Suburbs drowning in mortgage debt

The western suburbs of the two big capitals, Sydney and Melbourne, are reporting the highest levels of mortgage stress, according to postcode data released by consumer group CHOICE.

The 10 crises suburbs for NSW and Victoria represent over 130,000 households on the brink.

The worst affected postcode is 2560 in Sydney’s west, with 10,578 households in mortgage stress. Its suburbs include Airds, Ambarvale, Appin, Bradbury, Blair Athol, Campbelltown, Englorie Park, Gilead, Glen Alpine, Kentlyn, Leumeah, Rosemeadow, Ruse, St Helens Park, Wedderburn and Woodbine.

Victoria’s worst postcode is 3805 with 8919 households under mortgage stress. It covers Fountain Gate, Narre Warren and Narre Warren South.

“These are households where from fortnight to fortnight, people are spending more than they are earning. That means that they have to make difficult choices, like whether to put food on the table or keep up with repayments. If they can’t maintain the juggling act, they risk losing their homes,” says CHOICE CEO Alan Kirkland. Tasmanian has 7250 home loans in stress in places such as Launceston, Newstead, Norwood, Prospect, Prospect Vale and Riverside.

In Queensland, it’s 4350 including Athol, Centenary Heights, Cranley, Darling Heights, Drayton, Glenvale, Newtown, Toowoomba and Wyalla Plaza. And in South Australia, 5018 is the most financial troubled postcode including Paralowie and Salisbury.