Australian Mortgage Delinquency by Postcode 30 September 2011
-
Upload
chrisbecker -
Category
Documents
-
view
2.973 -
download
0
Transcript of Australian Mortgage Delinquency by Postcode 30 September 2011
Structured Finance
www.fitchratings.com 19 December 2011
RMBS/Australia
Australian Mortgage Delinquency by Postcode 30 September 2011
Special Report
Key Findings
General Fall in Delinquencies: Overall, delinquencies have decreased considerably across
Australia to 1.42% in September 2011 from 1.77% in March 2011. Western Australia has
shown a significant improvement in arrears, recording a 1.50% delinquency rate by AUD
amount, down 49bp from 1.99% in March 2011. Queensland continues to be the worst
performing state in terms of 30+ day arrears (1.70%), down 30bp from 2.00% in March 2011.
Worst Performers Improving: The ten worst performing regions in Australia are the same as
in March 2011. However, delinquency rates have decreased across all of these regions.
Regions which have shown strong sensitivity to mortgage rates, due to socio-economical
factors (eg high unemployment rate, low income) have benefited most from stable cash rates.
Positive Signals: Fairfield-Liverpool continues to be the worst performing region in Australia,
but 30+ day arrears decreased to 2.63% in September 2011 (from 2.99% in March 2011).
South-west Western Australia has shown a significant improvement in mortgage performance,
with arrears decreasing by 76bp to 2.17%. Northern Middle Melbourne is currently the best
performing region in Australia by value (30+ day arrears at 0.54%), followed by Lower Northern
Sydney (0.56%).
Tourism Destinations Struggling: Nelson Bay remains the worst performing postcode overall
by loan amount, recording a delinquency ratio of 7.8%. An increasing number of the 20 worst
performing suburbs in Australia are located in “tourism destinations” such as Arlie Beach,
Noosa Heads, Surfers Paradise and Nelson Bay.
Figure 1
Australia – 30+ Day Delinquencies0.00% To 0.47%
0.47% To 0.95%
0.95% To 1.42%
1.42% To 1.89%
1.89% To 2.36%
>2.36%
1 Northern QLD 1.34
2 Mackay 1.81
3 Fitzroy 1.31
4 Wide Bay-Burnett 1.92
5 Sunshine Coast 1.87
6 Darling Downs 1.60
7 Richmond-Tweed 1.69
8 North NSW 2.01
9 Hunter 2.03
10 Illawarra 1.70
11 South East NSW 1.41
12 ACT 0.65
13 Murray Murrumbidgee 1.58
14 Mallee,Wimmera & Loddon1.27
15 Western VIC 1.17
16 Barwon 0.98
17 Goulburn & Ovens Murray 1.34
18 Gippsland 1.09
Western
Australia
(excl Perth)
1.84
Northern
Territory
0.75
1.67
South
Australia
(excl. Adelaide)
1.83
North West NSW 1.47
Tasmania
1.12
Far North and West
1
2
34
67
8
9
1011 12
1314
15
16
1718
5
Source: ABS, Fitch
South
West WA
2.17
Key Points
Thanks to stable interest rates,
delinquencies have decreased at state and
regional level
“Tourism destinations” are now among the
worst performing suburbs in Australia
Western Australia is showing a significant
improvement in delinquencies, thanks to
the rebound in the mining sector
Related Research Australian Mortgage Delinquency by Postcode – 31 March 2011 (March 2011)
The Dinkum Index – Q311, Fitch Ratings’ Quarterly Australian Residential Mortgage Performance Report (Dec 2011)
Analysts James Zanesi +61 2 8256 0306 [email protected] Natasha Vojvodic +61 2 8256 0350 [email protected] Kim Bui +61 2 8256 0340 [email protected] Investor Relations Vickie Brumwell +61 2 8256 0305 [email protected]
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 2
Regional Highlights
In terms of mortgage performance, those regions which have shown strong sensitivity to
mortgage rates due to socio-economical factors (eg high unemployment rate, low income
households) and which were affected most in March 2011 by Christmas spending and
increased interest rates have also benefited the most from stable cash rates.
Figure 2
0.0
0.5
1.0
1.5
2.0
Sep 00 Sep 01 Sep 02 Sep 03 Sep 04 Sep 05 Sep 06 Sep 07 Sep 08 Sep 09 Sep 10 Sep 11
0
2
4
6
8
90+ days 30+days Cash rate(%)
The Fitch Dinkum Index RMBS delinquencies
Source: Fitch
(%)
South west Sydney, Melton-Hume in Victoria, and Logan City in Queensland have shown an
above average improvement in 30+ day arrears. However, these regions continue to be among
the “worst performing” regions in their respective states. Fairfield-Liverpool continues to be the
worst performing region in Australia, with one mortgage in 60 being in arrears and a 30+ day
delinquency rate of 2.63%.
Other regions labelled as “worst performing” — such as the Gold Coast in Queensland and the
Central Coast north of Sydney — have not shown the same degree of improvement in arrears,
as these regions were less affected by socio-economical variables. These regions tend to have
above average 90+ day arrears, indicating delinquencies in these areas are more severe, and
are often related to a slow down in the housing sector.
Nelson Bay remains the worst performing postcode overall by loan amount — recording a
delinquency ratio of 7.8% in AUD terms — and the second worst performing postcode by
number of borrowers in arrears (31 out of 1,000). Nelson Bay has been the worst Australian
performing postcode in terms of mortgage performance over the last two and half years, due to
strong 90+ day arrears (often influenced by housing speculation). These 90+ day arrears are
expected to decrease in the long term, as has been the case in the past two years. Other
suburbs, such as Budgewoi (NSW), Casuarina (WA), and Helensvale (QLD), remain among
the worst performing postcodes.
Queensland continues to be the worst performing state in terms of 30+ day arrears (1.70%),
down 30 basis points (bp) from 2.00% in March 2011. Delinquency rates in the Gold Coast and
in Logan City are still relatively high. However, Logan City has shown a strong improvement in
30+ day arrears (to 2.38% from 2.83% in March 2011). Both the 30-60 day and 60-90 day
delinquency buckets have seen an improvement since March 2011, indicating that borrowers
have been able to cope with increased interest rates.
Western Australia has shown a significant improvement in arrears, recording a 1.50%
delinquency rate by amount, down 49bp from 1.99% in March 2011. This improvement has
also been reflected in the delinquency rate by number of mortgages in arrears, with one
borrower out of four being able to cure their delinquency status since March 2011. Only one of
the worst 20 postcodes is currently located in Western Australia (versus five in March 2011).
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 3
Arrears levels in Victoria decreased over the six months to September 2011 and it is still
performing well, with an overall delinquency rate of 1.04%. This is considerably lower than the
other large states of New South Wales (1.55%) and Queensland (1.70%). Melbourne is
performing in line with the rest of Victoria, with a delinquency ratio of 1.00%. The majority of the
20 best performing postcodes are still located in Victoria.
In this report, Fitch Ratings covers all securitised mortgages (prime and non-conforming),
including mortgages which form the collateral of REPO-eligible transactions with the Reserve
Bank of Australia (RBA). As of September 2011, securitised mortgages represented
approximately 17% of all Australian mortgages by volume. Overall, Australian arrears are still
below those of other key markets, such as the US and UK.
Figure 3
0
2
4
6
8
10
12
14
Mar 05 Apr 06 May 07 Jun 08 Jul 09 Aug 10 Sep 11
Australia 90+days US 60+days UK 90+days(%)
Serious Delinquencies
Source: Fitch
Background
This is Fitch’s seventh report covering the performance of Australian mortgages by postcode.
The analysis is based on loan-by-loan data for Australian securitised residential mortgages and
provides a window on the Australian mortgage market as a whole and specifically, the
performance of mortgages across postcodes.
For the purpose of this report, Fitch has used its mortgage performance data to divide
Australian mortgage performance by geography. The agency has done this by placing an
emphasis on the postcode in which the security property is located. In this manner, Fitch is able
to analyse missed payments on residential mortgages in Australia at varying levels of
granularity, including by state, city, region and postcode.
As not all of the mortgages are owner-occupied, the location of the property might be different
than the residency of the borrower and the business focus of the lender. Therefore, for small
geographical areas such as postcodes, the study provides more information on the
performance of the secured property market, rather than the creditworthiness of the residents
in that particular area, or the performance of a specific lender’s portfolio. For example, while
properties in one geographical area may form collateral for investment properties, the borrower
might be resident anywhere else in Australia, for example in a metropolitan city. According to
the RBA, 31% of mortgages are currently secured on investment properties. Even if the
location of the property might not always reveal the credit profile of the obligor, it remains a
discriminating factor in performance.
This study has been devised to examine Australian mortgage delinquency at a granular level
and to highlight areas of stress in the Australian mortgage market that may not be evident
when looking at national or even state-based data. The variability of the performance of
postcodes across Australia is a reminder to those reviewing RMBS performance that the
geographic diversity of a portfolio is an important attribute to be considered.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 4
The study relies on data from home loans that have been securitised in the Australian market.
Since September 2010, the study also takes into account the loans of REPO-eligible
transactions with the RBA, as such transactions are now well-seasoned. At 30 September 2011,
the study included approximately 1,056,000 loans (1,040,000 at 31 March 2011) with a total
outstanding balance of over AUD194bn (AUD186bn at 31 March 2011). The volume of data
has increased due to recent market issuance, and the volume of securitised mortgages in the
study currently represents approximately 17% by value of the total housing loan stock in
Australia. As such, it provides a good proxy for the performance of the Australian residential
housing finance sector. The data include both conforming and non-conforming securitised
residential loans.
Methodology
In order to compare different geographical areas across Australia, Fitch displays statistics both
by postcode and by region. Fitch first provided statistics about specific geographical regions in
2007, when it first highlighted the divergence in performance between south west Sydney and
the rest of New South Wales. In March 2008, Fitch presented for the first time a detailed
overview of the performances among the 54 largest regions in Australia.
Since the September 2010 report, Fitch has increased the number of regions covered in the
study. Previously, Fitch exclusively analysed the largest Statistical Subdivisions (SSD), as
classified by the Australian Bureau of Statistics (ABS), with an outstanding mortgage balance
greater than AUD1.0bn. Such criteria allowed the agency to quickly assess the performance in
a specific and geographically-delimited area and, at the same time, avoid the risk of running
into statistically misleading results. On the other hand, such methodology did not easily allow
Fitch to cover the whole of Australia, as it focuses on the most densely populated areas.
Moreover, it was relatively hard to capture the divergence in performance between metropolitan
and more remote areas.
For metropolitan areas such as Sydney, Melbourne, Brisbane, Adelaide, and Perth, Fitch
continues to display information for subdivisions, as provided by the ABS. While some cities
(eg Sydney and Melbourne) allow further segmentation and in turn, show geographical
differences within the metropolitan area itself, this is not always possible: for example, the
portion and size of the sample in small areas such as Darwin might lack statistical significance.
Fitch therefore groups two or more small subdivisions in order to form a new geographical area.
In the particular case of Darwin, Fitch groups all of the subdivisions in the Northern Territory
into one geographical area, as this provides a significant sample which could be compared with
other regions of similar size.
Fitch has segmented Australia into proportionate and homogenous areas. In identifying and
grouping statistical subdivisions, Fitch has reached statistical significance and geographical
divergence at the same time.
Fitch has identified 76 regions. In metropolitan areas such as Sydney, Melbourne, Brisbane,
Adelaide and Perth, the information continues to be displayed for SSD as defined by the ABS.
The 47 SSDs in the five biggest cities have not changed since the last report. Other SSDs,
which were excluded from Fitch’s reports prior to September 2010, have been grouped
together in larger divisions (eg Statistical Divisions as defined by the ABS). For more
information, see “Statistical Subdivision within Fitch Regions” on page 38.
