According to the Australian Bureau of Statistics (ABS), the average Australian mortgage is $299,800. This is the average mortgage size across all Australian states (NSW, VIC, QLD, NT, WA, ACT, TAS).
This averaged mortgage number is from the most recent Census survey data, meaning it is highly likely to be accurate and far more unbiased than figures released by say a bank or other financial institution. This is because the ABS have no underlying agenda or financial benefit from increasing or decreasing the average mortgage size figures.
What is the average Australian mortgage by state?
According to Mortgage Choice spokesperson Jessica Darnbrough the average mortgage size by Australian state is:
- NSW/ACT: $297,000
- VIC/TAS: $294,000
- QLD: $257,000
- SA/NT: $226,000
- WA: $332,000
What does this tell us about the different Australian states and their mortgages? Well it appears that WA is the most expensive place to live property wise (likely because of the mining boom) and that South Australia and the Northern Territory are still the cheapest places to buy property.
Please note that this data is based on data from Mortgage Choice over 3 months to August 2013.
How has the average mortgage in Australia increased over the past 10 years?
The average mortgage size has almost doubled in 10 years according to further ABS data. In 2001, the average loan size was approximately $150,000. Fast forward to 2013/2014 and the average home loan size has grown to nearly $300,000.
2 Responses for Average Australian Mortgage Size + State Mortgage Averages
Umm, what about ACT…
Be interesting to know what the average mortgage is within age brackets e.g. 30-40′s, 20-30′s.