Gungahlin tops ACT mortgage defaults
Dec 14, 2009
Residents of Franklin, Ngunnawal, Nicholls and Palmerston are facing the highest mortgage stress in the ACT, a new report shows.Using postcodes, Fitch Ratings has analysed the proportion of the value of securitised home loans that are at least 30 days behind in repayments. It found that overall ‘mortgage delinquency rate’ dropped from its 2.39% January peak to 1.61% in the latest report, which covers up to September 30, and excludes the Reserve Bank’s recent three rate rises.
“The decrease in arrears is largely explained by falling interest rates, which saw the bank standard variable rate – as recorded by the Reserve Bank of Australia – fall from 9.6% in August 2008 to 5.75% in April,” the report said. “other factors affecting the decreasing arrears levels of 2009 include the Australian Federal Governments stimulus payments, which were issued largely as cash handouts, the continued robust Australian economy, and stable property prices.”
Canberra suburbs performed better than the national average, but the Gungahlin area postcode 2913 had the highest rate of repayment delinquency in the territory at 1.2%. This was the 126th worst in NSW and the ACT.
The next Canberra suburbs at risk were 2620, which takes in Hume, Karabar, Oaks Estate and Gundaroo at 131st ; 2906, with Banks, Condor and Gordon at 135th ; and Kambah’s 2902 at 143rd.
Source: The Canberra Times – 15 December 2009.
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