The information is also represented visually using geographical maps. Information is displayed
in two maps for postcodes (Australia and Sydney) and six maps for regional performance
(Australia, Sydney, Melbourne, Brisbane, Perth and Adelaide). While the postcode maps show
the location of the 20 worst performing postcodes, the regional maps show those geographical
areas currently experiencing higher or lower than average 30+ day arrears by AUD amount.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 5
Information by number of loans in arrears is provided in tables, but is not displayed in
geographical maps.
The colour of a specific region indicates whether it is under- or over-performing the national
average: arrears are grouped into quintile in relation to the national average at a particular
reporting date. For example, as of September 2011, Australian securitised mortgage arrears
amounted to 1.42%; 30+ day arrears are displayed in three quintiles above and three quintiles
below such value. In each geographical map, Fitch also displays the level of arrears as a
numeric value for each region. Furthermore, the maps show whether performance has
deteriorated or improved from the last reporting date (in this case, since March 2011).
Residential Loan Performance by Region
Figure 4
Australia – 30+ Day Delinquencies0.00% To 0.47%
0.47% To 0.95%
0.95% To 1.42%
1.42% To 1.89%
1.89% To 2.36%
>2.36%
1 Northern QLD 1.34
2 Mackay 1.81
3 Fitzroy 1.31
4 Wide Bay-Burnett 1.92
5 Sunshine Coast 1.87
6 Darling Downs 1.60
7 Richmond-Tweed 1.69
8 North NSW 2.01
9 Hunter 2.03
10 Illawarra 1.70
11 South East NSW 1.41
12 ACT 0.65
13 Murray Murrumbidgee 1.58
14 Mallee,Wimmera & Loddon1.27
15 Western VIC 1.17
16 Barwon 0.98
17 Goulburn & Ovens Murray 1.34
18 Gippsland 1.09
Western
Australia
(excl Perth)
1.84
Northern
Territory
0.75
1.67
South
Australia
(excl. Adelaide)
1.83
North West NSW 1.47
Tasmania
1.12
Far North and West
1
2
34
67
8
9
1011 12
1314
15
16
1718
5
Source: ABS, Fitch
South
West WA
2.17
Overall, delinquencies have decreased considerably across all six states in Australia. Western
Australia strongly improved over the six months to September 2011. Queensland and South
Australia have improved the least.
Figure 6
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Jan 03 Sep 03 May 04 Jan 05 Sep 05 May 06 Jan 07 Sep 07 May 08 Jan 09 Sep 09 May 10 Jan 11 Sep 11
NSW QLD SA TAS VIC WA Australia(%)
Australia - Historical Performance of States
Source: Fitch
Figure 5
95.00
105.00
115.00
125.00
Sep 08 Sep 09 Sep 10 Sep 11
Canberra Sydney
Darwin Brisbane
Adelaide Hobart
Melbourne Perth
National
(Sep 2008 = 100)
Australian Property Prices
Source: ABS, Fitch
Melbourne has shown the strongest house price appreciation over the last three years.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 6
As of September 2011, the average 30+ day delinquency ratio by AUD amount in Australia was
1.42%. The delinquency ratio by number of loans in arrears was 1.00%, down from 1.23% in
March 2011, and exactly the same as in September 2010. This means that in Australia, one in
400 borrowers have cured their delinquent status since March 2011. As mortgage rates have
decreased and the Australian economy and unemployment remain solid, the increased cost of
living remains the main variable generally affecting household affordability.
Figure 7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11
ACT Central Coast Sydney Fairfield-Liverpool
Inner Melbourne Lower Northern Sydney Northern Middle Melbourne
Eastern Suburbs Gold Coast East Gold Coast West
Logan City Australia(%)
Australia - Historical 30+ Day Arrears of Selected Regions
Source: Fitch
Queensland is still the worst performing state. The improvement in 30+ day delinquencies was
below the Australian average: 30+ day arrears decreased to 1.70% in September 2011 from
2.00% in March 2011, but 90+ day arrears remain almost unchanged. 30+ day arrears in New
South Wales and Western Australia have also improved, but remain above the Australian
average, at 1.55% and 1.50% respectively. Western Australia has shown a remarkable
improvement in 30+ day delinquencies, with 25% less delinquent borrowers since March 2011.
Victoria has also shown a significant improvement in delinquency rates, and continues to be
the best performing state — with 30+ day arrears at 1.04% in September 2011, down 30bp
since March 2011. The Australian Capital Territory and the Northern Territory continue to
perform well, with a delinquency rate of 0.71% and 0.75% respectively: this is practically half
the Australian average.
As in Fitch’s previous reports, the worst performing geographical area in Australia is located in
south-west Sydney. Since September 2010, performance in the southern regions of Brisbane
has deteriorated significantly and this has been reflected both at a regional level (eg Logan City,
Ipswich and Gold Coast) and at a suburb level (eg Helensvale and Kingston).
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 7
Worst Performing Regions in Australia
Figure 8
10 Worst Performing Regions in Australia By Value As at 30 September 2011 As at 31 March 2011
Rank Fitch Region State
30+ day arrears
(%) Fitch Region State
30+ day arrears
(%)
1 Fairfield-Liverpool NSW 2.63 Fairfield-Liverpool NSW 2.99 2 Gold Coast East QLD 2.58 South West WA WA 2.93 3 Central Coast Sydney NSW 2.57 Gold Coast West QLD 2.87 4 Gold Coast West QLD 2.47 Outer South West Sydney NSW 2.84 5 Logan City (& Beaudesert) QLD 2.38 Logan City (& Beaudesert) QLD 2.83 6 Ipswich City QLD 2.35 Outer Western Sydney NSW 2.82 7 Blacktown NSW 2.24 Central Coast Sydney NSW 2.80 8 South West WA WA 2.17 Gold Coast East QLD 2.77 9 Outer South West Sydney NSW 2.15 Blacktown NSW 2.73 10 Outer Western Sydney NSW 2.10 Ipswich City QLD 2.52
Source: Fitch, ABS
The ten worst performing regions in Australia are the same as in March 2011. However,
delinquency rates have decreased across all of these regions. In fact, only the worst two
regional delinquency rates in September 2011 would have been included in the ten worst
performing six months before.
Fairfield-Liverpool continues to be the worst performing region in Australia, above other NSW
regions such as the Central Coast and Blacktown: 30+ day arrears decreased to 2.63% in
September 2011 (from 2.99% in March 2011). The Gold Coast West, Logan City and Ipswich
have also improved, but their improvement has been below the Australian average. In March
2011, these regions experienced a significant deterioration by number of borrowers in arrears
and have shown a more moderate improvement than the rest of the country since then. On
average, 19 borrowers out of 1,000 in the Gold Coast, Ipswich and Logan City were in arrears
as of March 2011 (compared to 17 in September 2011).
Overall, these regions were not directly impacted by the Queensland floods; however, Fitch
believes mortgage borrowers in some of these areas may have been affected by the flood (eg
business or primary residence located in a flood-affected area).
Figure 9
10 Worst Performing Regions in Australia By Number As at 30 September 2011 As at 31 March 2011
Rank Fitch Region State
30+ day arrears
(%) Fitch Region State
30+ day arrears
(%)
1 Logan City (& Beaudesert) QLD 1.73 Logan City (& Beaudesert) QLD 2.10 2 Ipswich City QLD 1.68 Outer South West Sydney NSW 1.98
3 Central Coast Sydney NSW 1.64 Central Coast Sydney NSW 1.88
4 Outer South West Sydney NSW 1.61 Blacktown NSW 1.86
5 Gold Coast East QLD 1.60 Fairfield-Liverpool NSW 1.85
6 Gold Coast West QLD 1.59 Caboolture Shire QLD 1.84
7 Fairfield-Liverpool NSW 1.59 Gold Coast West QLD 1.83
8 Blacktown NSW 1.57 Outer Western Sydney NSW 1.82
9 Outer Western Sydney NSW 1.40 South West WA WA 1.78
10 Melton-Wyndham VIC 1.38 Ipswich City QLD 1.78
Source: Fitch, ABS
Delinquencies in Perth continue to improve and no region from Perth was among the ten worst
performing regions as of September 2011. Particularly, East Metropolitan Perth has shown a
remarkable improvement in terms of number of borrowers in arrears, with 25% fewer
delinquent borrowers than at end-September 2010. The 30+ day delinquency rate in South-
Fairfield-Liverpool continues
to be the worst performing
region in Australia
The number of regions in WA
that are among the 10 worst
performing has decreased
The Gold Coast regions still
have higher than average
arrears
Victorian regions tend to be
among the best performing
regions in Australia
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 8
West Western Australia has also shown a significant improvement of 76bp, in line with the
improvement across Western Australia.
Melton-Wyndham continues to be the worst performing region in Victoria and the only Victorian
region among the 10 worst performing regions by number of mortgages; approximately 14
mortgages in 1,000 were in arrears as of September 2011.
Best Performing Regions in Australia
Regions labelled as “best performing” have also shown signs of improvement: for example, in
September 2011, the delinquency rate of the tenth best performing region (Eastern Middle
Melbourne, 0.81%) was lower than the delinquency rate of the best performing region in March
2011 (Lower Northern Sydney, 0.85%).
As was the case in March 2011, five of the ten best performing regions are located in
Melbourne. The statistical subdivision of Northern Middle Melbourne is currently the best
performing region in Australia by value, followed by Lower Northern Sydney. Lower Northern
Sydney continues to be the best performing region by number of mortgages in arrears,
reflecting the solid socio-economic situation in the region: on average, less than four mortgages
out of 1,000 were delinquent at end-September 2011.
Figure 10
10 Best Performing Regions in Australia By Value As at 30 September 2011 As at 31 March 2011
Rank Fitch Region State
30+ day arrears
(%) Fitch Region State
30+ day arrears
(%)
1 Northern Middle Melbourne VIC 0.54 Lower Northern Sydney NSW 0.85
2 Lower Northern Sydney NSW 0.56 Inner Melbourne VIC 0.87 3 Inner Melbourne VIC 0.64 Northern Middle Melbourne VIC 0.90 4 ACT ACT 0.65 Moreton City VIC 0.97 5 Eastern Suburbs NSW 0.67 Boroondara City VIC 0.98 6 Boroondara City VIC 0.68 Eastern Suburbs NSW 0.99 7 Northwest Inner Brisbane QLD 0.73 ACT ACT 1.03 8 NT NT 0.75 Eastern Middle Melbourne VIC 1.04 9 Southern Melbourne VIC 0.80 NT NT 1.04 10 Eastern Middle Melbourne VIC 0.81 Northwest Inner Brisbane QLD 1.05
Source: Fitch, ABS
Figure 11 10 Best Performing Regions in Australia By Number
As at 30 September 2011 As at 31 March 2011
Rank Fitch Region State
30+ day arrears
(%) Fitch Region State
30+ day arrears
(%)
1 Lower Northern Sydney NSW 0.36 Lower Northern Sydney NSW 0.55
2 Boroondara City VIC 0.38 Boroondara City VIC 0.58 3 Northern Middle Melbourne VIC 0.45 Northern Middle Melbourne VIC 0.64 4 ACT ACT 0.46 Eastern Suburbs NSW 0.65 5 Inner Melbourne VIC 0.48 Eastern Middle Melbourne VIC 0.66 6 Eastern Suburbs NSW 0.48 Inner Brisbane QLD 0.67 7 Eastern Middle Melbourne VIC 0.52 Inner Melbourne VIC 0.68 8 Northwest Inner Brisbane QLD 0.52 Southern Melbourne VIC 0.69 9 Moreland City VIC 0.55 ACT ACT 0.70 10 Southern Melbourne VIC 0.58 Northwest Inner Brisbane QLD 0.70
Source: Fitch, ABS
Lower Northern Sydney and the Eastern Suburbs continue to be the only subdivisions of New
South Wales among the best 10 regions, boasting the lowest portion of mortgage balances in
arrears. Northwest Inner Brisbane, Boroondara City and Central Metropolitan Perth are the
best performing regions in Queensland, Victoria and Western Australia respectively by number
of mortgages in arrears.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 9
Residential Loan Performance by Suburb
This study exclusively analyses performance among the larger postcodes in Australia.
Postcodes with less than AUD100m of the total securitised mortgage balance are excluded
from the analysis, as Fitch believes that the sample is not of sufficient size to provide useful
and reliable information.
Figure 12 20 Worst Performing Postcodes in Australia by Value
As at 30 September 2011 As at 31 March 2011
Rank Post code State Suburb
30+ day arrears
(%) Post code State Suburb
30+ day arrears
(%)
1 2315 NSW Nelson Bay 7.8 2315 NSW Nelson Bay 5.6
2 2262 NSW Budgewoi 4.6 2164 NSW Smithfield 5.0
3 4212 QLD Helensvale 4.3 2765 NSW Riverstone 4.8
4 2576 NSW Kangaloon 4.3 4114 QLD Kingston 4.6
5 2171 NSW Hoxton Park 4.0 4132 QLD Crestmead/Marsden 4.4
6 4217 QLD Surfers Paradise 3.9 2770 NSW Mount Druitt 4.3
7 4130 QLD Carbrook 3.9 2577 NSW Kangaroo Valley 4.2
8 4114 QLD Kingston 3.8 4212 QLD Helensvale 4.2
9 2106 NSW Newport 3.8 2262 NSW Budgewoi 4.2
10 2761 NSW Plumpton 3.7 2780 NSW Katoomba 4.2
11 4567 QLD Noosa Heads 3.6 6168 WA Rockingham 4.2
12 4802 QLD Airlie Beach 3.6 6210 WA Mandurah 4.2
13 2753 NSW Richmond 3.4 4217 QLD Surfers Paradise 4.1
14 2324 NSW Karuah 3.4 2199 NSW Yagoona 4.1
15 2325 NSW Cessnock 3.4 6167 WA Casuarina 4.1
16 6167 WA Casuarina 3.4 4208 QLD Ormeau 4.1
17 2177 NSW Bonnyrigg 3.3 2168 NSW Green Valley 4.0 18 2428 NSW Forster 3.3 2195 NSW Lakemba 4.0 19 2263 NSW Gorokan 3.3 4213 QLD Mudgeeraba 3.9 20 2430 NSW Taree 3.2 6055 WA West Swan 3.9
Source: Fitch, ABS
Figure 13
Worst 20 Performing Australian Postcodes – Excluding Sydney and Brisbane
Source: ABS, Fitch
6167
Casuarina2315
Nelson Bay
4802
Airlie Beach
4567
Noosa
Heads
NT
SA
WA
QLD
NSW
VIC
TAS2576
Kangaloon
2324
Karuah/
Swan Bay
2325
Cessnock
2428
Forster
2430
Taree
Moreover, only postcodes with more than 500 securitised loans and more than 10 delinquent
loans are included among the analysis of worst performing loans. In relatively small postcodes,
Nelson Bay continues to be
the worst performing postcode
by balance
Six of the postcodes from
March 2011 were still among
the 20 worst performing, as at
September 2011
Fitch notes an increasing
number of ”tourism
destination” suburbs in the 20
worst performing postcodes
Budgewoi (QLD) is the worst
performing postcode by
number of borrowers, with
3.5% of loans in arrears by
more than 30 days
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 10
a few jumbo loans falling into arrears could easily exaggerate the real deterioration in such
areas.
Six of the 20 worst performing postcodes are located around Sydney (see Figure 14 Worst 20
Performing Australian Postcodes – including Sydney). Despite the overall improvement across
Australia, Nelson Bay — which includes the areas of Corlette, Fingal Bay, Nelson Bay and
Shoal Bay — continues to be the worst performing postcode, with 7.8% of mortgage balances
being in arrears, up 2.2% from March 2011. The increase was mainly in the 90+ day bucket, up
1.2% from March 2011. Other suburbs, such as Budgewoi (NSW), Helensvale (QLD), Kingston
(QLD) and Surfers Paradise (QLD), continue to be among the worst performing postcodes.
Figure 14
Worst 20 Performing Australian Postcodes – Including Sydney
2262,
Budgewoi
2761, Plumpton
2171, Hoxton Park
2263,
Gorokan
2177, Bonnyrigg
2753, Richmond
Source: ABS, Fitch
SYDNEY
2106, Newport
A considerable number of postcodes in Western Australia (Rockingham, Mandurah, West
Swan) have shown a remarkable improvement in mortgage performance over the last six
months: currently, Casuarina is the only suburb from Western Australia to be among the worst
20 performing postcodes by value of mortgage, and the second worst performing suburb in
Western Australia, behind Port Kennedy, by number of mortgages in arrears.
Apart from Sydney, the other worst performing suburbs are located around Brisbane and in
tourist regions in Queensland and NSW. As of September 2011, the 20 worst performing
postcodes were located mainly in New South Wales and Queensland. The study shows that
the number of worst performing postcodes from Western Australia has decreased.
Fitch has noticed an increasing number of suburbs located in “tourism destinations” among the
20 worst performing suburbs in Australia: in addition to the already mentioned Nelson Bay and
Surfers Paradise, arrears in Arlie Beach and Noosa Heads have not significantly improved over
the six months to September 2011.
As was the case in March 2011, postcodes around Logan City and the Gold Coast (eg
Kingston and Helensvale) are experiencing arrears levels above those of one year ago,
although they have improved slightly since March 2011. The deterioration in performance is not
limited to a few postcodes, as the whole Logan City and Gold Coast areas experienced an
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 11
increase in delinquencies during the year to September 2011 (see Residential Loan
Performance by Region, on page 5).
Figure 15
Worst 20 Performing Australian Postcodes – Including Brisbane
Source: ABS, Fitch
4217
Surfers
Paradise
4212
Helensvale
4114
Kingston
4130
Carbrook/Cornubia
BRISBANE
Figure 16 20 Worst Performing Postcodes in Australia by Number
As at 30 September 2011 As at 31 March 2011
Rank Post code State Suburb
30+ day arrears
(%) Post code State Suburb
30+ day arrears
(%)
1 2262 NSW Budgewoi 3.5 4132 QLD Crestmead/Marsden 3.3 2 2315 NSW Nelson Bay 3.1 4114 QLD Kingston 3.3
3 2576 NSW Kangaloon 3.0 2262 NSW Budgewoi 3.2
4 4217 QLD Surfers Paradise 2.9 2765 NSW Riverstone 3.2
5 2325 NSW Cessnock 2.6 4212 QLD Helensvale 2.9
6 2761 NSW Plumpton 2.6 6112 WA Armadale 2.9
7 4114 QLD Kingston 2.5 2164 NSW Smithfield 2.9
8 4212 QLD Helensvale 2.5 2770 NSW Mount Druitt 2.8
9 4132 QLD Crestmead/Marsden 2.4 6055 WA West Swan 2.8
10 2558 NSW Eagle Vale 2.3 2168 NSW Green Valley 2.7
11 6172 WA Port Kennedy 2.3 6167 WA Casuarina 2.7
12 2263 NSW Gorokan 2.2 2766 NSW Rooty Hill 2.7
13 2564 NSW Macquarie Fields 2.2 6210 WA Mandurah 2.7
14 2430 NSW Taree 2.2 2325 NSW Laguna 2.6
15 2259 NSW Hamlyn Terrace 2.2 6168 WA Rockingham 2.6
16 2168 NSW Green Valley 2.2 2322 NSW Beresfield/Hexham 2.6
17 2171 NSW Hoxton Park 2.1 2199 NSW Yagoona 2.5
18 2324 NSW Karuah/Swan Bay 2.1 2160 NSW Merrylands 2.5
19 6167 WA Casuarina 2.1 4301 QLD Redbank 2.5
20 4305 QLD Ipswich 2.1 2571 NSW Wilton 2.5
Source: Fitch, ABS
In Western Australia, West Swan (WA) and Rockingham (WA) are no longer among the worst
performing postcodes by number of mortgages in arrears; however, Port Kennedy is currently
among the 20 worst performing postcodes, as in the 18 months to September 2011, arrears
doubled from 1.60% to 3.21%.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 12
New South Wales
Figure 17
Sydney – 30+ Day Delinquencies
Canterbury/
Bankstown
1.70Inner West
1.12
St George/Sutherland
1.20
Inner Sydney
0.96
North West &
Western NSW
1.47
Illawarra
1.70
Fairfield/Liverpool
2.63
Outer West
2.10
Lower Northern
0.56
Hunter
2.03
Outer South Western
2.15
Central Western Sydney
1.61
Eastern Suburbs
0.67
Central Coast Sydney
2.57
Central North
1.22
Blacktown
2.24
Source: ABS, Fitch
Northern Beaches
1.12
0.00% To 0.47%
0.47% To 0.95%
0.95% To 1.42%
1.42% To 1.89%
1.89% To 2.36%
>2.36%
Since September 2010, NSW has no longer been worst performing state in terms of mortgages
in arrears, as delinquencies in Queensland increased over the year to September 2011. The
study has analysed the performance of over 311,000 mortgages in NSW, for an equivalent
amount of AUD62.8bn. On average, 1.55% of the total mortgage balance in NSW was in
arrears, slightly worse than the national average of 1.42%. Sydney is performing in line with the
rest of NSW, with a delinquency rate of 1.50%.
30-59 day arrears improved 19bp to 0.65% in September 2011, indicating NSW borrowers
have also benefited from stable interest rates. Also, 90+ day arrears in NSW decreased to
0.63% in September 2011 from 0.75% in March 2011. This is even lower than in September
2010.
Following the peak of 7.0% in March 2009, unemployment has improved over the last two
years, remaining between 4.5% and 5.3%. As of October 2011, the unemployment rate in NSW
was 5.1%, in line with historical levels. Moreover, NSW remains a well-diversified economy.
NSW is performing well in terms of employment, despite the impact of the global financial crisis
on financial services and the impact of the AUD on the tourism and manufacturing sectors. At
the moment, the main risk to household affordability is represented by the increasing cost of
living. Mortgage rates decreased 25bp in both November and December 2011: consequently,
delinquency rates, especially in the 30 – 60 day bracket, are expected to decrease.
In this report, Fitch has analysed the Sydney metropolitan area according to ABS’s statistical
subdivisions. As mentioned, Fairfield/Liverpool, Blacktown and the Central Coast (previously
referred to as Gosford-Wyong) continue to be the worst performing regions in Sydney and
NSW, despite the recent improvement in 30+ day arrears. The Outer West and Outer South
Western parts of Sydney also continue to experience increasing deterioration in mortgage
performance. Suburbs around these areas still have higher than average delinquency rates;
consequently, a portion of the worst performing postcodes in Australia is located in or nearby
Figure 18
0
2
4
6
8
Oct 08 Oct 09 Oct 10 Oct 11
(%)
NSW Unemployment
Source: ABS, Fitch
Following the peak of 7.0% in March 2009, unemployment has improved over the last two years, remaining between 4.5% and 5.3%.
Figure 19
95.00
100.00
105.00
110.00
115.00
120.00
125.00
Sep 08 Sep 09 Sep 10 Sep 11
Sydney National
(Sep 2008= 100)
Australian Property Prices
Source: ABS, Fitch
Sydney property prices have moved in line with national levels and have remained stable over the last year
Figure 20
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Mar 10 Sep 10 Mar 11 Sep 11
30-60 days 60-90 days
90+ days 0-30 days
(%)
New South Wales - Arrears
Source: Fitch The increase in 30+ day arrears in March 2011 was mainly due to constraints on household affordability, following the increase in interest rates, Christmas spending and the increasing cost of living
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 13
Fairfield/Liverpool and Blacktown (eg Richmond, Bonnyrigg, Plumpton Hoxton Park — see
Residential Loan Performance by Suburb on page 9).
