News

City casts off record for mortgage arrears

SIX months after topping a table of cities with home owners behind on their repayments, Ipswich has bounced back.

Last August international ratings agency Fitch Ratings ranked the city the worst for home loan delinquencies.

The annual report looks at how many mortgage holders are more than 30 days in arrears.

Six months ago, 2.14% of all mortgages in Ipswich City were more than 30 days in arrears, up from 1.28% in March 2010.

In the latest report, that has dipped again, to just 1.36% - the largest drop in 30-day delinquency rates among all Australian regions.

The report says delinquencies in Ipswich are likely to continue falling following the Reserve Bank's decision late last year to decrease cash rates.

The report's co-author, James Zanesi, said Ipswich's increase last year was due to events including the floods and the struggling Queensland economy.

"Regions such as Ipswich are more affected by these changes and the decrease in the official cash rate", Mr Zanesi said. "It is similar to other areas outside capital cities; it is more sensitive to mortgage rate changes."

It is similar to other areas outside capital cities; it is more sensitive to mortgage rate changes.

Mayor Paul Pisasale was delighted, saying it was another sign Ipswich was throwing off the effects of the 2011 floods.

"It's great news. We just went through a bit of a rough patch," the mayor said. "This is all because of the hard work we've been doing.

"We've just turned it around to be the best in Australia."

The Fitch Ratings Mortgage Delinquency Report found Queensland remained the worst-performing state for borrowers more than 30 days behind on their mortgages.

Queensland has a 30-day delinquency rate of 1.41%, although its performance has improved slightly - it was down from 1.86% at the end of March.

Most of Australia's 10 worst-performing regions were in the Queensland.

On the other hand, Victorian home owners are still the best payers in Australia and five of the 10 best-performing regions were in Melbourne, the same number as March 2012.

Tourism centres topped the mortgage blacklist, led by the Gold Coast east.

Topics:  cash rate, fitch ratings, interest rate, reserve bank of australia



Answering the call to protect our proud past

OLD WAY: This is one of the huge murals created by Peter Parsons which can be seen at the Ipswich Historical Society Cooneana Heritage Centre, New Chum.

Times Past with QT columnist Beryl Johnston

Council blunder gave society a purpose more than 50 years ago

GUARDIANS: Members of the Ipswich Historical Society stand beside the site of The Old Hummock next to Cunningham's Knoll.

Ipswich Historical Society set to celebrate its anniversary

Keeping the best company

STARS: Heidi Enchelmaier (above) and Annabelle Harbison starred in the recent Ipswich production of Wicked.

Every one of the cast were superb in their respective roles

Local Partners

Britney Spears smoked cannabis as a teenager

Britney Spears

Britney Spears experimented with cannabis when she was 17.

Lady Gaga confirms Super Bowl show

Lady Gaga

Lady Gaga to perform in coveted spot

Girls actors give emotional tributes to hit show

Actor Allison Williams

Actors farewell smash hit HBO show Girls after six seasons

Janet Jackson's pregnancy is 'best thing'

Janet Jackson

Janet Jackson can't wait to become a mum

Jay Z signs two-year movie and TV deal

Rapper Jay Z

Rapper Jay Z has signed a television and movie deal

Nowhere to Hyde: Matt Nable is Australia's man in demand

Matt Nable stars as Detective Gary Hyde in the TV series Hyde & Seek.

NABLE returns to the small screen amidst busy film work.

Beach-side real estate starts at $85k on Fraser Coast

HERVEY BAY REAL ESTATE: You can buy this townhouse in Scarness for under $300k.

Live your beach-living dream locally.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

Housing report points to a lift in local market

AFFORDABLE HOMES: First home buyers have the opportunity to purchase modern new homes in the Ipswich region for under $400,000.

Region shaping up as the "final frontier” for affordable housing

Five ways to slash household bills and save the environment

THINK GREEN: Considering the environment when building or buying your next home can save you big dollars. The Village Building Company, who is responsible for Woodlinks Village at Collingwood Park, builds homes with this front of mind.

THERE is nothing as sweet as slashing dollars from your bills.

Investors out-bid first-home buyers in booming market

Housing generic.

Ipswich's housing market is putting more cash into sellers’ pockets