Ensure you never miss an issue of the
real estate business bulletin
Sydneysiders crippled by mortgage repayments

Sydneysiders crippled by mortgage repayments

by Reporter 0 comments

Staff Reporter

Making headlines today, The Daily Telegraph has reported that Sydney households are spending three quarters of their average monthly income on mortgage repayments.

According to the paper, a survey of global cities found that Sydney residents spend a greater percentage of their income on mortgage repayments than any other city.

New York residents spend, on average, less than half of the monthly income on mortgage repayments, while London residents spend less than two thirds.

The Sydney median house price is $626,444 with residents spending as much as $4,123 on monthly mortgage repayments.

The RBA's head of financial stability department, Dr Luci Ellis said rising property prices were forcing Sydneysiders to spend more of their income on mortgage repayments.

That said, Dr Ellis confessed that the Australian property market is begging to steady - something Sydney residents are sure to welcome.

The growth in dwelling prices has reduced over the recent months with the more expansive suburbs showing the highest result, Dr Ellis said.


le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Sydneysiders crippled by mortgage repayments
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?