According to Department of Education, Employment and Workplace Relations (DEEWR) data,
the unemployment rate in Fairfield/Liverpool was 6.1% as of October 2011, 1.0% lower than in
March 2011, and below historical levels. The overall unemployment rate across
Farifield/Liverpool has shown an improving trend, especially for suburbs closer to the city (eg
Central West Sydney). However, according to ABS data, the average wage and salary in this
region has historically been below the NSW average and unemployment rates are still higher
than the national average. The worst performing postcodes in Fairfield/Liverpool are also above
average arrears: Hoxton Park (2171) and Bonnyrigg (2177) recorded an unemployment rate of
7.2% and 7.0% in August 2011.
Historically, above-average delinquency rates can be attributed to socio-economic variables
which lead to a strong sensitivity to fluctuations in interest rates and to changes in the cost of
living. The fact that performance in Fairfield/Liverpool worsened in March 2010 and March
2011, after interest rate hikes in Q409 and Q410, supports this conclusion. As mortgage rates
stabilise, households in these regions are able to adjust their spending and better cope with
their obligations, leading to decreasing delinquency rates.
It is therefore likely that performance will continue to improve in Q411, as households are
expected to continue to adjust their spending and no event has negatively impacted borrowers
in Q411. The RBA decision to reduce the cash rate by 25bp in both November and December
2011 is expected to have a positive impact in Q112 as interest rate movements are usually
reflected in mortgage performance with a three to four month lag. However, the overall positive
impact may be offset by the usual Christmas spending, which is still expected to negatively
affect mortgage performance in March 2012. Fitch’s view is that delinquencies will still be lower
than in March 2011, when interest rates were higher and Queensland borrowers had yet to be
affected by the floods.
Figure 21
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Sep 09 Nov 09 Jan 10 Mar 10 May 10 Jul 10 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11
Blacktown Eastern Suburbs Fairfield-Liverpool
Inner Sydney Lower Northern Sydney Outer SouthWest Sydney
Central Coast Sydney Inner Western Sydney Sydney(%)
Sydney - Historical 30+ Day Arrears of Selected Regions
Source: Fitch
While the Central Coast shares a similar trend to that seen in Fairfield/Liverpool and Outer
Western Sydney in terms of mortgage performance, the economy of this region is different.
Despite it being the third largest urban area in NSW, the Central Coast relies heavily on tourism
from Sydney and Newcastle. As of October 2011, the Central Coast’s unemployment rate was
6.9%, 0.7% higher than in March 2011, but in line with the historical rate.
A few coastal suburbs in the Hunter region are experiencing a high level of arrears: as well as
Nelson Bay (2315) which has been the worst performing postcode in Australia for the last two
and a half years, Cessnock (2325), Karuah/Swan Bay (2324) and Forster (2428) are also
currently among the 20 worst performing postcodes.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 14
Lower Northern Sydney continues to be the best performing suburb in NSW, with a 0.56% 30+
day delinquency rate. Lower Northern Sydney is considered to be one of the more affluent
areas in Sydney; according to ABS data, approximately 40% of wage and salary earners in the
area are professionals and associate professionals; as of June 2008, the average income in
the Lower Northern Sydney region was AUD68,600 (50% higher than the NSW average of
approximately AUD46,500).
Mosman, which is a suburb located in this area, had the highest average income in NSW
(AUD109,500). The unemployment rate in Lower Northern Sydney is also very low, being 3.5%
in October 2011 (versus 3.7% in March 2011). Suburbs around this area and close to the city
are also out-performing the national average in terms of mortgage performance (eg Inner
Sydney, Eastern Suburbs and Central Northern Sydney). Moreover, mortgage performance in
these areas has remained stable overall over the two years to September 2011.
As stressed in the previous report (Australian Mortgage Delinquency by Postcode — 31 March
2011, dated 14 June 2011), the regions located west and south west of Sydney (Blacktown,
Fairfield/Liverpool, Outer West, and South Outer West) and the Central Coast will continue to
experience higher than average arrears.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 15
Victoria
Figure 24
Melbourne – 30+ Day Delinquencies
Source: ABS, Fitch
Western VIC
1.17
Mallee, Wimmera
& Loddon
1.27
Hume
1.62
Melton
1.85
Barwon
0.98
Southern
0.80
Yarra
1.20
Northern
Outer
1.25
Goulburn Ovens-Murray
1.34
Sourth Eastern
Outer Melbourne
1.28
Mornington
Peninsula
1.16 Greater
Dandenong
1.34
Gippsland
1.09
Frankston
1.03
Moreton
0.85Northern
0.54
Boroondara
0.68Inner
0.64Eastern
0.81
Outer
0.84
Western
0.98
0.00% To 0.47%
0.47% To 0.95%
0.95% To 1.42%
1.42% To 1.89%
1.89% To 2.36%
>2.36%
In this study, Fitch has analysed approximately 252,000 mortgages for an equivalent amount of
AUD43.9bn. Victoria is performing well in terms of mortgage arrears, with an overall
delinquency rate of 1.04%, which is considerably lower than the other large states of New
South Wales (1.55%) and Queensland (1.70%). Melbourne is performing in line with the rest of
Victoria, with a delinquency ratio of 1.00%. Victoria’s strengths include a stable and diversified
economy, a stable property market, satisfactory affordability and low unemployment rates. As
of October 2011, the unemployment rate in Victoria was 5.1%, down from a peak of 6.3% in
February 2009. The property market has also experienced considerable growth: according to
ABS, property prices in Victoria increased by 25% in the two years to March 2010 — almost
50% more than the increase of the average house price in the eight capital cities — although
they then slightly decreased and stabilised at March 2010 levels over the most recent 12
months.
Figure 26
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Sep 09 Nov 09 Jan 10 Mar 10 May 10 Jul 10 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11
Boroondara City Hume City Inner Melbourne
Melton-Wyndham Murray & Murrumbidgee North Middle Melbourne
SE Outer Melbourne Melbourne(%)
Melbourne - Historical 30+ Day Arrears of Selected Regions
Source: Fitch
A number of subdivisions around Melbourne are outperforming the Australian average
delinquency rate. Five Melbourne regions are among the ten best performing suburbs by loan
balance. Eastern Middle Melbourne, Inner Melbourne, Northern Middle Melbourne and
Figure 22
0
2
4
6
8
Oct 08 Oct 09 Oct 10 Oct 11
(%)
VIC Unemployment
Source: ABS, Fitch
In October 2011, the unemployment rate in Victoria was 5.1%, down from a peak of 6.3% in February 2009
Figure 25
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Mar 10 Sep 10 Mar 11 Sep 11
30-60 days 60-90 days
90+ days 0-30 days
(%)
Victoria - Arrears
Source: Fitch
Figure 23
95.00
100.00
105.00
110.00
115.00
120.00
125.00
130.00
Sep 08 Sep 09 Sep 10 Sep 11
Melbourne National
(Sep 2008= 100)
Australian Property Prices
Source: ABS, Fitch
Property prices in Victoria increased by 25% in the two years to March 2010, far above the national average
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 16
Borroondara City are also among the better performing suburbs by loan number, with 52, 48,
45 and 38 loans out of 10,000 being delinquent by more than 30 days, respectively. Melbourne
is performing well, as unemployment is low and the overall economy is well diversified.
Moreover, Melbourne’s house prices are still relatively stable.
Fitch’s study shows that arrears are mainly concentrated in the north-western part of
Melbourne. Melton-Wyndham and Hume are among the worst performing suburbs in relative
terms, with delinquency ratios of 1.85% and 1.62% respectively, down 27bp and 58bp
respectively from March 2011. As was the case for regions located in south west Sydney, the
mortgage performance in these Victorian regions is more volatile, as households are more
sensitive to interest rate movements. As was also the case for the regions located in south
west Sydney, Melton-Wyndham and Hume have shown a significant improvement above the
Australian average; however, their mortgage performance is slightly worse than the national
average.
The Hume economy is mainly based on automotive manufacturing, transport and storage, and
many international companies have major operations located in this area. While no data are
available from ABS, preliminary data from DEEWR suggests that the unemployment rate in the
City of Hume was far above the Victorian average, at approximately 8.4% in September 2011,
despite recording a 1.6% year-on-year (yoy) improvement.
Melton-Wyndham has historically experienced unemployment levels above the national
average. However, the local economy is well diversified and data released by the ABS shows
an average income of AUD42,900 in June 2008, which is in line with the state and national
levels. Unemployment increased slightly to 7.2% in September 2011, from 6.8% one year
before. As mentioned in the previous report, it is likely that households experienced an interest
rate shock in Q111, as borrowers struggled to cope with increased mortgage payments.
However, stable mortgage rates since then have strongly benefited households.
As unemployment is improving slightly and remains low, GDP is growing, and affordability
remains high, there is no reason to expect a drastic change in delinquency rates in Victoria in
the near term. The stabilisation of property prices does not currently represent a threat to
mortgage performance, although it might lead to slightly higher 90+ day arrears.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 17
Queensland
Figure 28
Ipswich City
2.35
West Gold
Coast
2.47
Darling Downs
& West
Moreton
1.60
Logan
2.38
Northwest
Inner
0.73
Inner Brisbane
1.08
Redland
1.35
East Gold
Coast
2.58
South Inner
0.93
SE Outer
1.17
Sunshine
1.87
Caboolture
1.93
Pine
1.33
Northwest
1.22
Source: ABS, Fitch
Brisbane – 30+ Day Delinquencies0.00% To 0.47%
0.47% To 0.94%
0.94% To 1.42%
1.42% To 1.89%
1.89% To 2.36%
>2.36%
Queensland is the second largest state in terms of securitised mortgage balance. Fitch has
available information on approximately 245,000 mortgages, for an equivalent amount of
AUD45.5bn. At the end of September 2011, the average delinquency ratio in Queensland was
1.70%, down 30bp from 2.00% in March 2011. As of September 2011, Queensland was still the
worst performing state in Australia in terms of mortgage performance. In the six months to
September 2011, the Christmas spending, in combination with socio-economic variables and
natural disasters, generated a stronger affordability shock on Queensland households than in
other states.
In turn, households found it more difficult to cure their delinquent status than in New South
Wales and Western Australia. In October 2011, the unemployment rate in Queensland
stabilised to 5.2%, down from the 6.6% in February 2011, which was one of the highest levels
in the last six years. Fitch believes that with the exception of a few coastal areas, the mortgage
performance of which is potentially linked to housing speculation, the recent monetary policy
decisions will be favourable to households in the medium to longer term.
Preliminary data from ABS suggests that house prices in Brisbane are almost back to the levels
of three years ago, as they have decreased steadily since June 2010. As the property market
has been stagnating, properties have been sold at a slower pace. Meanwhile, 90+ day arrears
have also been increasing, to 0.78% in March 2011, up 21bp yoy.
While delinquency rates have decreased for the majority of Queensland regions, bringing to a
halt an increasing trend which started in September 2009, delinquency rates around Inner
Brisbane have shown no strong signs of improvement, although they remain relatively low. The
delinquency rate in the East Gold Coast continues to be relatively high and has shown no signs
of stabilisation: as of September 2011, the East Gold Coast had 30+ day arrears of 2.58%,
showing only a 19bp improvement from the 2.77% in March 2011. The West Gold Coast has
shown a strong improvement, but arrears remain high at 2.47%. More worrying is the fact that
the number of obligors in arrears has not improved over the last six months: in these two
regions, approximately one loan out of 60 was non-performing at the end of September 2011,
Figure 27
0
2
4
6
8
Oct 08 Oct 09 Oct 10 Oct 11
(%)
QLD Unemployment
Source: ABS, Fitch
Figure 29
95.00
100.00
105.00
110.00
115.00
120.00
Sep 08 Sep 09 Sep 10 Sep 11
Brisbane National
(Sep 2008= 100)
Australian Property Prices
Source: ABS, Fitch
House prices have experienced a slowdown since March 2010 and are currently at almost the same level as three years ago
Figure 30
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Mar 10 Sep 10 Mar 11 Sep 11
30-60 days 60-90 days
90+ days 0-30 days
(%)
Queensland - Arrears
Source: Fitch
While 30-60 and 60-90 day arrears have stabilised, 90+ day arrears continue to be relatively high at 0.75
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 18
as was the case in March 2011. Two of the 20 worst postcodes in Australia are also located in
this geographical area (Helensvale and Surfers Paradise).
