Mortgage Stress Hits The Roof
Ben Butler
September 29, 2011
MORE Australians are falling behind on their home loans despite the mining boom, according to a report released yesterday by ratings agency Moody’s.
The 6182 postcode, taking in Rockingham, 30 kilometres south of Perth, has the highest delinquency rate, with 5.31 per cent of mortgages more than 30 days overdue – more than three times the national average of 1.67 per cent.
New South Wales retained its title as worst-performing state, with six of its 21 regions, concentrated around Sydney, turning in very poor performances.
Moody’s senior analyst Arthur Karabatsos said the two biggest declines in mortgage performance were in mining boom states Western Australia and Queensland.
”What I’m saying is: if you’re in mining, you’re sweet. If you’re not, you’re screwed.
”There is definitely a two-speed economy going on and this just bears it out.”
He said national delinquencies were now at a 10-year high.
Moody’s said mining accounts for 2.4 per cent of employment in Queensland and 7.1 per cent in WA.
The tourism-dependent Gold Coast region had Australia’s third-worst mortgage performance, with 3.11 per cent delinquencies, and also contributed the most delinquent loans by number in Australia – about 6.9 per cent of the total.
