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CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Friday, 27 March 2015

Delinquency rates tumble to 8 year low

Delinquencies lowest in 8 years

According to the latest report from Moody's, only 1.19 percent of Aussie mortgages are 30 days past due, the lowest level in 8 years.

This is grand news for Aussie households and reflects the Reserve Bank's conclusion that generally financial stress in Australia is low at the present time. 

Greater Sydney 30 day plus delinquency rates withered to just 0.9 per cent.

Meanwhile delinquency rates remain low in Greater Darwin (0.4 per cent), Perth (1.1 per cent), Melbourne (1.1 per cent) and Brisbane (1.2 per cent) as homeowners enjoy record low borrowing rates.

Source: Moody's

Delinquency rates are a little more elevated in the southern states capitals of Hobart (1.3 percent) and Adelaide (1.5 per cent), where unemployment has been a more pressing issue.

However, Moody's warned that delinquency rates are rising in some regional areas, particularly in the mining and resources states.

This is reflected in the above graphic which reveals regional delinquency rates as being more elevated than those of their respective capital city in every Australian mainland state.