Revealed: Brisbane areas copping the biggest mortgage payment rise

Labor analysis has revealed how much more homeowners will be paying on their mortgages in the battleground electorates of Brisbane, Ryan, Griffith, Lilley and Dickson.

Homeowners in battleground electorates of Brisbane, Ryan, Griffith, Lilley and Dickson are facing an average increase to their mortgage repayments of more than $1000 a year from this week’s interest rate rise alone, new Labor analysis reveals.

It means some of the most marginal seats in southeast Queensland will also cop the highest increases in the wake of the mid-election rate rise.

While the Reserve Bank of Australia’s decision has largely been seen as a blow to the government’s chances, some political pundits have argued it could see some voters stick with the Coalition due to perceptions of economic management.

Mortgage repayments are on the rise in the wake of the Reserve Bank’s decision to increase the cash rate. Picture: NCA NewsWire / Christian Gilles

Brisbane is one of the key Queensland seats Labor is targeting at the election, as well as Longman, while there has been talk about the LNP losing some of its margin in Ryan amid a changing demographic and rising Green vote.

The Greens are also putting significant resources into the marginal, inner-city Labor seat of Griffith, while Lilley remains’s Labor’s most marginal seat in the state.

The homeowners in the electorate of Brisbane, which includes Teneriffe, Spring Hill, Clayfield and Ascot, would have to find an extra $1666 a year for their repayments according to the analysis.

It is based on internal Labor modelling looking at median house prices in suburbs in electorates, and applying variable loans of 80 per cent of the value with rates of 2.35 per cent increasing to 2.6 per cent.

Mortgage repayments over a year are set to increase by $1065 in Peter Dutton’s seat of Dickson, $756 in Longman, $1484 in Ryan, $861 in Petrie, $1051 in Lilley and $1504 in Griffith, it found.

Labor’s Brisbane candidate Madonna Jarrett said thousands of Brisbane residents were calculating what they may have to give up to accommodate another cost-of-living increase.

Labor’s candidate for Brisbane Madonna Jarrett. Picture: NCA NewsWire / Jono Searle

“All Scott Morrison and the LNP have is a plan to get them through the election, and one-off payments timed to land during the campaign and end after,” she said.

But a Coalition campaign spokesman said the economic times required the Coalition Government’s “serious economic plan”, while criticising Labor’s housing policy for lacking basic details.

“(Opposition Leader) Anthony Albanese is a weak leader who would deliver a weak economy at a time Australians can least afford it,” he said.