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Victoria's mortgage stress (Read 664 times)
bogarde73
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Victoria's mortgage stress
Jul 10th, 2017 at 3:40pm
 
Half of the top 20 suburbs in Australia that are under mortgage stress are in Victoria, which is a "serious problem", according to a report by the Grattan Institute.

Mortgage stress top 20
•Wollert, Vic - 23 per cent
•Roxburgh Park - Somerton, Vic - 20.9 per cent
•Upper Yarra Valley, Vic - 20.8 per cent
•Chullora NSW - 20.6 per cent
•Mickleham - Yuroke, Vic - 20.0 per cent
•Cranbourne West, Vic - 19.7 per cent
•Burnside Heights, Vic - 19.6 per cent
•Lawson, ACT - 19.5 per cent
•Byford, WA - 19.4 per cent
•Forrestdale - Harrisdale- Piara Waters, WA - 19.3 per cent
•Hoxton Park - Carnes Hill - Horningsea Park, NSW - 19 per cent
•Cairnlea, Vic - 19 per cent
•West Hoxton - Middleton Grange, NSW - 18.9 per cent
•Craigieburn West, Vic 18.9 per cent
•Prestons - Edmonson Park, NSW- 18.7 per cent
•Carramar, WA - 18.7 per cent
•Jacka, ACT - 18.7 per cent
•Ellenbrook, WA - 18.6 per cent
•Craigieburn - North, Vic - 18.4 per cent
•Lynbrook - Lyndhurst, Vic - 18.4 per cent



The report's data, which comes from the last two censuses, found Wollert, which is about 27 kilometres north of Melbourne's CBD, has the highest percentage of houses under mortgage stress in the nation, with 23 per cent.

Roxburgh Park is a close second at 20.9 per cent.

Mortgage stress is defined as any household that spends 30 per cent or more of its income on loan repayments.

"Mortgage stress is particularly acute on the suburban fringes of our major cities, especially Victoria," Grattan Institute Fellow Brendan Coates said.

"Places like Roxburgh Park in the north, Cranbourne West, Burnside Heights and so on, have quite significant mortgage stress.

"I do think this is a serious problem."

But the report goes on the say that across the nation, many households could find themselves in trouble if the economic environment changes even slightly.

(Read more on ABC Business)
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Re: Victoria's mortgage stress
Reply #1 - Jul 10th, 2017 at 7:37pm
 
agree there.   There are going to be a lot of fire sales of homes in Victoria if interest rates go up by just  a quarter percentage point.   Most of those suburbs mentioned are extremely small blocks with large house and land packages with young owners on the bones of their bum.
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bogarde73
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Re: Victoria's mortgage stress
Reply #2 - Jul 11th, 2017 at 11:18am
 
They want everything that opens & shuts & is seen on TV.
And they have bought in a period of unprecedented low rates. Hope 17% doesn't strike again.
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