Over time, your mortgage feels a bit like an uninvited house guest. You get used to them being around, but you’ll be happier when they leave.
Across Australia we have 1 trillion dollars in mortgage debt between us, according to Roy Morgan Research published on PropertyUpdate.com.au. This means a median $228,800 mortgage for every owner occupier mortgage holder.
But which city has the highest mortgage debt? Sydney of course with a median $293,000 outstanding mortgage balance, up 9.4 per cent in a year.
Perth is next with $279,000, up 2.4 per cent.
Then Melbourne follows with $234,000, up 1.6 per cent.
Brisbane is next in line at $229,000, down 1.1 per cent in a year.
Hobart has $207,000 in median mortgage debt, but this has increased a hefty 5.2 per cent in a year.
The wooden spoon goes to Adelaide with $195,000 up 0.6 per cent.
Let’s face it – this is not a competition any city wants to win, so we take our hats off to Adelaide for finding some glimmer of good news amongst its fairly beige property market.
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