Average Mortgage $165K
Yesterday's ABS release on owner occupied housing showed the average new mortgage at $165,100. First home nuyers are declining as a percentage of all buyers to 16.7%. Following teh government cutting the firts home buyers grant from $14,000 to $7,000 in ----, the heat now seems to be coming off owner occupied houseing. Investment and commercial buying seems to be still continuing at pace.
A mortgage of $165,100 will require $--- pw to repay over 25 years at current interest rates averageing --%pa. This represents --% of after tax average weekly earnings. Making the same calculation 10 years ago would have produced --% of net take home average weekly earnings.
Posted Saturday, 9 November 2002
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