Mortgage Stress Intensifies In May
Rental stress also heightened throughout the month.
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The proportion of households experience mortgage stress has increased in NSW and Canberra during May according to analysis by Digital Finance Analytics (DFA).
It comes as sky-high home prices continue to stretch family finances with 41.3% of NSW households now in mortgage distress – a rise from 38.2%. Mortgage stress is when an average home buyer is using more than 30% of their income to cover repayments.
Elsewhere, 42% of Canberra families struggled, a rise from 38.3% over the same period.
The rise in mortgage stress can be likely attributed to the ending of JobKeeper in March.
This was acutely felt in Tasmania, where 56.8% of households were in mortgage stress.
The market was not any more accommodating in the rental segment with rental stress also surging across all states except the Northern Territory.
Rental stress in may jumped by 4.59% in Canberra, 3.46% in NSW, 3.46% in Victoria and 3.29% in Queensland.
“There was a significant rise in rental stress, as the fallout from the removal of renter protections hit, and the JobKeeper and JobSeeker support ended,” Mr North, Director of DFA said.
Rental stress, similar to mortgage stress, occurs when a person pays more than a third of their income on rent.
The number of households in rental stress nationwide rose from 1.78 million in April to 1.95 million in May.
“Until incomes rise, the conditions are set for more pressure on household finances,” Mr North forewarned.
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This home has all the conveniences of modern living set in a dramatic landscape
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Plenty of people are looking to get away from it all. But most are reluctant to give up the conveniences and small luxuries of modern living.
This split-level property at 166 Westwood Street, Bridport on the north coast of Tasmania offers both, with direct access to a stunning coastline as well as easy living in a three-bedroom, Hamptons-style home. Just a 10-minute walk from Mermaids Beach in the Granite Point dress circle, the house on a 1206sqm site is a two-hour drive from Devonport and the Spirit of Tasmania terminal port.
Central to the floorplan is a generous, north facing open plan living space with raked ceilings and wraparound bay windows leading onto a sun-filled deck via sliding doors.
Entry is via a spacious reception area with integrated hall table and storage cupboard. A short hallway offers access to the master suite to the right and secondary bedrooms to the left, or through to the open plan living area to the rear.
The master suite includes a built-in robe and stylish, semi open ensuite. Sliding doors lead onto the split level deck, with a spa on the lower side to provide privacy.
The well-appointed kitchen includes a large butler’s pantry, as well as an island bench and bar area with finishes such as Carrara marble chosen to blend seamlessly into the lounge and dining area. A stone fireplace is the main focal point in this room, while ducted heating and aircon ensure that thermal comfort is maintained all year round.
At 334sqm, the house is large enough to provide room for family and friends when required, bt cosy enough for two, without spending unnecessary time on maintenance and cleaning.
With Barnbougle Dunes and Lost Farm golf courses just 10 minutes away, local wineries and mountain biking at nearby Derby, this is an ideal property for downsizers looking for a little luxury while still feeling connected to nature.
Address: 166 Westwood Street, Bridport
Inspection: By appointment
For sale: By Offer
Price guide: $2.3m t0 $3m
Agent: Andrew MacDonald, The Agency, 0409 368 151 andrewmacdonald@theagency.com.au
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