Higher than average delinquency rate for Mornington Peninsula: Fitch

Stephen TaylorJuly 9, 20130 min read

A higher-than-average delinquency rate by homeowners on the Mornington Peninsula in the 18 months to the end of March, was one of the main finding in the Fitch study on mortgage deficiency by postcode to the end of March.

Mornington Peninsula was the third worst-performing region in Victoria with a delinquency rate of 1.66%. 

This comes despite a stable unemployment rate and stable house prices.

Fitch analysed about 240,500 mortgages Australia-wide for an equivalent amount of $43 billion for this study. 

Generally, though, Victoria continued to perform well in terms of mortgage arrears, with an overall delinquency rate of 1.29%. This was lower than New South Wales (1.58%) and Queensland (1.58%). 

Melbourne performed in line with the rest of Victoria, with a delinquency ratio of 1.25%. 

Mortgage performance in Victoria has not changed significantly over the past three years to the end of March. 

The state’s strengths include a stable and diversified economy, satisfactory affordability, and a low unemployment rate. The property market experienced considerable growth from 2008 to late 2010, before declining in 2012 and 2013. 

As of the end of March, property prices in Melbourne are still 7% down from their peak in late 2010, but are at the same level as of the end of March 2010. 

The unemployment rate in Victoria was 6.2% at the end of March this year, in line with historical levels. Unemployment remains low, the GDP stable, and affordability high, so Fitch does not expect a significant change in delinquency rates in Victoria in the near term.

Recent mortgagee listings and sales on the Mornington Peninsula:

Under instruction from the mortgagees, Ray White Chelsea will auction 36 Royal Road, Bonbeach (pictured below) on Saturday, July 27 at 11am. The weatherboard on 583 square metres is handy to the beach, shops and station.

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The interior has been renovated with three bedrooms plus a study, modern kitchen with stainless steel appliances and glass splashbacks, open plan lounge room all with polished floorboards. There’s ducted heating and cooling.

Hocking Stuart Frankston is hoping to reap $420,000-$585,000 in a mortgagee sale for 39-41 Nepean Highway, Seaford (pictured below) . The townhouse, in a group of 20 named Twin Waters, has three bedrooms, two bathrooms and two car spaces.

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The development includes a mixture of two and three storey residences, some with bay and creek views. It has bamboo flooring, stone bench tops, stainless steel appliances, air conditioning, double car accommodation, private courtyards/balconies. The beach is across the road, and schools, shops, transport and parkland nearby.

Sandra Dunbar Real Estate, McCrae, recently sold 490 Boneo Road, Boneo (pictured below), on the Mornington Peninsula, for $1.5 million in a mortgagee sale. 

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The 1860 farmhouse, Glenlee, is on 12.3 hectares.The iconic property is perfect for farm stay, farming or equestrian. It’s close to schools, shopping, wineries, golf courses and bay and ocean beaches.

It’s fully fenced with manageable paddocks, one with fruit orchard and the rest open to grazing. The historic outhouses, sheds and shelters support the property’s use.

Aerial image courtesy of Frankston Visitor Information Centre.

Stephen Taylor

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