Post-pandemic homebuyers more than $650 a month worse off

A Sydney homebuyer who purchased at the median price of just over $1.12 million in April 2022 on a fixed 2.2 per cent rate could now face minimum monthly repayments as high as $5,637, which is $2,247 a month more than on their current rate. However, homeowners who bought in April 2019, for a median price of about $780,000 on the same rate, have seen their repayments rise only $1,576, a difference of $671 each month and more than $8,000 each year. A the same time, homebuyers from the pandemic dip have seen their equity rise significantly over the past four years, with median house prices now sitting just shy of previous record highs…