It costs $32,000 a month to live in this Australian suburb alone — but just six years ago it was nearly half that amount.
Some suburbs in Australia are dealing with a whole load of mortgage pains as they are about to pay more than double the amount for their home compared to just six years ago.
Homeowners face skyrocketing interest rates after the Reserve Bank raised rates for the first time in 12 years at its monthly meeting in May.
Another meeting is scheduled for next week, and economists predict that by the end of the year, the spot interest rate will hit 1.75 percent.
Data from PropTrack showed that new homeowners across the country are spending as much as double their 2016 predecessors to keep track of mortgage payments.
And it could get worse if interest rates continue to rise.
A standout suburb will have to cough up a dazzling $32,000 into the bank each month to keep up with their mortgage.
With property values soaring at staggering levels in recent years, homeowners have had to pay hefty mortgage bills.
Unsurprisingly, the nine worst suburbs in the country in terms of total mortgage repayments were in Sydney, with only one in Melbourne.
Sydney, regional NSW and regional Queensland also topped the charts for homes and units with the largest monthly debt.
Nationally, in Sydney’s eastern suburbs, Vaucluse emerged as a clear loser in home mortgage payments.
By the end of the year, the average person living in a home in the Vaucluse will pay nearly $33,000 a month to their bank for the privilege.
Currently, Vaucluse residents pay an average of $26,500, far more than any other state in the country.
It’s not hard to see why – the average sale price for that suburb is a whopping $8.2 million.
That compares to the average mansion worth $4.2 million in 2016, with mortgage payments of $19,000 a month.
Other houses in eastern Sydney’s suburbs, including Bellevue Hill, Dover Heights, Clovelly, Bronte and South Cooggee, cleared their way onto the list.
Two of Sydney’s northern suburbs – Palm Beach and Northbridge – also received an honorable mention.
Sunshine Beach in Queensland’s Noosa was the only non-NSW suburb to make the top 10.
Byron Bay in northern NSW also made it into the top 10. Homeowners in the controversial beach town will pay an average of $12,000 a month in mortgages by the time rates rise to 1.75 percent.
Another plush Sydney suburb in the Northern Beaches, Palm Beach, didn’t show up too well in the data either.
It topped the charts for all the wrong reasons — because it was the most debt-intensive suburb of all the homes and units in the country.
Currently, residents are paying close to $20,000 a month for their mortgage — but that will rise to nearly $25,000 by the end of the year if the rate hike follows industry forecasts.
New homeowners must scrape together $6.2 million to move into the suburb, at the average price, compared to just $2.28 million in 2016.
Portsea along Melbourne’s Mornington Peninsula came second on the list due to the massive amount mortgage repayments have risen in just six years.
In mid-2016, the mortgage cost $7,700 per month on units and homes in Portsea.
Currently, the mortgage is $12,000, but it is expected to rise to $15.00 – which is nearly double the amount it was in 2016.
Sydney’s eastern location, Dover Heights, will also feel the sting of rising rates, with units and homes in the area hit by the end of the year with average monthly payments of nearly $22,000.
Elsewhere, other suburbs in the state are also in the firing line for hip pocket pain.
In NSW, Palm Beach had the most mortgage payments for total homes, while Vaucluse topped the list for homes. Suffolk Park in Byron Bay has the most expensive units in the state.
In Victoria, Portsea topped general residences and homes.
Melbourne’s Mont Albert North has units that cost $4000 a month in mortgage.
In Queensland, Sunshine Beach owed the most to banks for both its homes and apartments — $11,400 and $4900, respectively. Those numbers will climb to $14,000 and $6,000 once interest rates hit 1.75 percent.
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