Fitch data shows Queensland’s Kingston suburb has the most number of mortgage delinquencies in terms of both the value of missed payments and the household’s struggles to make repayments.
The ratings agency revealed that as of September, 26 out of 1,000 borrowers surveyed were at least 30 days behind in their repayments. Fitch credited the lagging performance to the increased unemployment since September 2013 across regions in the south and southeast of Brisbane.
Queensland is the worst performing state with 5 of the worst 20 performing postcodes by number of bad mortgages, and eight of the worst 20 postcodes by value.
"People who live on the west side of Sydney, northwest of Melbourne, or in the Logan area may be commuters who have a lower income and are more sensitive to expenses," Fitch analyst James Zanesi said. "In the Gold Coast, the delinquencies are usually due to highly leveraged investment properties or speculators."
Meanwhile, the first ever NAB Wellbeing Index says Queenslanders are more concerned with terrorism than housing affordability.
“What really surprised me is terrorism was higher than housing affordability,” NAB chief economist Alan Oster said. “If you had given me 20 possibilities, I wouldn’t have got that.”
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker