Mortgage stress has hit south-west Sydney harder than any other location in Australia.
According to a Fitch Ratings survey released yesterday, seven of the top ten worst performing postcodes in terms of missing mortgage repayments were in New South Wales, with six of the seven in south-west Sydney.
The survey of close to 1,000,000 loans – with a total outstanding balance of over $168 billion – also found the national rate of mortgages that have missed more than one payment was 1.56 per cent.
“In south-west Sydney, mortgages that have missed more than one payment at 30 September were almost twice that of the national average,” said Fitch managing director Ben McCarthy.
“This report for the first time confirms the anecdotal evidence that south-west Sydney is the most stressed part of the country in terms of residential mortgages,” he said.
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