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How Much it will Cost to Buy a Home in Australia in 2024

HOW MUCH WILL IT COST TO BUY A HOME IN AUSTRALIA IN 2024? Home Loan Experts guesstimates. Z Predicted median house price in 10 years: $1.473,234 E Predicted median house price in 10 years: Minimum deposit required: $1,392,152 $145,715 Predicted median house price in 10 years $1,072,659 Average monthly mortgage герaуment: Minimum deposit required: $7,259 $131,927 Minimum deposit required: Average monthly mortgage repayment: $90,994 $6,859 Average monthly mortgage repayment: $5,285 Predicted median house price in 10 years: $1,824,280 Minimum deposit required: $179,862 Predicted median house price in 10 years: Average monthly mortgage repayment: $1,038,451 $8,988 Minimum deposit required: $110,023 < Predicted median house price in 10 years: Average monthly mortgage repayment: $5,117 E Predicted median house price in 10 years: $1,295,155 $1,365,611 Minimum deposit required: $128,304 Minimum deposit required: $143,611 Predicted median house price in 10 years: Average monthly mortgage repayment: $739,714 $6,381 Average monthly mortgage repayment: $6,728 Minimum deposit required: $66,673 Average monthly mortgage repayment: Predicted national annual growth rate of $3,645 $2,000,000 $1,824,280 8.43. $1,473.234 $1,392,152 $1,365,611 $1,295,155 p.a. HOUSE PRICES NOW vs 2024 $1,072,659 51,038,451 $811,837 Legend: |Current median price $655,615 $619,532 $739,714 $607,721 $576,367 $477,352 $462, 129 Predicted median price $329,186 Sydney Darwin Perth Melbourne Canberra Brisbane Adelaide Hobart Disclaimer: This content has been prepared without taking into account the objectives, financial situation or needs of any particular individual. It does not constitute formal, financial or investment advice. In addition, historical data should not be used as a basis for future performance. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to their objectives, financial situation and needs and, if necessary, seek appropriate professional advice. Predicted median capital oity house price These se price predictions for eadch Australian capital chy are an example only and are based solely on an extrapolation an average growth rate of 8. t on data from AP Da 43% per yMonitors (APM. Through an analysis of national median house prices from 1980 to 2010 (RP Data), we ve rer annum for the 30 years between tor hngures from Australian 1980 and 2010. We've then applied that growth rate to the current median house price for each Australian capital city according to APMS June quarler 2014 house price report. Average monthly repayment The predicted average monthly repayments in 2024 are based on a home loan for 95% of the purchase price over a term of 30 years at an interest rate of 4.70%. This is an example only based on current interest rate specials being offered by Australian banks, It is likely that interest rates and repayments will be higher as an example calculation only and does not refer to a specilic credit product. current interest rates are below the long term average. There is no comparison rate available as this is Depoвit The predicted average deposit you'll need in 2024 is for a typical 5% deposit, stamp duty (and other government fees), conveyancing costs and other costs. This is assuming you are borrowing 95% of the property value. It is assumed that any lenders mortgage insurance (LMI) expense is capitalised and, therefore, LMI ignored for the purposes of calculating the size of the deposit required. Although we've alowed for a small increase in the cost of conveyancing, we have assumed that today's stamp duty rates remain HomeLoan 1300 889 743 experts info@homeloanexperts.com.au www.homeloanexperts.com.au

How Much it will Cost to Buy a Home in Australia in 2024

shared by homeloanexperts on Jan 24
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Have you ever wondered how much your house will be worth in years to come? At Home Loan Experts, we've guesstimated that the median price for a house in almost all capital cities will be over $1 milli...

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