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Leafy Mount Nelson. Picture: Supplied
HOMEOWNERS in six Hobart suburbs are streets ahead of the pack when it comes to paying down their mortgages.
Exclusive data from Digital Finance Analytics shows that residents in northern suburbs Moonah, Rosetta and Berriedale have just $62,000-$71,000 remaining on their home loans.
The figures are similar on the Eastern Shore in Geilston Bay ($77,344) and Risdon Vale ($56,333).
When compared to the median house price in their suburbs, these property owners have as little as 11-12 per cent of an average property’s value outstanding.
The difference is most stark in Southern Beaches hotspot Dodges Ferry, where the typical amount owing is only $49,625, which is 7.75 per cent of the area’s $640,000 median house price.
In five affluent areas, the amount owing on a home loan stretches from about $300,000 to over half a million.
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New Town.
Dodges Ferry.
DFA’s data shows that a typical Mount Nelson property owner has $511,000 owing, followed by Seven Mile Beach ($386,278), New Town ($331,444), Opossum Bay ($310,000) and Battery Point ($299,909).
Surprisingly, property owners in Snug ($294,400) have almost as much outstanding debt as Battery Point.
Across Tasmania, the state average debt is $144,576, with the smallest amount owing in regional areas being Campbell Town at $35,000, while the largest was Strahan at $234,000.
DFA chief executive Martin North said the October data revealed many households were under “significant financial pressure”, spending more than 40 per cent of, and in some cases over half, their disposable income on rent or mortgage payments.
“Younger families, especially first-time buyers, are under the most pressure, but it is spreading into more segments, and that does include some more affluent groups as well as older Australians,” Mr North said.
He said real income, adjusted for inflation, was lower than a decade ago for many families despite recent tax changes and increased government support.
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Martin North, CEO and founder of Digital Finance Analytics. Picture: Hollie Adams
Meanwhile, research by comparison website Finder shows nearly half of mortgage holders (47 per cent) are struggling to pay their home loan.
And one in seven said they would have to sell or apply for hardship if interest rates remained the same until February.
With the RBA set to meet on Tuesday, Finder head of consumer research Graham Cooke said while a rate cut could alleviate some financial pressure on current homeowners, it could also reignite demand in the housing industry.
He said this could, potentially, drive up prices.
“2025 will almost definitely bring multiple rate cuts,” he said.
Finder’s Graham Cooke.
Finder’s figures show one rate cut could save the average homeowner over $1200 per year, while four cuts would save more than $5000.
“This would be a significant relief to those who are struggling,” Mr Cooke said.
DFA’s figures analysed outstanding mortgages in 50 of the largest suburbs in postcodes throughout Tasmania.
HOBART’S LARGEST AND SMALLEST MORTGAGE DEBT
Postcode, debt, suburb, median house price
7007 $511,000 Mount Nelson $925,000
7170 $386,278 Seven Mile Beach $1,040,000
7008 $331,444 New Town $885,000
7023 $310,000 Opossum Bay $795,000
7004 $299,909 Battery Point $1,325,000
7054 $294,400 Snug $699,000
7020 $268,111 Sandford $947,500
7053 $266,125 Taroona $915,000
7017 $260,400 Old Beach $715,000
7025 $249,600 Richmond $968,000
Postcode, debt, suburb, median house price
7171 $184,538 Midway Point $630,000
7019 $174,176 Rokeby $611,000
7030 $160,000 Bridgewater $411,500
7140 $160,000 New Norfolk $460,000
7015 $77,344 Geilston Bay $700,000
7010 $70,967 Rosetta $623,000
7009 $70,632 Moonah $610,000
7011 $62,091 Berriedale $560,375
7016 $56,333 Risdon Vale $460,500
7173 $49,625 Dodges Ferry $640,000
Source: DFA
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