. This works out at an average annual rate of 8.6%
ACT
In the Australian Capital Territory, the average Home Loan in April 1979 was $23,300.
In April 1989 it was $59,400, an increase of 154.94% over the previous 10 years.
In April 1999 it was $130,900, an increase of 120.37% over the previous 10 years.
In April 2009 it has become $261,900, an increase of 100.08% over the previous 10 years.
The ACT increase from 1979 to 2009 has been 1024.0%. This works out at an average annual rate of 8.4%
SA
In South Australia, the average Home Loan in April 1979 was $23,600.
In April 1989 it was $53,100, an increase of 125.00% over the previous 10 years.
In April 1999 it was $91,900, an increase of 73.07% over the previous 10 years.
In April 2009 it has become $214,800, an increase of 133.73% over the previous 10 years.
The South Australian increase from 1979 to 2009 has been 810.2%. This works out at an average annual rate of 7.65%
TAS
In Tasmania, the average Home Loan in April 1979 was $21,200.
In April 1989 it was $39,500, an increase of 86.32% over the previous 10 years.
In April 1999 it was $83,900, an increase of 112.41% over the previous 10 years.
In April 2009 it has become $191,700, an increase of 128.49% over the previous 10 years.
The Tasmanian increase from 1979 to 2009 has been 804.2%. This works out at an average annual rate of 7.6%
NT
In The Northern Territory, the average Home Loan in April 1979 was $20,700.
In April 1989 it was $58,200, an increase of 181.16% over the previous 10 years.
In April 1999 it was $108,000, an increase of 85.57% over the previous 10 years.
In April 2009 it has become $275,700, an increase of 155.28% over the previous 10 years.
The Northern Territory increase from 1979 to 2009 has been 1231.9%. This works out at an average annual rate of 9.0%
NSW
In New South Wales, the average Home Loan in April 1979 was $25,400 In April 1989 it was $85,400, an increase of 218.1% over the previous 10 years. In April 1999 it was $158,500 an increase of 96.16% over the previous 10 years. In April 2009 it has become $283,300 an increase of 78.74% over the previous 10 years.
The NSW increase from 1979 to 2009 has been 1015.4%. This works out at an average annual rate of 8.4%
VIC
In Victoria, the average Home Loan in April 1979 was $24,300.
In April 1989 it was $68,400, an increase of 181.48% over the previous 10 years.
In April 1999 it was $123,500, an increase of 80.56% over the previous 10 years.
In April 2009 it has become $249,000, an increase of 101.62% over the previous 10 years.
The Victoria increase from 1979 to 2009 has been 924.7%. This works out at an average annual rate of 8.05%
QLD
In Queensland, the average Home Loan in April 1979 was $21,700.
In April 1989 it was $51,900, an increase of 139.17% over the previous 10 years.
In April 1999 it was $116,700, an increase of 124.86% over the previous 10 years.
In April 2009 it has become $270,800, an increase of 132.05% over the previous 10 years.
The Queensland increase from 1979 to 2009 has been 1147.9%. This works out at an average annual rate of 8.8%
WA
In Western Australia, the average Home Loan in April 1979 was $23,900.
In April 1989 it was $54,500, an increase of 128.03% over the previous 10 years.
In April 1999 it was $115,900, an increase of 112.66% over the previous 10 years.
In April 2009 it has become $282,800, an increase of 144.00% over the previous 10 years.
The Western Australia increase from 1979 to 2009 has been 1083.3%. This works out at an average annual rate of 8.6%
ACT
In the Australian Capital Territory, the average Home Loan in April 1979 was $23,300.
In April 1989 it was $59,400, an increase of 154.94% over the previous 10 years.
In April 1999 it was $130,900, an increase of 120.37% over the previous 10 years.
In April 2009 it has become $261,900, an increase of 100.08% over the previous 10 years.
The ACT increase from 1979 to 2009 has been 1024.0%. This works out at an average annual rate of 8.4%
SA
In South Australia, the average Home Loan in April 1979 was $23,600.
In April 1989 it was $53,100, an increase of 125.00% over the previous 10 years.
In April 1999 it was $91,900, an increase of 73.07% over the previous 10 years.
In April 2009 it has become $214,800, an increase of 133.73% over the previous 10 years.
The South Australian increase from 1979 to 2009 has been 810.2%. This works out at an average annual rate of 7.65%
TAS
In Tasmania, the average Home Loan in April 1979 was $21,200.
In April 1989 it was $39,500, an increase of 86.32% over the previous 10 years.
In April 1999 it was $83,900, an increase of 112.41% over the previous 10 years.
In April 2009 it has become $191,700, an increase of 128.49% over the previous 10 years.
The Tasmanian increase from 1979 to 2009 has been 804.2%. This works out at an average annual rate of 7.6%
NT
In The Northern Territory, the average Home Loan in April 1979 was $20,700.
In April 1989 it was $58,200, an increase of 181.16% over the previous 10 years.
In April 1999 it was $108,000, an increase of 85.57% over the previous 10 years.
In April 2009 it has become $275,700, an increase of 155.28% over the previous 10 years.
The Northern Territory increase from 1979 to 2009 has been 1231.9%. This works out at an average annual rate of 9.0%
In January 2010, 33.7% of mortgages were to Property Investors, 12.9% to First time buyers and 36.2% for refinancing purposes.
#11
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Re: Sydney Mortgages Higher Than London or New York
A quarter is three months btw. You should really by rights source your statistics btw. I'm assuming those are from the ABS and you have a link? There are spreadsheets available there too with comprehensive data.
#12
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Re: Sydney Mortgages Higher Than London or New York
The following figures are calculated from the Australian Bureau of Statistics:
5609.0 – Housing Finance, Australia
6302.0 – Average Weekly Earnings, Australia
The reference numbers refer to the specific ABS spreadsheets.
#15
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Re: Sydney Mortgages Higher Than London or New York
The average new mortgage is closer to $310,000 with repayments of $2,157 per month.
The average NSW Full time Male wage is $6,158 per month, so the average mortgage repayment is closer to 35% of a SINGLE wage.
If both are working, with one part time, that ratio could come down to 20% -25%.
The average NSW Full time Male wage is $6,158 per month, so the average mortgage repayment is closer to 35% of a SINGLE wage.
If both are working, with one part time, that ratio could come down to 20% -25%.