The region of Logan City (including Beaudesert Shire) has also experienced a considerable
increase in delinquency rates starting from November 2010: however, 30+ day arrears decreased
to 2.4% in September 2011, from 2.8% in March 2011. Logan City is located about 50km south
of Brisbane and Kingston and Carbrook/Cornubia — which are among the 20 worst performing
postcodes in Australia — are also located in this region.
Figure 31
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Sep 09 Nov 09 Jan 10 Mar 10 May 10 Jul 10 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11
Gold Coast East Gold Coast West Northwest Inner Brisbane
Southeast Inner Brisbane Inner Brisbane Logan City
Brisbane(%)
Brisbane - Historical 30+ Day Arrears of Selected Regions
Source: Fitch
As mentioned in the press release Fitch: Queensland Floods Could Reduce Available Income from
Mortgage-Backed Transactions, dated 16 January 2011, borrowers directly or indirectly affected by
the flooding were expected to experience some financial distress in terms of property damage,
increased living expenses and potential loss of income.
Fitch believes that the Queensland floods partially contributed to the increase in arrears
through Q111. This is also shown in Figure 32, which displays delinquencies in the postcodes
affected by the flooding, versus Fitch’s Dinkum levels. Fitch has analysed whether postcodes in
flood-affected areas experienced an increase in delinquencies. Postcodes such as Hamilton
(4007), Brookfield (4069), Redbank (4301), and Blackbutt/Colinton (4306) experienced a strong
increase in arrears in the December 2010 – March 2011 period (2.9%, 1.3%, 1.0%, and 0.9%
respectively). Regional performance did not show the same degree of volatility.
Fitch also believes that the effects of the Queensland floods will not influence arrears in the
long term. Borrowers might experience a temporary increase in expenses, which will be offset
in the following months as claims are paid and financial support is granted. Self-employed
households are however expected to be more vulnerable to potential income volatility, which in
turn might lead to more long-term stresses.
Figure 32
0.0
0.5
1.0
1.5
2.0
2.5
Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11
Flood Postcode 30+days Flood Postcode 90+days
Australia 30+days Australia 90+days(%)
QLD Flood - Delinquencies
Source: Fitch
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 19
Fitch will continue to monitor the impact of the Queensland floods in structured finance
transactions. However, the agency believes that coastal regions, like the Sunshine Coast and
the Gold Coast East, are subject to a higher level of volatility than the rest of Queensland in the
long term. This is because their economies are less diversified than the rest of the state, a fact
that is likely to impact house prices and mortgage performance.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 20
Western Australia
Figure 34
Source: ABS, Fitch
Perth – 30+ Day Delinquencies0.00% To 0.47%
0.47% To 0.95%
0.95% To 1.42%
1.42% To 1.89%
1.89% To 2.36%
>2.36%Western Australia
(excl. Perth & South West)
1.84
East Metro Perth
1.52Cental Metro
Perth
1.19
South East Metro
1.50
South West
Metro Perth
1.50
North Metro Perth
1.22
2.17South West WA
Fitch’s analysis covers 104,000 mortgages across Western Australia, for an equivalent amount
of AUD20.1bn. As of September 2011, the 30+ day arrears in Western Australia were recorded
at 1.50% (compared to 1.99% in March 2011). The number of obligors in arrears also
improved: one in four obligors has cured their delinquency status since March 2011. As
highlighted in Fitch’s previous postcode report, the study shows a stabilisation of arrears in
Perth; in particular North Metropolitan Perth, which recorded 30+ day arrears at 1.22% in
September 2011, down 61bp from March 2011. The improvement in arrears is mainly due to a
strong decrease in 30-60 days arrears, to 0.43% in September 2011 from 0.70% in March 2011.
Western Australia has also experienced a rebound in both the tourism and mining industries
and a slight improvement in employment over 2010 and 2011; this might have contributed to
the improvement in mortgage performance through the September 2010 - September 2011
period.
The mining industry is among the main industries in Western Australia. Almost 41% of all those
employed in the Australian mining industry are located in Western Australia, followed by
Queensland (27%). The mining industry rebounded in 2010-2011 and according to ABS, the
number employed in this industry in Western Australia continued to increase to almost 88,700
in August 2011, from 80,800 in February 2011. The mining industry was also the largest
contributor to the gross state product of Western Australia in the fiscal year 2009-2010.
However, the property market in Western Australia may suffer additional volatility in case of
downsizing, relocation or changes in the mining industry.
30-59 day arrears have reduced since March 2011, but in contrast to other states, they have
also reduced since September 2010. The amount of 90+ day arrears has however remained
overall stable and relatively high. As of September 2011, 30-60 day and 90+ day arrears were
recorded at 0.53% and 0.74% (versus 0.78% and 0.81% respectively in March 2011). This
would suggest that Western Australian (WA) borrowers have been better able to cope with the
increasing cost of living (and Christmas spending) than borrowers in other states. On the other
hand, the stagnation in the housing market might have lead to an accumulation of 90+ day
arrears.
Figure 33
0
2
4
6
8
Oct 08 Oct 09 Oct 10 Oct 11
(%)
WA Unemployment
Source: ABS, Fitch The unemployment rate is extremely low in comparison to other Australian states
Figure 35
95.00
100.00
105.00
110.00
115.00
120.00
Sep 08 Sep 09 Sep 10 Sep 11
Perth National
(Sep 2008= 100)
Australian Property Prices
Source: ABS, Fitch
Property prices in Perth have not enjoy the same house price appreciations than the rest of Australian in the last three years
Figure 36
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Mar 10 Sep 10 Mar 11 Sep 11
30-60 days 60-90 days
90+ days 0-30 days
(%)
Western Australia - Arrears
Source: Fitch
30-60 day arrears have strongly improved, but severe delinquencies remain relatively high
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 21
Currently, delinquencies outside Perth are mainly concentrated in the south west of Western
Australia. 30+ day arrears in the south west WA region are still high; as of September 2011, it
was the eighth worst performing region in Australia by value, with 2.17% of the total mortgage
balance in arrears (although it has shown a remarkable 76bp improvement since March 2011).
However, the south west part of Western Australia is the worst performing region in Australia in
terms of 90+ day arrears by mortgage balance: the 90+ day delinquency rate was 1.33% in
September 2011. This indicates that borrowers are experiencing significant financial distress.
The south west WA region is the most popular tourism area outside Perth and is the object of
what is often referred to as “coastal suburbanisation”. While reports have shown how tourism
has been impacted locally and internationally due to the strong AUD (see Tourism Western
Australia, 2010-2011 Annual Report), Fitch believes that foreclosed properties in these areas
might sell at a slower pace, in turn keeping 90+ day arrears at a high level.
The rest of Western Australia, excluding Perth and South Western Australia, has shown a slight
improvement in mortgage performance, with 30+ day arrears decreasing to 1.84% in
September 2011 from 2.10% in March 2011.
As of September 2011, Casuarina (6167) — a suburb of Perth, located within the region of
Kwinana — was the worst performing postcode in Western Australia, with 3.4% of the total
mortgage balance in arrears for more than 30 days, compared with 4.1% in March 2011. The
unemployment rate in Kwinana was 9.5% in September 2011, more than twice the average
4.2% unemployment rate in Western Australia. Casuarina was the only WA suburb in the 20
worst performing suburbs in Australia. Other suburbs, such as Mandurah and Rockingham,
continue to experience above-average levels of arrears.
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 22
South Australia
Figure 38
Source: ABS, Fitch
Adelaide – 30+ Day Delinquencies
South Australia
1.83
Northern
Adelaide
1.66
Southern
Adelaide
1.02
Eastern
Adelaide
1.18
Western
Adelaide
0.95
0.00% To 0.47%
0.47% To 0.95%
0.95% To 1.42%
1.42% To 1.89%
1.89% To 2.36%
>2.36%
Fitch has analysed approximately 80,000 mortgages in South Australia for an equivalent
amount of AUD11.9bn. As of September 2011, overall delinquencies in South Australia were
below the national average at 1.34%, 20bp below the March 2011 level (1.54%). Adelaide
continues to outperform the rest of South Australia. The region of Northern Adelaide has the
highest delinquency rate of 1.66%, down 32bp from March 2011. Arrears in Eastern and
Southern Adelaide continue to be overall stable.
Figure 37
0
2
4
6
8
Oct 08 Oct 09 Oct 10 Oct 11
(%)
SA Unemployment
Source: ABS, Fitch
The unemployment rate is still low, mirroring that of the country as a whole
Figure 39
95.00
100.00
105.00
110.00
115.00
120.00
Sep 08 Sep 09 Sep 10 Sep 11
Adelaide National
(Sep 2008= 100)
Australian Property Prices
Source: ABS, Fitch
House prices in Adelaide have shown a marginal decline since December 2010
Figure 40
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Mar 10 Sep 10 Mar 11 Sep 11
30-60 days 60-90 days
90+ days 0-30 days
(%)
South Australia - Arrears
Source: Fitch
Since March 2011, 30-60 and 60-90 day arrears have improved, while 90+ day arrears have remained stable
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 23
Figure 41 Australian Regions Ranked by AUD Amount of 30+ Day Arrears at 30 September 11 Rank Region State 30 Sep 11 (%) 31 Mar 11 (%) 30 Sep 10 (%) 31 Mar 10 (%)
1 Fairfield-Liverpool NSW 2.63 2.99 2.81 2.84 2 Gold Coast East QLD 2.58 2.77 2.26 2.11 3 Central Coast Sydney NSW 2.57 2.80 2.74 2.50 4 Gold Coast West QLD 2.47 2.87 2.00 2.04 5 Logan City (& Beaudesert Shire) QLD 2.38 2.83 1.98 1.69 6 Ipswich City QLD 2.35 2.52 1.73 1.73 7 Blacktown NSW 2.24 2.73 2.65 2.59 8 South West WA WA 2.17 2.93 2.80 2.08 9 Outer South Western Sydney NSW 2.15 2.84 2.42 2.45 10 Outer Western Sydney NSW 2.10 2.82 2.56 2.50 11 Hunter NSW 2.03 2.21 2.08 1.99 12 Mid-North Coast NSW 2.01 2.12 1.96 2.01 13 Caboolture Shire QLD 1.93 2.43 1.77 1.77 14 Wide Bay-Burnett QLD 1.92 2.50 1.74 1.74 15 Sunshine Coast QLD 1.87 2.39 1.96 1.80 16 Melton-Wyndham VIC 1.85 2.12 2.00 1.92 17 WA Regional WA 1.84 2.10 1.49 1.36 18 SA Regional SA 1.83 1.90 1.42 1.29 19 Mackay QLD 1.81 2.12 1.99 2.01 20 Canterbury-Bankstown NSW 1.70 2.37 1.90 1.99 21 Illawarra NSW 1.70 1.88 2.03 1.78 22 Richmond-Tweed NSW 1.69 2.22 1.56 1.73 23 Far North and West QLD QLD 1.67 2.16 1.78 1.91 24 Northern Adelaide SA 1.66 1.98 1.73 1.54 25 Hume City VIC 1.62 2.20 1.81 2.02 26 Central Western Sydney NSW 1.61 1.91 1.89 1.79 27 Darling Downs & West Moreton QLD 1.60 1.87 1.62 1.48 28 Murray & Murrumbidgee VIC 1.58 1.92 1.89 1.82 29 East Metropolitan Perth WA 1.52 1.80 2.03 1.54 30 South East Metropolitan Perth WA 1.50 1.80 1.67 1.70 31 South West Metropolitan Perth WA 1.50 2.27 2.07 1.86 32 North West NSW NSW 1.47 2.12 1.89 1.73 33 South Eastern NSW NSW 1.41 1.83 1.39 1.51 34 South Eastern Outer Melbourne VIC 1.38 1.66 1.63 1.77 35 Redland Shire QLD 1.35 1.48 1.14 1.18 36 Goulburn & Ovens-Murray VIC 1.34 1.54 1.27 1.26 37 Greater Dandenong City VIC 1.34 1.33 1.00 1.67 38 Northern QLD QLD 1.34 1.70 1.29 1.53 39 Pine Rivers Shire & Redcliffe City QLD 1.33 1.51 1.21 1.18 40 Fitzroy QLD 1.31 1.67 1.44 1.35 41 Mallee, Wimmera & Loddon VIC 1.27 1.64 1.10 1.11 42 Northern Outer Melbourne VIC 1.25 1.81 1.31 1.35 43 Central Northern Sydney NSW 1.22 1.43 1.56 1.41 44 Northwest Outer Brisbane QLD 1.22 1.28 0.84 0.95 45 North Metropolitan Perth WA 1.22 1.83 1.86 1.60 46 Yarra Ranges Shire Part A VIC 1.20 1.55 1.11 1.03 47 St George-Sutherland NSW 1.20 1.60 1.58 1.52 48 Central Metropolitan Perth WA 1.19 1.27 1.91 0.87 49 Eastern Adelaide SA 1.18 1.39 1.08 0.95 50 Central Highlands & Western District VIC 1.17 1.80 1.62 1.48 51 Southeast Outer Brisbane QLD 1.17 1.25 1.13 1.05 52 Mornington Peninsula Shire VIC 1.16 1.55 0.92 1.39 53 Northern Beaches NSW 1.12 1.46 1.11 1.21 54 Inner Western Sydney NSW 1.12 1.49 1.27 1.06
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 24
Australian Regions Ranked by AUD Amount of 30+ Day Arrears at 30 September 11 (Cont.)
