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Queensland tops mortgage default list

By staff writers
The Courier-Mail
August 22, 2012 9:30AM
Qld, NSW top mortgage black list
Victorian home owners best payers
 Unemployment rate most important factor
 
Queensland remains the worst-performing state for mortgage repayments in the nation as it recovers from last year's floods, Picture: Michael Atchison
 
QUEENSLAND has retained its dubious title of being the worst-performing state in terms of mortgage delinquencies.
A major new study by Fitch Ratings, the credit ratings agency, found Queensland remained the worst-performing state as it recovers from last year's floods, while sea-change areas and first-home buyer belts in New South Wales are also at worryingly high levels.
On the other hand, Victorian home owners are the best payers in the nation with the rate of missed mortgage payments the lowest in the country.
The worst-performing suburbs in Australia, judged by the value of mortgage-holders behind in their repayments, are Nelson Bay (NSW), Hoxton Park (NSW), Surfers Paradise (Qld), Eagle Vale (NSW), Budgewoi (NSW), Arncliffe (NSW), Rooty Hill (NSW), Cessnock (NSW) and Helensvale (Qld).
Queensland has six out of the 10 struggling regions led by Ipswich, Gold Coast east and west, Logan City, Caboolture Shire and the Sunshine Coast.
Eleven of the 20 worst performing suburbs are in NSW, seven of them in western Sydney.


Nationally overall, low socioeconomic regions affected by interest rate changes were quite volatile.
And in a sign of weakness in the holiday-home market, the rate of mortgage arrears has continued to rise in key beachside areas.
Fitch Ratings found the number of mortgage holders who were behind on their repayments by 30 days or more was up on this time last year.
Fitch director James Zanesi said that while the nation's total delinquency rate of 1.6 per cent had been tracking higher, it remained low by world standards.
According to MrZanesi, being more than 30 days overdue on mortgage repayments did not necessarily mean homeowners would default on their loans.
He said it was when owners were 90 or more days overdue that it became a concern.
The 90-day delinquency rate across Australia, which shows mortgages that are about to default, is 0.63 per cent.
Queensland again has the highest rate with 0.78 per cent.
More than half of delinquent loans on the Gold Coast were for more than 90 days.
Parts of the Gold Coast still remain one of the worst-performing areas,'' MrZanesi said.
MrZanesi said some low socioeconomic regions affected by interest rate changes were quite volatile.
Sometimes they featured prominently on the list and at other times borrowers had caught up.
MrZanesi said the unemployment rate was one of the most important factors in directing the future of the property market and mortgage stress.

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