1380.0.55.012 - Perspectives on Regional Australia, Housing Arrangements - Homes Owned with a Mortgage in Local Government Areas, 2011
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 19/11/2013 First Issue
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Mortgage repayments on the rise
Between 2006 and 2011, median monthly mortgage repayments in Australia climbed 38.5 per cent, from $1,300 to $1,800 according to data released today by the Australian Bureau of Statistics (ABS).
ABS Director of Rural and Regional Statistics Lisa Conolly said "Between 2006 and 2011 mortgage costs increased more than wages; 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 (LGA) 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.
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.
Analysing the growth in median mortgage repayments in regions is complex. There are a range of factors that influence how mortgage costs in regions change, including local economic circumstances, regional housing supply and demand, the age of the mortgages and 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 that there would be increased demand for housing in these regions, and possibly new home owners with new mortgages," said Ms Conolly.
Housing costs are the largest regular expense for many Australians, and this article looks at how mortgage repayments vary in regions across Australia, and how these costs changed between 2006 and 2011.
The fastest growing mortgage costs were seen in LGAs outside the capital cities.
FASTEST GROWING MORTGAGE INCREASES WITHIN EACH STATE/TERRITORY(a)
Further information can be found in Perspectives on Regional Australia: Housing Arrangements - Homes Owned with a mortgage in Local Government Areas, 2011 (cat. no. 1380.0.55.012), available for free download from the ABS website (www.abs.gov.au).
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