The two postcodes of 4114 (Kingston,Woodridge,Logan Central) and 4077 (Doolandella,Durack,Inala and Richlands) have the highest rate of mortgage holders who are more than 30 days behind on their home loan repayments,according to a report from ratings agency Moody’s.
Mortgage stress is greatest in Kingston and Doolandella.Michelle Smith
The report found 4.19 per cent of mortgage holders in the Logan postcode of 4114 were at least a month behind in their repayments – now the fourth-worst rate in Australia – along with 3.31 per cent of mortgage holders in the south-west Brisbane postcode of 4077.
“High interest rates and cost-of-living pressures will continue to weigh on home loan borrowers,” Moody’s said. “The combination ... has depleted the pool of savings that households built up during the pandemic,raising the risk of mortgage delinquencies.”
The Queensland postcodes under the most stress are:
Many of the postcodes with the lowest level of mortgage stress in Australia,however,can also be found in Brisbane.
“Brisbane North” had the lowest delinquency rate in the south-east of 0.7 per cent,followed by “Brisbane Inner City” (0.92 per cent),“Brisbane South” and “Moreton Bay South” (both 1.01 per cent).
“Most of the areas with the lowest delinquency rates are in capital cities,particularly in Sydney and Brisbane,where there has been strong house price and income growth,” the report said.
“We expect delinquency rates in regional areas will continue to exceed capital cities through this year.”
In postcode 4053,which takes in Everton Hills,Everton Park,McDowall,Mitchelton,Stafford and Stafford Heights,only 0.14 per cent of homeowners are experiencing mortgage stress.
Other postcodes with the least mortgage stress include:
Alena Chen,vice-president and senior credit officer at Moody’s,said while delinquencies had risen,they remained low by historical standards.
Nationally,delinquencies were at 1.72 per cent in November last year,compared with the pre-pandemic rate of 1.82 per cent in November 2019.
