Financial comparison site Canstar compared the cost of mortgage repayments for those who bought median priced houses in each of Australia’s capital cities in January 2021 versus January 2022, assuming a principal and interest 30-year loan and a 20% deposit.
Despite the ongoing fall in variable mortgage rates over that time (see above chart), the typical homebuyer is paying $461 more per month in repayments than than they would have paid had they purchased the median priced home a year earlier:
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This increase in mortgage repayments is due to the sharp appreciation in values over that period, from $623,602 in January 2021 to $778,255 in January 2022.