How much income will we need to live in Morangup? | 2018

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Jun 21 | By Team | Views: 3797 | Comments: 0
How much income will we need to live in Morangup? | 2018

Morangup 6083

 

Living expenses for consideration in 2018

 

Example basis: 2 Adults, 2 Children, Mortgaged with a simple/basic lifestyle. †

 

                             Weekly       Monthly       Yearly

Living expenses     W $623     M $2,700     A $32,400 WA Metro 2018

Mortgage expense  W $595     M $2,576     A $30,917 WA Metro 2018
Total                         W $1,218   M $5,276    A $63,317

 

25 year loan term $396,000 | Averaged Perth WA Jan 2018 | 20% deposit on $495,000. Term avg vari-rate 5.65% # paid monthly

 

Recommended rural expenses for property owners living in Morangup + $15,000 p.a. ($288.00 p.w.)

Cost of living for Morangup $78, 317.00 p.a

 

2017/18 the minimum recommended income, required for a small family who're purchasing a property, with a basic/no frills lifestyle

 

For Morangup, the recommended gross household income needed to avoid mortgage stress is $108,000 p.a.   Don't forget that typically from this amount, you''ll need to cough-up a medicare levy of $2,160.00 and $23,707.00 in income tax  †††(calculated before expenses - if any) Leaving you with $78, 248.00. p.a. 

Making a take home min of $1505.00p.w

Note: New Federal tax cuts will affect this amount in 2018/19


Additional rural costing example: Morangup (additional to metro estimates of $63,317 listed above)
Fuel costs Morangup to Midland, averaged to 10km per litre at $1.44 per L (June18)
Distance each way 48km. Average commute time 55 minutes in peak hour. 45mins in normal hours/conditions
100km trip total $14.13.  261 work commutes to the Midland train station a year. $3683.00 in fuel, per vehicle, p.a. ††
Adult train fare Midland to Perth and return  $4.80 each way.  261 x $9.60 $2505.00 p.a (less %10 for Smartrider)((parking not inc))

This is an example of a typical work related travel expense for people living in and around Morangup.

$24.00 per work day, $120.00PW. $6240.00 p.a. per vehicle with 1 passenger.††

Time spent traveling (car and train, inc parking and wait times) to and from work could be up-to 4 hours per day.

That's a whooping 1044 hrs p.a of your time. You may also want to consider that if you start work in the city at 8am, you'll need to leave Morangup by 6am, and not return home until 6 or 7 pm... every work day!

 

Morangup traveling considerations *

Nearest petrol station. Gidgee Convenience and Stockfeed Store around 18kms, allow around 15mins each-way.

Nearest IGA supermarket. Toodyay IGA, Piesse St, Toodyay 30kms, allow around 25min each-way.

Nearest Post Office for parcel pickup is Gidgegannup CPA Shop 3 2086 Toodyay Road  22.5kms, allow around 18mins each-way

Nearest doctor and pharmacy. 2069 Toodyay Rd, Gidgegannup, 22.5kms, allow around 18mins each-way.

Nearest sporting facility. Gidgegannup Recreation Club Percy Cullen Oval, Toodyay Rd, Gidgegannup 23.5kms 19mins.

Nearest Primary School. Gidgegannup Primary Toodyay road Gidgegannup. 22kms 18mins each-way. School Bus avail from Morangup

Nearest Public Senior High School. Eastern Hills Senior High School, Elliot road Mt Helena, 34kms, 30minutes, School Bus avail from Morangup

Nearest Pubic vocational swimming pool  Wundowie Swimming Pool, Wandoo Parade, Wundowie. 23kms allow around 19mins

Nearest Public Bus Stop  Bailup Rd / Government Rd ( Route 331 Stop number 15227) 20 min (23.7 km)

Nearest Bunnings is on Gt Eastern Hwy in Midland. 45kms 40minute drive each-way.

Nearest Coles, Aldis and Woolworth's Mundaring 37kms allow around 35mins each-way.

