We finish our series on mortgage stress by looking at TAS, and the region around Hobart. Using data from our surveys, 24.3% of households are currently in mortgage stress. This is above the national average of 21.3%. You can read about our methodology here. We assess individual household income and expenditure, and do not rely on a simplistic “35% of income rule of thumb” used by many others.
Here is the mapping around Hobart, showing the relative count of households in stress.
Looking at the top 10 in TAS, Riverside 7250 contains the largest number in stress.
Riverside is a suburb of Tasmania, about 164 kms from Hobart to the north west. The average age of the people in Riverside is 40 years of age and the average income $1,110. The average mortgage is below $100,000.
Next is Kingston, (7050), a suburb of Tasmania about 11 kms from Hobart. The average age of the people in Kingston is 36 years of age and the average income is $1,110 whilst the average mortgage is $130,000.
The third highest is Dynnyrne, just 2 kms from central Hobart. The population is younger and more wealthy than the other post codes, with an average income of $1,380. The average mortgage is $409,000.
So, once again we see a wide range of households in stress.
That completes our series on mortgage stress in Australia in 2016. Our next piece of work will be to update our probability of mortgage default. Whilst this is connected to mortgage stress, the default modelling takes account of a range of broader economic indicators.
