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Sydney's middle-class urban ideal, homeowner debt million ratio is high

Source: xkb.com.au
[经济地产]     12 Aug 2020
Sydney's housing market is becoming increasingly vulnerable as nearly 40% of house owners in the new state pay for mortgages they ca n' t afford, thanks to the blow of the new crown pneumonia economic.
Sydney's middle-class urban ideal, homeowner debt million ratio is high

 

Sydney's housing market is becoming increasingly vulnerable as nearly 40% of house owners in the new state pay for mortgages they ca n' t afford, thanks to the blow of the new crown pneumonia economic.

The economic model also shows that, despite purchases many years ago house, as many as a fifth of homeowners in some urban areas are saddled with over $1 million in mortgage debt.

Research from the "Digital Financial Analysis "(Digital Finance Analytics) shows that over 20,000 house owners have over $1 million in mortgages across Greater Sydney.

Martin North, head of the research firm, said the figure was higher than ever and higher than anywhere else in australia.

The high debt during the COVID-19 outbreak, he added, high debt meant homeowners were at increased risk of default on their mortgages.

"The COVID-19 epidemic is a catalyst for increased stress among people with high mortgage debt but previously in good financial condition ," North said. ""Those heavy debt are really starting to bite the owners again. "

The study, based on a survey of more than 50,000 households, found that about 26,000 homeowners in the new state are at risk of defaulting on their loans, and 38% of them are "under a lot of pressure ".

He said :" We have debt problems. It has accumulated for many years, but now that the tide has begun to recede, we will see more (more people are not wearing pants). Next year looks really ugly. "

"A lot of people will question whether taking on so much debt is a good idea. I doubt many people think the price will continue to rise. "

Overindebted homeowners have the highest Chiswick,Lane Cove,Wahroonga and Maroubra ratios in Sydney's "ideal" urban areas, which attract middle-and high-income buyers.

Between 14% and 22% of homeowners with more than $1 million in negative housing debt in these cities, including recent home buyers and those with long-term mortgages.

These homeowners are barely able to pay their mortgage payments, but they are at the greatest risk of losing their income, North said.

"If many of these owners were forced to sell their property, few would have the money to pick them up ," he said. "

But living in the western suburbs of low house prices, mortgage debt are relatively low, but it does not mean that they are under pressure to repay their loans because of their lower income and higher risk of unemployment.

Modelling of the "digital financial analysis" shows that many homeowners in the western suburbs will find it difficult to maintain their income for mortgage payments.

The south-western suburbs, including the Leumeah,Chipping Norton,Mount Annan,Bossley Park and Hoxton Park districts, are particularly concentrated in cash-strapped homeowners.

From 50 to 75 per cent of the house owners in the suburbs said they paid more than they could afford.

Sydney's highest home-to-home ratio over 1 million is as follows:

Chiswick 22% of all mortgages

Lane Cove 19%

Wahroonga 16%

Balgowlah 16%

Maroubra 14%

Mosman 14%

Warrawee 14%

Cronulla 13%

Randwick 13%

Naremburn 12%

Coogee 11%

Castlecrag 10%

Strathfield 10%

Roseville Chase 10%

Rushcutters Bay 10%

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