Nearest Shopping Mall, Midland Gate Gt Eastern Hwy Midland 44.5kms allow around 40-45minutes each-way.

Nearest Hardware's are located in Toodyay. Makit and Home Hardware have a reasonable range and are cost competitive. 25 minutes each way

Nearest Soil, garden and rural product supplier is Gidge Rural 1516 Toodyay Rd, Gidgegannup WA 6083 around 24mins, 27kms

Nearest Plant Nursery, Tim Eva's 25mins, 28kms West

Nearest Restaurant, The Wild Goose Toodyay road Gidgegannup 10-15mins 14kms West

Nearest Domino's Pizza, Subways, Noodlers Noodle Sushi, Hungry Jacks and KFC are available in Mundaring 38kms allow around 36mins each-way.

National Fast food outlets, McDonald's, Pizza-hut, Domino's Pizza, Subways, Chicken Treat and Hungry Jack's. Near Morrison rd Stratton /Swanview 43.5kms

Northam's retail and trade precincts are sizable and well established. Located 51kms to the east of Morangup, around 40 minutes each-way.

Toodyay District High School, Founded 1885,  92 Drummond St, Nunile. 30kms, 25minutes Morangup School bus is available. Kindergarten to Year 10.

Health Center General Practice/GP (doctor) 283, Boronia ave, Wundowie 23kms by sealed road, allow around 19-20mins each-way.

Restaurants: Masala corner Wundowie 22.5kms. Noble Falls Tavern 16.5kms. Italian and Pizza Toodyay 30kms. Ming Chinese Mundaring 36.5km

Private schooling is available in locations ranging from 35km to 55km West from Morangup. St Anthonys, St Brigids Primary, Guildford Grammar School, La Salle College, Swan Christian College, Riverlands Montessori School, Mundaring Christian College, Sacred Heart Primary School and Helena College Glen Forrest. Private school bus transport is available to several of these private schools.

 

 

Whats here or available to people living in Morangup?

 

Retail facilities located in Morangup:NIL. Public transport in Morangup:NIL. Sporting facilities: NIL Police station:NIL serviced via Mundaring, Toodyay, Northam, Wundowie or Midland. Ambulance services are available in Morangup - however if unavailable to respond, an alternative ambulance will be sourced from Toodyay, Mundaring or Wundowie and will increase your wait time substantially. Midland St John of God Hospital or Northam Hospital are both around 35- 40 minutes away by ambulance. Becoming trained in first aid is HIGHLY advisable if moving to Morangup. Fire Services and SES are available, both are proactive in Morangup. A small community hall is available for hire. Morangup has mother's group/s and a playgroup with good support and advice for newbies. Childcare is available in Morangup. Morangup has various social/interest groups.  Potable Scheme water: NIL. Sewage facilities: NIL. Potable water cartage is readily available in Morangup. Communications such-as internet and telephony services vary substantially in consistency and reliability from location to location (check this before purchasing). Kids-Sport Clubs: Scouts, Basketball, Netball, Junior footy and Pony club are available in Gidgegannup. Soccer, Girl guides and Girls brigade are available in Mundaring. Cricket and little athletics are available at the Eastern hills athletics center. Vocational swimming lessons are available in neighboring Wundowie. A MotoX club is available near Noble falls. Pathfinders trial riders club is located in Morangup. The Hurricane go-cart club is 15 minutes away near Wundowie. The Wundowie Public "sand green", 18 hole golf course is 15minues from Morangup. Toodyay and Northam also have competitive winter golf courses. EL Caballo Golf Course, 88 Great Eastern Hwy, Wooroloo is the closest 18 hole course with turf greens, bar and carts. This is located 25kms and 25minutes to the south of Morangup. Electrical power feeds to properties in Morangup are typically single phase supplies only. Properties/Land may not, affordably, have power or telephony available to them. Hybrid Solar Solutions are readily available and becoming well utilized in these circumstances. Morangup has essential trade services available i.e. Local Plumbers/Gas fitters, Electricians etc. Unfortunately building trades such as Fixers, Painters, Tilers, Brickies, Carpenter etc, are very limited and are typically more expensive to engage given the distance from Perth Metro. Reliability is an issue here! (getting quotes and asking for advice on local Facebook groups etc, before engaging trades people is important). Most transport/cartage/carrier services, in and out, are readily available. (Cost of transporting goods is an added consideration).  Morangup has local mechanical services and is well catered for in all surrounding districts. The RAC readily provide towing services to and from Morangup (extended cover is recommended). Local earth moving contractors are familiar with the terrain in Morangup and are readily available here. Morangup has a free public library service. The portable service is provided by the shire of Toodyay and is available at the Morangup community hall every second and fourth Tuesday of each month from 2.30pm to 5.30pm. Silver Chain Nursing is available to patrons living in Morangup. Most roads in Morangup are now sealed and Australia post delivers daily to your post box. (excluding large parcels and signature required items). Morangup has numerous school bus services available for school children located throughout Morangup. Several picking up and dropping off right to the driveway.