Rank Region State 30 Sep 11 (%) 31 Mar 11 (%) 30 Sep 10 (%) 31 Mar 10 (%)
55 TAS TAS 1.12 1.37 1.20 1.23 56 Gippsland (incl. East Gippsland) VIC 1.09 1.29 1.06 1.28 57 Inner Brisbane QLD 1.08 1.14 1.10 0.77 58 Frankston City VIC 1.03 1.51 1.62 1.32 59 Southern Adelaide SA 1.02 1.05 1.09 0.93 60 Barwon VIC 0.98 1.42 1.33 1.19 61 Western Melbourne VIC 0.98 1.18 0.88 0.99 62 Inner Sydney NSW 0.96 1.28 1.21 1.09 63 Western Adelaide SA 0.95 1.37 1.05 1.03 64 Southeast Inner Brisbane QLD 0.93 1.13 0.97 0.98 65 Moreland City VIC 0.85 0.97 0.96 0.56 66 Eastern Outer Melbourne VIC 0.84 1.13 1.06 0.95 67 Eastern Middle Melbourne VIC 0.81 1.04 0.94 1.01 68 Southern Melbourne VIC 0.80 1.05 0.84 0.73 69 NT NT 0.75 1.04 0.93 0.71 70 Northwest Inner Brisbane QLD 0.73 1.05 0.77 0.82 71 Boroondara City VIC 0.68 0.98 0.27 0.58 72 Eastern Suburbs NSW 0.67 0.99 1.18 0.99 73 ACT ACT 0.65 1.03 0.71 0.67 74 Inner Melbourne VIC 0.64 0.87 0.69 0.62 75 Lower Northern Sydney NSW 0.56 0.85 0.68 0.66 76 Northern Middle Melbourne VIC 0.54 0.90 0.66 0.75
Source: Fitch, ABS
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 25
Figure 42 Australian Regions Ranked by Number of Loans in 30+ Day Arrears at 31 March 11 Rank Region State 30 Sep 11 (%) 31 Mar 11 (%) 30 Sep 10 (%) 31 Mar 10 (%)
1 Logan City (incl. Beaudesert Shire) QLD 1.73 2.10 1.39 1.24 2 Ipswich City QLD 1.68 1.78 1.28 1.26 3 Central Coast Sydney NSW 1.64 1.88 1.67 1.69 4 Outer South Western Sydney NSW 1.61 1.98 1.60 1.71 5 Gold Coast East QLD 1.60 1.62 1.35 1.18 6 Gold Coast West QLD 1.59 1.83 1.31 1.28 7 Fairfield-Liverpool NSW 1.59 1.85 1.76 1.80 8 Blacktown NSW 1.57 1.86 1.69 1.75 9 Outer Western Sydney NSW 1.40 1.82 1.61 1.60 10 Melton-Wyndham VIC 1.38 1.58 1.36 1.42 11 Caboolture Shire QLD 1.36 1.84 1.33 1.24 12 SA Regional SA 1.35 1.45 1.02 0.95 13 Mid-North Coast NSW 1.32 1.38 1.27 1.32 14 Hunter NSW 1.30 1.44 1.19 1.34 15 South West WA WA 1.29 1.78 1.45 1.34 16 North West NSW NSW 1.28 1.75 1.42 1.39 17 Hume City VIC 1.27 1.58 1.30 1.55 18 WA Regional WA 1.26 1.59 1.04 1.17 19 Murray & Murrumbidgee VIC 1.25 1.52 1.34 1.42 20 Northern Adelaide SA 1.24 1.46 1.20 1.13 21 Wide Bay-Burnett QLD 1.22 1.65 1.16 1.27 22 Darling Downs & West Moreton QLD 1.18 1.39 1.13 1.01 23 Mackay QLD 1.17 1.35 1.18 1.31 24 Sunshine Coast QLD 1.16 1.52 1.05 1.07 25 South Eastern NSW NSW 1.13 1.53 1.15 1.27 26 South East Metropolitan Perth WA 1.12 1.31 1.14 1.14 27 Illawarra NSW 1.10 1.15 1.15 1.17 28 Richmond-Tweed NSW 1.10 1.31 1.04 1.05 29 Far North and West QLD QLD 1.10 1.53 1.13 1.23 30 South West Metropolitan Perth WA 1.07 1.53 1.31 1.15 31 Canterbury-Bankstown NSW 1.05 1.42 1.12 1.27 32 Central Western Sydney NSW 1.05 1.25 1.17 1.13 33 Northern QLD QLD 1.04 1.27 0.86 1.13 34 South Eastern Outer Melbourne VIC 1.03 1.32 1.16 1.26 35 Pine Rivers Shire & Redcliffe City QLD 0.97 1.11 0.87 0.89 36 Greater Dandenong City VIC 0.96 1.03 0.68 1.18 37 Fitzroy QLD 0.95 1.26 1.08 0.97 38 East Metropolitan Perth WA 0.95 1.17 1.27 1.05 39 Mallee, Wimmera & Loddon VIC 0.95 1.18 0.87 0.90 40 Goulburn & Ovens-Murray VIC 0.95 1.15 0.91 0.98 41 Yarra Ranges Shire Part A VIC 0.94 1.14 0.78 0.88 42 Gippsland (incl. East Gippsland) VIC 0.92 1.13 0.90 0.99 43 North Metropolitan Perth WA 0.92 1.33 1.15 1.11 44 Redland Shire QLD 0.90 1.02 0.83 0.76 45 Mornington Peninsula Shire VIC 0.89 1.09 0.70 1.11 46 TAS TAS 0.88 1.05 0.87 0.94 47 Northwest Outer Brisbane QLD 0.86 0.96 0.61 0.72 48 Barwon VIC 0.84 1.11 0.95 0.87 49 Northern Outer Melbourne VIC 0.83 1.16 0.87 0.92 50 Frankston City VIC 0.82 1.22 1.27 1.04 51 Central Highlands & Western District VIC 0.79 1.15 1.09 1.04 52 St George-Sutherland NSW 0.77 0.94 0.83 0.79 53 Eastern Adelaide SA 0.76 0.85 0.69 0.61 54 Central Northern Sydney NSW 0.76 0.87 0.83 0.75 55 Southern Adelaide SA 0.75 0.80 0.71 0.69 56 Southeast Outer Brisbane QLD 0.74 0.88 0.73 0.69 57 Western Adelaide SA 0.74 0.98 0.71 0.77 58 Northern Beaches NSW 0.71 0.85 0.60 0.68 59 Western Melbourne VIC 0.71 0.93 0.66 0.76 60 Inner Western Sydney NSW 0.70 0.91 0.70 0.68 61 Central Metropolitan Perth WA 0.68 0.71 0.70 0.52 62 Inner Brisbane QLD 0.64 0.67 0.56 0.54 63 Inner Sydney NSW 0.64 0.84 0.75 0.66 64 NT NT 0.64 0.83 0.60 0.49 65 Eastern Outer Melbourne VIC 0.60 0.86 0.64 0.70 66 Southeast Inner Brisbane QLD 0.59 0.72 0.49 0.54 67 Lower Northern Sydney NSW 0.36 0.69 0.54 0.46 68 Boroondara City VIC 0.38 0.71 0.66 0.42 69 Northern Middle Melbourne VIC 0.45 0.70 0.47 0.54 70 ACT ACT 0.46 0.66 0.61 0.61
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 26
Australian Regions Ranked by Number of Loans in 30+ Day Arrears at 31 March 11 (Cont.)
