Several Queensland Suburbs At High Risk Of Mortgage Shock
Figures show concerning spike
A new report from Property Exchange Australia has revealed that several Queensland postcodes have gone into mortgage shock.
The Emerging Mortgage Risk report, which is believed to process a majority of the nation’s property settlements, has revealed a significant spike in mortgage risk across the country.
The spike is now impacting not only smaller income families but wealthy areas including Noosaville.
According to the report, mortgage repayments in some areas account for up to 60 percent of a household’s monthly income.
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PEXA’s report shows 46.1 percent of all NSW postcodes are expected to become high risk by May of this year, one in five Victorian postcodes are now high risk and 8.7 percent of Queensland postcodes are predicted to become high risk by May.
Some of the Queensland postcodes expected to fall into mortgage shock include 4224 (Tugun) 41.3 percent, 4221 (Palm Beach) 41.9 percent, 4220 (Burleigh Heads) 44.9 percent, 4228 (Tallebudgera) 56.9 percent, 4223 (Currumbin Waters) 44.4 percent, 4272 (Tambourine Mountain) 41.8 percent, 4566 (Noosaville) 58.3 percent and 4573 (Coolum Beach) 42.2 percent.
While lower income areas are also at risk, the report shows that the highest risk postcodes across the country are the more affluent areas such as Noosaville with 58.3 percent of the household’s median income attributed to mortgage repayments while Northbridge in NSW is estimated to sit at 74.2 percent.
The new data comes as house prices nationwide continue to increase along with interest rates.
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