Hefty loans: Woollahra has the nations highest monthly mortgage repayments, 29 Wallaroy Road, Woollahra. Photo: Domain
Sydney can't be beaten when it comes to one financial indicator: home loan repayments.
The eight council areas with the highest median mortgage costs in Australia are all in Sydney, a report by the Bureau of Statistics says.
The harbourside municipality of Woollahra had the nation's heftiest monthly mortgage repayments of $3250 in 2011, closely followed by Mosman and Manly (both $3033). The council areas of Hunters Hill, Ku-ring-gai, Leichhardt, Pittwater and Waverley were next, each with a median monthly repayment of $3000. Two exclusive waterfront Perth neighbourhoods, Cottesloe and Nedlands, were the only two areas outside Sydney to figure among the top 10 council areas for mortgage repayments.
"Sydney's prestige market is unique in Australia for its depth and breadth, there's just so many properties in that price belt": Dr Andrew Wilson. Photo: Anita Jones
Dr Andrew Wilson, a senior economist for Fairfax-owned Australian Property Monitors, said the results reflected the scale of Sydney's prestige housing market.
"Sydney's prestige market is unique in Australia for its depth and breadth, there's just so many properties in that price belt," he said. "You've got to have big mortgages – and big incomes – to buy in that market."
Strong price gains over the past year mean Sydney has 123 suburbs with a median price in the $1 million to $2 million dollar range, seven suburbs with a median price in the $2 million to $3 million range and three suburbs with a median price over $3 million, according to Australian Property Monitors.
The bureau's report, which drew on data collected in the 2011 census, showed mortgage costs in Australia rose much faster than wages between 2006 and 2011.
The median weekly household income increased by 20.2 per cent in that period but mortgage costs jumped 38.5 per cent. The median weekly household rent rose by 49 per cent.
In NSW, the median mortgage repayment climbed by 31.4 per cent between 2006 and 2011 to $1993 a month, the highest among the states.
Some of the biggest increases in monthly mortgage repayments were in regional areas, especially Hay (up 67 per cent) and Gunnedah (up 50 per cent).
Nationally, the biggest increase in a median monthly mortgage repayment was recorded in Ashburton in Western Australia's Pilbara region – up 279 per cent between 2006 and 2011.
Neighbourhoods on the city fringe had the highest proportion of households in greater Sydney with a mortgage. Topping that list were Camden (53 per cent), Wollondilly (50 per cent) and the Hills Shire (46 per cent).
Low interest rates have underpinned a double-digit increase in Sydney house prices over the past year and minutes of the Reserve Bank board's November meeting, released on Tuesday, said it had not closed off the "possibility" of further rate cuts.
However, the bank signalled it was keeping a close eye on developments in the property market.
AUSTRALIA'S HIGHEST MORTGAGE REPAYMENTS
1. Woollahra – $3250
2. Manly – $3033
3. Mosman – $3033
4. Hunters Hill – $3000
5. Ku-ring-gai – $3000
6. Leichhardt – $3000
7. Pittwater – $3000
8. Waverley – $3000
9. Cottesloe (WA) – $3000
10. Nedlands (WA) – $3000
Median monthly repayments by local government area, 2011
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