Rank Region State 30 Sep 11 (%) 31 Mar 11 (%) 30 Sep 10 (%) 31 Mar 10 (%)
71 Inner Melbourne VIC 0.48 0.65 0.71 0.60 72 Eastern Suburbs NSW 0.48 0.68 0.44 0.44 73 Eastern Middle Melbourne VIC 0.52 0.70 0.44 0.46 74 Northwest Inner Brisbane QLD 0.52 0.64 0.46 0.56 75 Moreland City VIC 0.55 0.58 0.20 0.38 76 Southern Melbourne VIC 0.58 0.55 0.39 0.39
Source: Fitch, ABS
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 27
Figure 43 Australian Worst 100 Postcodes Ranked by AUD Amount 30+ Day Arrears (%) Rank Postcode Districts 30 Sep 11 31 Mar 11 30 Sep 10 31 Mar 10
1 2315 CORLETTE, FINGAL BAY, NELSON BAY, SHOAL BAY 7.79 5.62 8.02 6.80 2 2262 BLUE HAVEN, BUDGEWOI, BUDGEWOI PENINSULA, BUFF POINT, COLONGRA,
DOYALSON, DOYALSON NORTH, HALEKULANI, SAN REMO 4.59 4.23 4.38 3.89
3 4212 HELENSVALE, HELENSVALE TOWN CENTRE, HOPE ISLAND, SANCTUARY COVE
4.27 4.24 3.34 4.64
4 2576 BOWRAL, BURRADOO, EAST BOWRAL, EAST KANGALOON, GLENQUARRY, KANGALOON
4.27 2.23
5 2171 CARNES HILL, CECIL HILLS, ELIZABETH HILLS, HORNINGSEA PARK, HOXTON PARK, LEN WATERS ESTATE, MIDDLETON GRANGE, WEST HOXTON
4.04 2.62 3.15 3.15
6 4217 BENOWA, BUNDALL, BUNDALL BC, BUNDALL DC, CHEVRON ISLAND, GOLD COAST MC, ISLE OF CAPRI, MAIN BEACH, SURFERS PARADISE
3.93 4.10 4.33 3.28
7 4130 CARBROOK, CORNUBIA 3.93 3.83 2.42 8 4114 KINGSTON, LOGAN CENTRAL, LOGAN CITY DC, WOODRIDGE 3.80 4.61 2.65 2.29 9 2106 NEWPORT, NEWPORT BEACH 3.78 1.97 10 2761 COLEBEE, DEAN PARK, GLENDENNING, HASSALL GROVE, OAKHURST,
PLUMPTON 3.67 2.90 2.48 3.22
11 4567 CASTAWAYS BEACH, NOOSA HEADS, SUNRISE BEACH, SUNSHINE BEACH 3.59 2.46 12 4802 AIRLIE BEACH, CANNONVALE, FLAMETREE, JUBILEE POCKET, MANDALAY,
MOUNT ROOPER, SHUTE HARBOUR, WHITSUNDAYS, WOODWARK 3.57 3.86 3.26 3.01
13 2753 AGNES BANKS, BOWEN MOUNTAIN, GROSE VALE, GROSE WOLD, HOBARTVILLE, LONDONDERRY, RICHMOND, RICHMOND LOWLANDS, YARRAMUNDI
3.42 2.98 3.36 3.75
14 2324 BALICKERA, BRANDY HILL, BUNDABAH, CARRINGTON, EAGLETON, EAST SEAHAM, HAWKS NEST, HEATHERBRAE, KARUAH, LIMEBURNERS CREEK, MILLERS FOREST, NELSONS PLAINS, NORTH ARM COVE, OSTERLEY, PINDIMAR, RAYMOND TERRACE, RAYMOND TERRACE EAST, SEAHAM, SWAN BAY, TAHLEE, T
3.40 2.29 2.55 2.24
15 2325 ABERDARE, ABERNETHY, BELLBIRD, BELLBIRD HEIGHTS, CEDAR CREEK, CESSNOCK, CESSNOCK WEST, CONGEWAI, CORRABARE, ELLALONG, ELRINGTON, GRETA MAIN, KEARSLEY, KITCHENER, LAGUNA, LOVEDALE, MILLFIELD, MORUBEN, MOUNT VIEW, NULKABA, OLNEY, PAXTON, PAYNES CROSSING, PE
3.37 3.45 2.56 2.58
16 6167 ANKETELL, BERTRAM, CALISTA, CASUARINA, KWINANA BEACH, KWINANA TOWN CENTRE, MANDOGALUP, MEDINA, ORELIA, PARMELIA, POSTANS, THE SPECTACLES, WANDI
3.36 4.10 3.81 4.91
17 2177 BONNYRIGG, BONNYRIGG HEIGHTS 3.30 2.03 1.34 1.72 18 2428 BLUEYS BEACH, BOOMERANG BEACH, BOOTI BOOTI, CHARLOTTE BAY,
COOMBA BAY, COOMBA PARK, DARAWANK, ELIZABETH BEACH, FORSTER, FORSTER SHOPPING VILLAGE, GREEN POINT, PACIFIC PALMS, SANDBAR, SHALLOW BAY, SMITHS LAKE, TARBUCK BAY, TIONA, TUNCURRY, WALLINGAT, WALLI
3.26 3.09 2.45 2.40
19 2263 CANTON BEACH, CHARMHAVEN, GOROKAN, LAKE HAVEN, NORAH HEAD, NORAVILLE, TOUKLEY
3.26 2.35 1.83 4.02
20 2430 BLACK HEAD, BOHNOCK, BOOTAWA, BRIMBIN, CABBAGE TREE ISLAND, CHATHAM, CROKI, CUNDLETOWN, DIAMOND BEACH, DUMARESQ ISLAND, FAILFORD, GHINNI GHINNI, GLENTHORNE, HALLIDAYS POINT, HILLVILLE, JONES ISLAND, KIWARRAK, KOORAINGHAT, KUNDLE KUNDLE
3.21 2.62 2.21 3.17
21 2767 DOONSIDE, WOODCROFT 3.21 2.74 3.08 3.61 22 6172 PORT KENNEDY 3.21 2.91 2.83 1.60 23 3337 KURUNJANG, MELTON, MELTON WEST, TOOLERN VALE 3.18 2.90 2.91 3.40 24 4132 CRESTMEAD, MARSDEN 3.15 4.35 3.40 2.09 25 2765 BERKSHIRE PARK, BOX HILL, MARAYLYA, MARSDEN PARK, NELSON,
OAKVILLE, RIVERSTONE, VINEYARD 3.12 4.84 5.17 3.13
26 2168 ASHCROFT, BUSBY, CARTWRIGHT, GREEN VALLEY, HECKENBERG, HINCHINBROOK, MILLER, SADLEIR
3.11 4.02 3.69 3.57
27 2125 WEST PENNANT HILLS 3.06 3.06 1.70 28 6210 COODANUP, DUDLEY PARK, ERSKINE, FALCON, GREENFIELDS, HALLS HEAD,
MADORA BAY, MANDURAH, MANDURAH DC, MANDURAH EAST, MANDURAH NORTH, MEADOW SPRINGS, SAN REMO, SILVER SANDS, WANNANUP
3.04 4.19 3.85 2.58
29 2571 BALMORAL, BUXTON, COURIDJAH, MALDON, MOWBRAY PARK, PICTON, RAZORBACK, WILTON
2.98 3.81 3.34
30 2558 EAGLE VALE, ESCHOL PARK, KEARNS 2.96 2.93 1.90 2.31 31 5108 PARALOWIE, SALISBURY, SALISBURY DOWNS, SALISBURY NORTH,
SALISBURY NORTH WHITES ROAD 2.89 2.52 1.84 2.30
32 2564 GLENQUARIE, LONG POINT, MACQUARIE FIELDS 2.89 2.41 1.91 2.72 33 4305 BASIN POCKET, BRASSALL, BREMER, CHURCHILL, COALFALLS, EAST
IPSWICH, EASTERN HEIGHTS, FLINDERS VIEW, IPSWICH, LEICHHARDT, LIMESTONE RIDGES, MOORES POCKET, NEWTOWN, NORTH IPSWICH, NORTH TIVOLI, ONE MILE, RACEVIEW, SADLIERS CROSSING, TIVOLI, WEST IPSWICH, WO
2.89 2.82 2.16 2.03
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 28
Australian Worst 100 Postcodes Ranked by AUD Amount 30+ Day Arrears (%) (Cont.)
Rank Postcode Districts 30 Sep 11 31 Mar 11 30 Sep 10 31 Mar 10
34 3139 BEENAK, DON VALLEY, HODDLES CREEK, LAUNCHING PLACE, SEVILLE, SEVILLE EAST, WANDIN EAST, WANDIN NORTH, WOORI YALLOCK, YELLINGBO
2.88 1.92 1.11 1.37
35 4133 CHAMBERS FLAT, LOGAN RESERVE, WATERFORD, WATERFORD WEST 2.86 2.62 2.05 2.27
36 5072 AULDANA, MAGILL, MAGILL NORTH, MAGILL SOUTH, ROSSLYN PARK, SKYE, TERINGIE, WOODFORDE
2.84 1.65
37 5112 ELIZABETH, ELIZABETH EAST, ELIZABETH GROVE, ELIZABETH SOUTH, ELIZABETH VALE, HILLBANK
2.78 2.62 2.18
38 4573 COOLUM BEACH, MARCUS BEACH, MOUNT COOLUM, PEREGIAN BEACH, PEREGIAN SPRINGS, POINT ARKWRIGHT, YAROOMBA
2.75 2.22 2.55 2.72
39 5096 GULFVIEW HEIGHTS, PARA HILLS, PARA HILLS WEST 2.73 3.13 1.45 40 2749 CASTLEREAGH, CRANEBROOK 2.72 3.02 2.42 2.30 41 4218 BROADBEACH, BROADBEACH WATERS, MERMAID BEACH, MERMAID WATERS,
NOBBY BEACH, PACIFIC FAIR, Q SUPERCENTRE 2.72 2.76 1.86 1.45
42 4300 AUGUSTINE HEIGHTS, BELLBIRD PARK, BROOKWATER, CAMIRA, CAROLE PARK, GAILES, GOODNA, SPRINGFIELD, SPRINGFIELD CENTRAL, SPRINGFIELD LAKES
2.71 2.19 1.49 1.75
43 2770 BIDWILL, BLACKETT, DHARRUK, EMERTON, HEBERSHAM, LETHBRIDGE PARK, MINCHINBURY, MOUNT DRUITT, MOUNT DRUITT VILLAGE, SHALVEY, TREGEAR, WHALAN, WILLMOT
2.69 4.32 2.94 3.68
44 2280 BELMONT, BELMONT NORTH, BELMONT SOUTH, CROUDACE BAY, FLORAVILLE, JEWELLS, MARKS POINT, VALENTINE
2.69 1.50 3.52 2.85
45 3187 BRIGHTON EAST, NORTH ROAD 2.68 2.32 1.59 46 2170 CASULA, CASULA MALL, CHIPPING NORTON, HAMMONDVILLE, LIVERPOOL,
LIVERPOOL SOUTH, LIVERPOOL WESTFIELD, LURNEA, MOOREBANK, MOUNT PRITCHARD, PRESTONS, WARWICK FARM
2.67 3.13 2.32 2.69
47 2766 EASTERN CREEK, ROOTY HILL 2.64 3.69 3.70 3.13 48 2760 COLYTON, NORTH ST MARYS, OXLEY PARK, ROPES CROSSING, ST MARYS,
ST MARYS EAST, ST MARYS SOUTH 2.63 3.41 2.95 3.20
49 6058 FORRESTFIELD 2.63 2.22 1.50 50 2190 CHULLORA, GREENACRE, MOUNT LEWIS 2.62 3.28 3.84 3.55 51 4211 ADVANCETOWN, BEECHMONT, BINNA BURRA, CARRARA, CLAGIRABA, GAVEN,
GILSTON, HIGHLAND PARK, LOWER BEECHMONT, MOUNT NATHAN, NATURAL BRIDGE, NERANG, NERANG BC, NERANG DC, NUMINBAH VALLEY, PACIFIC PINES, SOUTHERN LAMINGTON
2.61 2.66 1.84 1.47
52 2747 CAMBRIDGE GARDENS, CAMBRIDGE PARK, CLAREMONT MEADOWS, KINGSWOOD, LLANDILO, SHANES PARK, WERRINGTON, WERRINGTON COUNTY, WERRINGTON DOWNS
2.60 3.55 3.43 2.70
53 2259 ALISON, BUSHELLS RIDGE, CEDAR BRUSH CREEK, CHAIN VALLEY BAY, CRANGAN BAY, DOORALONG, DURREN DURREN, FRAZER PARK, FREEMANS, GWANDALAN, HALLORAN, HAMLYN TERRACE, JILLIBY, KANWAL, KIAR, KINGFISHER SHORES, LAKE MUNMORAH, LEMON TREE, LITTLE JILLIBY, MANNERING
2.60 3.07 2.67 2.90
54 2250 BUCKETTY, CALGA, CENTRAL MANGROVE, EAST GOSFORD, ERINA, ERINA FAIR, GLENWORTH VALLEY, GOSFORD, GREENGROVE, HOLGATE, KARIONG, KULNURA, LISAROW, LOWER MANGROVE, MANGROVE CREEK, MANGROVE MOUNTAIN, MATCHAM, MOONEY MOONEY CREEK, MOUNT ELLIOT, MOUNT WHITE, NARA
2.59 2.47 3.06 2.24
55 2142 BLAXCELL, CAMELLIA, CLYDE, GRANVILLE, HOLROYD, ROSEHILL, SOUTH GRANVILLE
2.59 2.33 2.92 2.12
56 4220 BURLEIGH DC, BURLEIGH HEADS, BURLEIGH TOWN, BURLEIGH WATERS, MIAMI
2.56 2.25 1.33 1.57
57 4825 ALEXANDRIA, ALPURRURULAM, BARKLY, BREAKAWAY, BUCKINGHAM, CARRANDOTTA, DAJARRA, DUCHESS, FIELDING, FISHER, GEORGINA, GUNPOWDER, HAPPY VALLEY, HEALY, KALKADOON, LANSKEY, LAWN HILL, MENZIES, MICA CREEK, MILES END, MORNINGTON, MOUNT ISA, MOUNT ISA CITY, MOUNT
2.55 2.17 1.26 1.18
58 4019 CLONTARF, CLONTARF BEACH, CLONTARF DC, MARGATE, MARGATE BEACH, WOODY POINT
2.54 2.29 1.02 1.05
59 2160 MERRYLANDS, MERRYLANDS WEST 2.53 3.82 3.05 3.05 60 2577 AVOCA, BANGADILLY, BARREN GROUNDS, BARRENGARRY, BEAUMONT,
BELANGLO, BERRIMA, BUDGONG, BURRAWANG, CANYONLEIGH, CARRINGTON FALLS, FITZROY FALLS, HANGING ROCK, KANGAROO VALLEY, KNIGHTS HILL, MACQUARIE PASS, MANCHESTER SQUARE, MEDWAY, MERYLA, MOSS VALE, MOUNT
2.52 4.25 3.00
61 6330 ALBANY, BAYONET HEAD, BIG GROVE, BORNHOLM, CENTENNIAL PARK, COLLINGWOOD HEIGHTS, COLLINGWOOD PARK, CUTHBERT, DROME, ELLEKER, EMU POINT, FRENCHMAN BAY, GLEDHOW, GOODE BEACH, GREEN VALLEY, KALGAN, KING RIVER, KRONKUP, LANGE, LITTLE GROVE, LOCKYER, LOWER KIN
2.52 2.22 2.15 2.04
62 2221 BLAKEHURST, CARSS PARK, CONNELLS POINT, KYLE BAY, SOUTH HURSTVILLE
2.51 2.95
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 29
Australian Worst 100 Postcodes Ranked by AUD Amount 30+ Day Arrears (%) (Cont.)
