Are we in the midst of a housing bubble? Are property prices set to skyrocket additional? Are we set to turn out to be a nation of renters? Is the Australian house market headed for a big crash? With so numerous varied opinions being debated it can be tough for first property purchasers to know what to do. Purchase now or hold off in case prices fall?
There’s no best answer, but it is good to take stock of specifically what is happening in the world of house loan repayments in order to ascertain just how cost-effective that initial home loan could be…
In the table below, CANSTAR analysts have researched the typical boost in property loan repayments on a state-by-state basis when compared to the enhance in basic inflation over the previous 10 years (which, according to the RBA, is 31.4%). The biggest increase in actual terms has been seen in the Northern Territory, with loan repayments increasing a massive 94% over that period. Even in Queensland, where the rise has been comparatively low (at 34%) it is still greater than inflation.
| State/Territory | June 2004 | June 2014 | Distinction in loan repayment | |||
| Typical loan size | Typical loan repayment | Average loan size | Typical loan repayment | $ | % | |
NSW | $ 251,100 | $ 1,786 | $ 367,200 | $ 2,346 | $ 560 | 31% |
VIC | $ 200.900 | $ 1,429 | $ 330,500 | $ 2,111 | $ 682 | 48% |
QLD | $ 199.900 | $ 1,422 | $ 297,600 | $ 1,901 | $ 479 | 34% |
SA | $ 150.400 | $ 1,070 | $ 261,200 | $ 1,669 | $ 599 | 56% |
WA | $ 159.900 | $ 1,137 | $ 318,700 | $ 2,036 | $ 899 | 79% |
TAS | $ 134,500 | $ 957 | $ 220,000 | $ 1,405 | $ 448 | 47% |
NT | $ 162,200 | $ 1,154 | $ 350,400 | $ 2,238 | $ 1,084 | 94% |
ACT | $ 234,100 | $ 1,665 | $ 327,25 | $ 2,089 | $ 424 | 25% |
Australia | $ 205,600 | $ 1,462 | $ 327,000 | $ 2,089 | $ 627 | 43% |
Source: Canstar & ABS. Primarily based on loan taken more than 25 years taking into account the typical of the 4 main bank’s standard variable interest rates.
Of course, these increases in repayment are based on our at the moment-low interest prices, otherwise the improve in repayments could be a lot higher…
There’s no doubt, then, that it pays to save. The greater the deposit you are able to accrue ahead of venturing into the globe of property loans, the better off you’ll be. Our Home Getting Guide has a wealth of savings and loan guidelines to get you started.
The ten-year enhance in property prices
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