We continue our series on mortgage stress by looking at WA, and with a focus on the Perth region. Using data from our surveys, 22.5% 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 Perth, showing the relative count of households in stress.
Here is the top 10 list from WA.
6430, is in the mining belt of WA and includes Binduli, Broadwood, Hannans, Kalgoorlie, Karlkurla, Lamington, Mullingar, Piccadilly, Somerville, South Kalgoorlie, West Kalgoorlie, West Lamington, Williamstown, and Yilkari. It is in the federal electorate of O’Connor. The average age is just over 30 years. Average mortgage is $279,400.
Next on the list is Tapping (6065), a northern suburb of Perth about 27 kms from the CBD. The average age is 31. The area includes many recent migrants and the average mortgage is $170,610. A large proportion of purchasers are first time buyers.
Third is Wembley Downs (6019). Wembley Downs (6019) is a suburb of Perth on the coastal strip, about 9 kms from Perth. Average age is 40, and average weekly household income is $1,850. Here the average mortgage is $502,000.
Finally, Samson (6163) is a suburb about 14 kms south of Perth in the federal electorate of Fremantle. Average age is 45 years, average weekly household income $1,410 and average mortgage is $301,100.
Once again we see a diverse spread of households in mortgage stress.
