News & Media
South Australia bucks mortgage repayment trend
24 Dec 13
Data shows that many home buyers throughout Australia are struggling to keep up with one of the fundamental pieces of real estate advice - stay on top of mortgage repayments. However, this is a trend felt less in South Australia.
The Fitch Ratings Mortgage Delinquency Report tracked $200 billion worth of mortgage-backed securities and found that 1.25 per cent of mortgage borrowers were more than 30 days behind on their repayments at the end of September.
While lower than the level seen in March, this represented a higher level when compared to the previous September.
However, of the 10 worst-performing regions throughout the country, only one SA city made the list - Para Hills. The rest were found in New South Wales, Victoria and Queensland.
This is somewhat surprising, as SA boasts more mortgages than the national average.
According to data from the Australian Bureau of Statistics (ABS), more than two-thirds of households owned their home as of 2011.
Of this number, 34.9 per cent owned their home with a mortgage. However, in SA, that number was 35.3 per cent.
The local government area (LGA) with the largest proportion of homes owned with a mortgage was Mallala, which reached 54.4 per cent. Other LGAs with a high proportion of owned homes included Light (50.8 per cent), Adelaide Hills (46.3 per cent) and Mount Barker (45.8 per cent).
"The LGAs with high proportions of homes owned with a mortgage were located on the fringe or outer areas of the major cities of Adelaide and Mount Gambier," the ABS reported on November 19.
"Coober Pedy and the inner city LGA of Adelaide were among the areas with the lowest proportions of homes owned with a mortgage, with 17.9 per cent and 17.1 per centrespectively."
It seems that SA once again bucked national trends, this time for the better.Back