Home loans are on the rise according to recent figures on homeownership and mortgage repayments released by the Australian Bureau of Statistics (ABS) on November 19.
The ‘Perspectives on Regional Australia, Housing Arrangements’ report outlined increases in mortgages and growth in median repayments, and the results may be useful to those who are considering buying property in Norwood in the near future.
In 2011, 32.1 per cent of homes in Australia were owned outright, while 34.9 per cent were owned with a mortgage.
For these figures, homes included occupied private dwelling only, excluding ‘visitor only’ and ‘other non-classifiable’ households.
Looking further at Australian mortgages, the average monthly repayment rose by 38.5 per cent between 2006 and 2011.
The highest growth was experienced in Western Australia, with a 60.8 per cent increase, or $737 additional repayments per month.
South Australia saw a rise of 47.3 per cent, or $482 between 2006 and 2011.
Although SA’s growth was above the national average, the state holds the second lowest median mortgage repayment in Australia – $1,500 per month – just ahead of Tasmania’s monthly median of $1,300.
This result is promising for those considering purchasing property in Adelaide and the wider SA area as South Australia remains one of the most affordable states in the nation.
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