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Queensland Mortgage Costs on the Rise

Guest Ktee

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Outside Brisbane and the Gold Coast, Queensland mining towns cannot be beat on one financial indicator: home loan repayments.


Three council areas with the highest median mortgage costs in Queensland – Gladstone, Mt Isa and the Central Highlands – were at the heart of the state's mining boom, before the recent lull in the resources market .


In Gladstone, the epicentre of $75 billion worth of liquefied natural gas, rail and port projects in central Queensland, the median monthly mortgage repayment was $2000 in 2011, according to figures released this week by the Australian Bureau of Statistics.


Residents in the north-west copper mining town of Mt Isa pay the same, as do mortgage holders in the Central Highlands Regional Council area, which includes the towns of Blackwater, Bluff, Capella, Duaringa and Emerald.


The typical mortgage in Mt Isa jumped nearly $1000, from $1083 to $2000, between 2006 and 2011.


However, mining towns are prone to significant fluctuations in prosperity and 9 per cent of home owners in Gladstone were experiencing mortgage stress by February 2012, according to Australians for Affordable Housing.


In Gladstone, more than 13 per cent of home owners were experiencing mortgage stress at the same time.


Mortgage costs increased the most in the high-growth regions of the state's south-east corner, including Ipswich, Logan, Moreton Bay and the Lockyer Valley.


The median monthly home loan repayments in Ipswich increased $628 between 2006 and 2011, taking the cost to $1733.


Over the same five-year period, the median monthly mortgage costs in Logan and Moreton Bay increased $587 and $628 respectively to $1800 and $1928.


"There are a range of factors that influence how mortgage costs in regions change, including local economic circumstances, regional housing supply and demand,the age of mortgages and stage of life of the local population," ABS director of regional statistics Lisa Conolly said.


She said regions with high population growth typically experienced strong price gains and subsequently high mortgage growth.


Nationally, median monthly mortgage repayments climbed from $1300 to $1800.


Mortgage costs increased more than wages; the median weekly household income increased by 20.2 per cent, compared to an increase of 38.5 per cent in mortgage repayments.


The most expensive monthly mortgage cost in the country of $3250 was found in Woollahra in Sydney's eastern suburb.




Read more: http://www.brisbanetimes.com.au/queensland/queensland-mortgage-costs-on-the-rise-how-much-does-your-region-pay-20131122-2y1nl.html#ixzz2lQeBD7WQ

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