City under financial stress

THE Real Estate Institute of Queensland’s Market Monitor said Toowoomba’s real estate market has been relatively unscathed by the global pandemic, but surveys of homeowners claim otherwise.

Digital Finance Analytics revealed Toowoomba is the state’s most financially stressed postcode, with 9661 people reporting varying degrees of concern.

The data shows tens of thousands of Queenslanders are struggling with loan repayments on the whole, and are becoming increasingly financially stressed.

Equifax advisory and solutions boss Kevin James told News mortgage deferrals were highest where COVID-19 hit the tourism industry hardest.

“Tourism is a major industry for Queensland, and with international and domestic visitors curtailed during the pandemic, tourist hot spots have faced reduced occupancy rates, lower incomes and higher levels of unemployment leaving mortgage holders feeling the pinch,” he said.

“With the Queensland border beginning to reopen to parts of NSW and South Australia … we expect to see a bounce-back as tourism dollars start to flow back into the region.”

Canstar mortgage data also revealed Harristown is in the top 20 suburbs for mortgage stress in the country.

The numbers suggest that of the 60,000 households in Harristown, more than 4,500 expressed feeling some financial stress in relation to their mortgage repayments, and nearly 170 households were at risk of mortgage stress.

This comes after news that Toowoomba’s local economy will take a $2 million hit following cuts to the coronavirus supplement.