Sunshine Coast tops in mortgage stress

The Sunshine Coast and Gold Coast have 19 of the top 20 suburbs for mortgage stress in Queensland, according to a new study of Census data.

The Sunshine Coast and Gold Coast have 19 of the top 20 suburbs for mortgage stress in Queensland, according to a new study of Census data.

And if you count Caboolture, the Sunshine Coast has mor than its share of the worst suburbs for both mortgage and rent stress with 17 of the 40 listed from here.

Data obtained from the 2006 Census confirms that there are now 220,000 Queensland households in either mortgage or rental stress.

Topping the list is Peregian Beach with a median monthly repayment of $1975, leaving 50.3% in stress.

Caloundra is not far behind with 46.3% having trouble meeting their $1150 average payments. Noosaville and Noosa Heads are also high on the list with average mortgage payments of $1517, leaving more than 44% in stress.

HIA’s Queensland Executive Director, Warwick Temby, said mortgage stress was a statewide problem but particularly evident on the Sunshine Coast and Gold Coast.

“There are some suburbs in Queensland that are doing it particularly tough, with more than 1 in 2 households with either a mortgage or making rent payments in these areas spending over 30 per cent of gross income in putting a roof over their heads,'' Mr Tenby said.

“Suburbs suffering some of the worst effects of rent stress are Macleay Island (Redland Shire), Pomona (near Noosa) and Clear Island Waters (Gold Coast). These suburbs have more than 1 in 2 rental households in stress.

"In terms of mortgage stress Peregian Beach, Bilinga (Gold Coast) and Caloundra have the highest proportion of mortgagees in housing stress”.

“We don’t need further reviews into this issue, what we need is action to restore housing affordability. There is a desperate need to unclog supply constraints that are making it extremely difficult for the industry to deliver affordable housing for home buyers and those in the private rental market,” Mr Temby said.

“The State Government has recognised the housing affordability problem and has legislation in Parliament to implement its Housing Affordability Strategy. But action is also needed at a Federal Government level.

“Faced with the worst housing affordability crisis on record HIA has developed a comprehensive Federal housing policy that outlines policy proposals that if implemented would provide over 50,000 more affordable houses for aspiring home owners and renters alike.

“We need to address what is a fundamental shortage in supply. Governments need to commit to greater investment in infrastructure necessary to support residential development, that it why HIA has developed the Residential Infrastructure Fund,” he said.

HIA’s Residential Infrastructure Fund rewards State and Local Government who remove costly red tape imposed on new residential development by offering Federal Funding to deliver essential and community infrastructure. HIA believes the RIF could reduce the cost of a new house by as much as $20,000.

Another proposal from HIA aimed at restoring affordability is the Home Super Saver. Under this scheme, employees would be able to salary sacrifice a percentage of their wage for a deposit towards a deposit for a home of their own.

“More and more Australians are feeling the pinch of higher loans, we need to reward saving by offering young people some incentives to save for a home. The Home Super Saver is a great way of helping those struggling to save a deposit,” Mr Temby said.

OUR MOST STRESSED SUBURBS

MORTGAGE STRESS

Suburb - Monthly payment - % in stress

Peregian Beach - $1975 - 50.3%

Bilinga - $1200 - 47.8%

Caloundra - $1150 - 46.3%

Surfers - $1600 - 45.8%

Noosaville - $1517 - 44.6%

Noosa Heads - $1517 - 44.2%

Pacific Pines - $1874 - 44%

Upper Coomera - $1785 - 44%

Caloundra West - $1517 - 43.3%

Doonan - $1387 - 43.2%

Thursday Is - $1430 - 42.9%

Ormeau - $2100 - 42.9%

Mermaid Beach - $1603 - 42.4%

Cooroibah - $1300 - 42.3%

Varsity Lakes - $1517 - 42.2%

Clear Island Waters - $1733 - 41.6%

Hope Island - $1915 - 41.4%

Paradise Point - $1733 - 41.3%

Sunshine Beach - $1300 - 41.3%

Peregian Beach (Noosa) -$1400 - 40.8%

RENT STRESS

Suburb Weekly rent % in stress

Macleay Island - $160 61.6%

Cooloola Cove - $160 60.4%

Russell Island - $155 59.3%

Pomona - $210 59.0%

Clear Island Waters $330 58.5%

Bilinga $230 57.5%

Eumundi $245 57.5%

Golden Beach $230 57.1%

Howard $155 57.0%

Tin Can Bay $155 56.5%

Dundowran Beach $260 56.3%

Robertson $295 56.0%

Bundall $320 55.5%

Bellara $180 55.4%

Noosaville $260 55.4%

Caloundra West $265 54.7%

Bongaree (Caboolture) $185 54.6%

St Lucia $285 54.6%

Bundaberg West $140 54.3%

Yandina $190 54.1%

Originally published as Sunshine Coast tops in mortgage stress