The high interest rates and cost of living environment means many are experiencing mortgage stress.
The following article by Elizabeth Tilley from News demonstrates the suburbs experiencing highest mortgage stress - https://www.news.com.au/finance/real-estate/worst-suburbs-for-mortgage-stress-as-new-figures-show-tax-cuts-helping-the-rich/news-story/3604a9f60ead5f6e808bffbaaf45ab3.
The figures show more than half of all home owners are struggling hard to keep up with their repayments, while more than 77% of tenants are in rental stress due to high rental yields. It's first home owners and owner occupiers with young and growing families that are struggling in the current environment.
High income landlords don't seem to be experiencing similar stress levels, with only 16% of investors having cash flow issues.
The top 10 suburbs for mortgage stress have been published in the same article.
Liverpool, NSW 2170
Campbelltown, NSW 2560
Tapping, WA 6065
Toowoomba, QLD 4350
Camden, NSW 2570
Narre Warren, VIC 3805
Roxburgh Park, VIC 3065
Pakenham, VIC 3810
Berwick, VIC 3806
Ballarat, VIC 3350
While this is a challenging situation for home owners in these areas, savvy investors should keep on eye on these areas as they can provide solid buying opportunities for below-market sales for those who are looking to make an urgent sale.
