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 toll” reveals 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|
|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|
|Glen Eira (C)||13||7386||13||2193||30||4628|
|Port Phillip (C)||13||6765||8||1062||20||4712|
|Moonee Valley (C)||12||5338||13||1570||26||2586|
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