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These are the Australian suburbs under the most mortgage stress — and nearly all of them have one thing in common
Sep 30, 2020
New analysis by credit rating agency Equifax has revealed which suburbs are facing the most mortgage stress.
In terms of proportion made by a suburb, Queensland dominates the list with nine of its tourist destinations in the top ten.
In way of the sheer number of mortgage deferrals, Victorian suburbs on the fringes of Melbourne are over-represented.
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More than 413,000 Australians have frozen their mortgages across the country but many call the same suburbs home.
Looking at the first wave of deferrals from May, Equifax analysis shows that nearly all of the ten suburbs under the most mortgage stress are one key thing in common.
“The impact of the downturn on tourist trade is acute for Australians living in tourism-dependent Queensland regions,” Kevin James, Equifax advisory general manager, said.
Having shut up its borders during the pandemic, the Sunshine State has seen tourism take a hard fall, with the disappearance of visitor dollars having major repercussions for the state economy and for nearby homeowners.
They naturally weren’t alone in sharing in the pain. As Airbnb and other short-term bookings dried up, investors have seen their own incomes dry up.
As a result, it’s no shock that Queensland biggest, and most beautiful, holiday destinations occupy the top eight spots.
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