 

Borrowing money to buy in Morangup?

 

Most Lenders and LMI providers consider Toodyay / Morangup as a Category 3: Smaller towns with fluctuating property markets. Considered to be medium to high risk. For this purpose our example was based on an 80% LVR loan.

 

In  Morangup you may find that some lenders will accept properties in a particular location as security but will then decline your loan due to a lack of comparable sales!

 

Lenders require their valuers to provide three comparable sales to support their estimate of the market value of your property. Comparable sales are only accepted if they have sold within the last six months, they are similar to your property (e.g. land size / property type) and if their sale price is within 10% of the value of your property.

For example, if your property is a typical 20 acre Mcknoe hobby farm worth $425,000 then the valuer would not be able to use a sale of a unit in Toodyay, Gidgegannup Midland or Mundaring as a comparable sale. In addition, they cannot use a similar property next door that sold two years ago.

 

Small rural subdivisions can be a big problem! If you are in a rural location then the property market will not be very active and as a result the bank valuer will be unable to find comparable sales. If looking for a property loan we advise using a local Banking institute or local broker with local knowledge. The same applies to sworn valuations!

The great news is that some lenders can accept properties even with few comparable sales., so it pays to check around before committing to the first finance offer.

You may need to reduce the percentage (LVR) that you're borrowing against the property value  to enable you to get approval.

 

Editor note: Please seek professional and local advice before investing your time and money in our district. Rural living can be very difficult and expensive if you're unskilled or underfunded. Living in a rural environment can be isolating and emotionally distressing for many people. This region is not for everyone, it could prove a costly mistake should these considerations not be properly investigated, prior to transitioning here.

 

†Perth Metro costing provided online via Dargan Financials PTY LTD data 05/2018

†† Note: The example above does not include costs for vehicle depreciation or added cost such as servicing, tyres and on-roads costs
such as licensing insurance, RAC etc. An average cost for these expenses using a mid sized vehicle 2015 Camry Altise as the example is $162.16pw, $8432.32pa.

It should be noted that these costs are not typically tax deductible for wage and salary earners.

 

††† Income tax and Medicare calculated via the ATO's online estimator. go here and here (2 children and a dependent spouse with no income)

 

# Market Comparison variable TERM rate 5.38 %p.a as of June  2018

 

Index of Relative Socio-economic Disadvantage SEIFA

Toodyay - West Toodyay    963.4     26 percentile

 

*Distances quoted are measured from the intersection of Morangup road and Mcknoe South. The term 'Nearest' means the closest distance and/or  time required.

Distances and times are derived from Google Maps. Times quoted may vary depending on traffic (slow moving vehicles), road conditions and road works.

When traveling to and from Morangup we recommend allowing yourself extra time. Drop 5 and stay alive. It's better to arrive late than DEAD on time.



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