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Apr 11, 2012
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Victoria’s south-eastern suburbs at housing affordability crisis point

High bankruptcy figures reported in The Age today and linked to mortgage stress are further evidence of the need for State and Federal Governments to immediately act to improve housing affordability in Victoria, and more broadly, across Australia.

The article, South-east worst hit by bankruptcy: Mortgage stress takes heavy tollreveals that Melbourne’s South-Eastern suburbs have the highest tally of bankruptcies in Victoria and can be attributed to ‘strong population growth and the high rate of new mortgages in the area’.

AAH Campaign Manager, Sarah Toohey said these figures were consistent with AAH’s Housing Stressed data and demonstrated that many people in Victoria’s South-Eastern suburbs were at breaking point.

“According to the AAH Housing Stressed data, 21 per cent of mortgage holders in the City of Casey, and 19 per cent in Cardinia and Frankston are in housing stress. High housing costs are taking their toll in these areas.

“While the South-Eastern suburbs have been highlighted as having the highest rate of bankruptcies, our data suggests housing stress is also a major factor in the outer western suburbs.

“Hume recorded the second highest rates with 26 per cent under mortgage stress. Brimbank and Melton were also high on the list with 29 per cent and 21 per cent of mortgage holders respectively in housing stress.

“These are areas where housing is supposedly affordable, but the reality is that costs are still too high for many households, particularly if they’re on a single wage, or have to run two or more cars to get around”

“We can’t keep letting households fall into financial crisis, just to get a roof over their heads. We need a National Housing Plan that is backed by the Commonwealth and every State and Territory Government. With the Federal and State Budgets fast approaching, it is the perfect time for the Government’s to act. Ms Toohey said.

Australians for Affordable Housing is a coalition of national housing, welfare and community sector organisations working to highlight the problem of housing affordability in Australia. For more information visit www.housingstressed.org.au

 

Spokesperson: Sarah Toohey, 0427 563 989 Media enquiries: Stephanie De Campo, 0432 828 004 Follow AAH on Facebook and Twitter: @housingstressed
Housing stress – Australians for Affordable Housing local council league table* 

  Housing Stress Mortgage Stress Private Rent Stress
LGA Name % Number % Number % Number
Greater Dandenong (C) 21 10236 31 4372 38 4868
Hume (C) 19 10872 26 6735 41 3347
Melbourne (C) 19 7629 18 1330 25 5449
Brimbank (C) 18 11484 29 6124 41 4377
Melton (S) 18 6496 21 4179 38 1995
Casey (C) 18 15135 21 9543 35 4711
Frankston (C) 18 9032 19 4050 37 4250
Maribyrnong (C) 17 5175 16 1575 31 2881
Cardinia (S) 16 4117 19 2304 35 1527
Wyndham (C) 16 8240 18 4645 33 3094
Darebin (C) 16 9144 16 2531 33 5264
Whittlesea (C) 16 7897 23 4454 36 2860
Moreland (C) 16 9385 17 2993 32 5303
Mornington Peninsula (S) 15 9107 20 4208 40 3981
Yarra Ranges (S) 14 7786 19 4627 38 2582
Hobsons Bay (C) 14 4789 17 1897 31 2289
Kingston (C) 14 7948 16 3340 32 3853
Glen Eira (C) 13 7386 13 2193 30 4628
Port Phillip (C) 13 6765 8 1062 20 4712
Maroondah (C) 13 5590 15 2412 32 2678
Yarra (C) 13 4805 7 682 20 2945
Monash (C) 13 8319 16 2904 32 4573
Knox (C) 12 7109 16 3896 32 2563
Stonnington (C) 12 5633 9 916 23 4035
Moonee Valley (C) 12 5338 13 1570 26 2586
Whitehorse (C) 12 7134 14 2597 31 3741
Banyule (C) 11 5323 14 2074 28 2415
Manningham (C) 10 4423 16 2108 32 1922
Boroondara (C) 10 6472 10 1776 25 4116
Nillumbik (S) 9 2024 13 1280 33 597
Bayside (C) 9 3385 10 1192 26 1708

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