Coastal Holiday Towns Are Under The Worst Mortgage Pressures In The Country

Budgewoi Beach/

Coastal towns in Victoria, NSW and Queensland have listed as being under the most mortgage pressure in the country.

A Fitch Ratings report reveals New South Wales’ Central Coast town of Budgewoi as the worst performing postcode in Australia with a 30-plus-day delinquency rate of 3.7%.

Budgewoi replaced Surfers Paradise as the number one spot and narrowly beat Torquay, on the Great Ocean Road, which came in second on the list.

Despite delinquency rates having risen across the country by 0.11% to 1.35%, between September 2013 at March 2014, both Budgewoi and Torquay had were nearly triple the Australian average.

Increased rate were attributed “local unemployment and economic trends… and particularly in the current low-interest rate environment”, according to the report.

Overall, Victoria rated as the worst performing state with seven towns listing as the worst performing suburbs and zero listing among the best-performing by value of mortgages.

Read the full report here.

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