In news that shocks no Sydneysider, new research from Roy Morgan Research has identified the harbour city as having the highest outstanding mortgages at $293,000.
Surprisingly, this is followed by Perth, with a median amount outstanding of $279,000. Melbourne took third place, with a median amount outstanding of $243,000.
The new research also revealed that Australians are $1 trillion dollars in mortgage debt, equating to a median outstanding mortgage of $228,800 for every owner-occupier mortgage holder.
Median Amount Outstanding on Mortgages:
Source: Roy Morgan Research
Industry Communications Director for Roy Morgan Research, Norman Morris, said “it’s not surprising that the median home loan outstanding in Sydney is the highest in Australia.”
“It also has the highest growth rate over the last 12 months.
“Sydney incomes are higher than the rest of Australia and continue to increase” added Mr Morris.