Rank Postcode Districts 30 Sep 11 31 Mar 11 30 Sep 10
31 Mar 10
63 4879 CLIFTON BEACH, ELLIS BEACH, KEWARRA BEACH, PALM COVE, TRINITY BEACH, TRINITY PARK
2.50 3.28 2.81 2.25
64 4214 ARUNDEL, ARUNDEL BC, ARUNDEL DC, ASHMORE, ASHMORE CITY, MOLENDINAR, PARKWOOD
2.50 2.74 2.08 2.09
65 4213 AUSTINVILLE, BONOGIN, MUDGEERABA, NERANWOOD, SPRINGBROOK, TALLAI, WORONGARY
2.50 3.92 2.99 3.13
66 2260 ERINA HEIGHTS, FORRESTERS BEACH, NORTH AVOCA, TERRIGAL, WAMBERAL
2.49 1.36 1.79 1.73
67 2176 ABBOTSBURY, BOSSLEY PARK, EDENSOR PARK, GREENFIELD PARK, PRAIRIEWOOD, ST JOHNS PARK, WAKELEY
2.48 2.62 3.47 2.78
68 6010 CLAREMONT, CLAREMONT NORTH, KARRAKATTA, MOUNT CLAREMONT, SWANBOURNE
2.47
69 2756 BLIGH PARK, CATTAI, CENTRAL COLO, CLARENDON, COLO, COLO HEIGHTS, CORNWALLIS, CUMBERLAND REACH, EBENEZER, FREEMANS REACH, GLOSSODIA, LOWER PORTLAND, MAROOTA, MCGRATHS HILL, MELLONG, MULGRAVE, PITT TOWN, PITT TOWN BOTTOMS, SACKVILLE, SACKVILLE NORTH, SCHEYV
2.47 3.34 2.50 3.23
70 2205 ARNCLIFFE, TURRELLA, WOLLI CREEK 2.47 3.52 3.28 2.50 71 4216 BIGGERA WATERS, COOMBABAH, HOLLYWELL, PARADISE POINT, RUNAWAY
BAY, SOUTH STRADBROKE 2.42 2.99 2.34 1.92
72 6112 ARMADALE, BEDFORDALE, BROOKDALE, FORRESTDALE, HARRISDALE, HAYNES, HILBERT, MOUNT NASURA, MOUNT RICHON, PIARA WATERS, SEVILLE GROVE, WUNGONG
2.42 3.42 2.68 2.22
73 2037 FOREST LODGE, GLEBE 2.40 74 2018 EASTLAKES, ROSEBERY 2.39 3.50 75 4815 CONDON, GRANITE VALE, GUMLOW, KELSO, PINNACLES, RASMUSSEN 2.38 3.47 1.71 76 4227 REEDY CREEK, VARSITY LAKES 2.37 3.00 1.91 2.16 77 6168 COOLOONGUP, EAST ROCKINGHAM, GARDEN ISLAND, HILLMAN, PERON,
ROCKINGHAM, ROCKINGHAM BEACH, ROCKINGHAM DC 2.36 4.22 2.87 2.38
78 2256 BLACKWALL, HORSFIELD BAY, KOOLEWONG, LITTLE WOBBY, PATONGA, PEARL BEACH, PHEGANS BAY, WONDABYNE, WOY WOY, WOY WOY BAY
2.36 2.79 2.46 2.16
79 5169 MOANA, SEAFORD, SEAFORD HEIGHTS, SEAFORD MEADOWS, SEAFORD RISE 2.35 1.73 80 2485 TWEED HEADS, TWEED HEADS WEST 2.35 2.45 81 4280 JIMBOOMBA, NORTH MACLEAN, SOUTH MACLEAN, STOCKLEIGH 2.33 2.59 2.47 1.47 82 6069 AVELEY, BELHUS, BRIGADOON, ELLENBROOK, ELLENBROOK EAST, THE
VINES, UPPER SWAN 2.33 1.85 3.34 1.47
83 2165 FAIRFIELD, FAIRFIELD EAST, FAIRFIELD HEIGHTS, FAIRFIELD WEST 2.32 2.72 2.89 2.93 84 4564 MARCOOLA, MUDJIMBA, PACIFIC PARADISE, TWIN WATERS 2.31 2.74 2.47 2.12 85 2322 BERESFIELD, BLACK HILL, CHISHOLM, HEXHAM, LENAGHAN, STOCKRINGTON,
TARRO, THORNTON, TOMAGO, WOODBERRY 2.31 3.38 1.37
86 6147 LANGFORD, LYNWOOD, PARKWOOD 2.30 2.12 1.81 87 4077 DOOLANDELLA, DURACK, INALA, INALA EAST, INALA HEIGHTS, RICHLANDS 2.30 2.22 1.18 1.80 88 4504 NARANGBA 2.30 2.01 1.50 1.83 89 2107 AVALON, AVALON BEACH, BILGOLA, CLAREVILLE, WHALE BEACH 2.29 1.73 90 2560 AIRDS, AMBARVALE, APPIN, BLAIR ATHOL, BRADBURY, CAMPBELLTOWN,
CAMPBELLTOWN NORTH, CATARACT, ENGLORIE PARK, GILEAD, GLEN ALPINE, KENTLYN, LEUMEAH, MACARTHUR SQUARE, ROSEMEADOW, RUSE, ST HELENS PARK, WEDDERBURN, WOODBINE
2.29 2.76 2.47 2.29
91 6110 GOSNELLS, HUNTINGDALE, MARTIN, SOUTHERN RIVER 2.28 2.61 3.36 3.42 92 4506 MOORINA, MORAYFIELD 2.28 2.90 2.08 1.43 93 2261 BATEAU BAY, BAY VILLAGE, BERKELEY VALE, BLUE BAY, CHITTAWAY BAY,
CHITTAWAY POINT, GLENNING VALLEY, KILLARNEY VALE, LONG JETTY, MAGENTA, SHELLY BEACH, THE ENTRANCE, THE ENTRANCE NORTH, TOOWOON BAY, TUMBI UMBI
2.27 3.58 3.13 2.53
94 2199 YAGOONA, YAGOONA WEST 2.27 4.10 2.62 1.89 95 2146 OLD TOONGABBIE, TOONGABBIE, TOONGABBIE EAST 2.27 3.00 2.65 1.43 96 2902 KAMBAH, KAMBAH VILLAGE 2.25 2.67 0.88 97 4352 BALLARD, BAPAUME, BIRNAM, BLANCHVIEW, BRANCHVIEW, CABARLAH,
CAWDOR, CEMENT MILLS, COALBANK, CONDAMINE PLAINS, CUTELLA, DERRYMORE, DJUAN, DOCTOR CREEK, EVERGREEN, FIFTEEN MILE, GEHAM, GLENCOE, GORE, GOWRIE JUNCTION, GOWRIE LITTLE PLAIN, GRAPETREE, GROOMSVI
2.25 2.40 1.79 2.46
98 2148 ARNDELL PARK, BLACKTOWN, BLACKTOWN WESTPOINT, HUNTINGWOOD, KINGS PARK, MARAYONG, PROSPECT
2.24 2.41 2.37 2.28
99 4655 BOORAL, BUNYA CREEK, CRAIGNISH, DUNDOWRAN, DUNDOWRAN BEACH, ELI WATERS, GREAT SANDY STRAIT, HERVEY BAY, HERVEY BAY DC, KAWUNGAN, KINGFISHER BAY RESORT, NIKENBAH, PIALBA, POINT VERNON, RIVER HEADS, SCARNESS, SUNSHINE ACRES, SUSAN RIVER, TAKURA, TOOGOOM, TO
2.24 3.37 2.55 1.82
100 2515 AUSTINMER, CLIFTON, COLEDALE, SCARBOROUGH, THIRROUL, WOMBARRA 2.24 2.54
Source: Fitch
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 30
Figure 44 Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Day Arrears (%) Rank Postcode Districts 30 Sep 11 31 Mar 11 30 Sep 10 31 Mar 10
1 2262 BLUE HAVEN, BUDGEWOI, BUDGEWOI PENINSULA, BUFF POINT, COLONGRA, DOYALSON, DOYALSON NORTH, HALEKULANI, SAN REMO
3.5 3.23 2.97 2.60
2 2315 CORLETTE, FINGAL BAY, NELSON BAY, SHOAL BAY 3.1 2.08 3.28 3.37 3 2576 BOWRAL, BURRADOO, EAST BOWRAL, EAST KANGALOON, GLENQUARRY,
KANGALOON 3.0 1.72
4 4217 BENOWA, BUNDALL, BUNDALL BC, BUNDALL DC, CHEVRON ISLAND, GOLD COAST MC, ISLE OF CAPRI, MAIN BEACH, SURFERS PARADISE
2.9 2.31 2.35 1.64
5 2325 ABERDARE, ABERNETHY, BELLBIRD, BELLBIRD HEIGHTS, CEDAR CREEK, CESSNOCK, CESSNOCK WEST, CONGEWAI, CORRABARE, ELLALONG, ELRINGTON, GRETA MAIN, KEARSLEY, KITCHENER, LAGUNA, LOVEDALE, MILLFIELD, MORUBEN, MOUNT VIEW, NULKABA, OLNEY, PAXTON, PAYNES CROSSING, PE
2.6 2.64 1.68 1.64
6 2761 COLEBEE, DEAN PARK, GLENDENNING, HASSALL GROVE, OAKHURST, PLUMPTON
2.6 2.08 1.79 2.18
7 4114 KINGSTON, LOGAN CENTRAL, LOGAN CITY DC, WOODRIDGE 2.5 3.26 1.46 1.44 8 4212 HELENSVALE, HELENSVALE TOWN CENTRE, HOPE ISLAND, SANCTUARY
COVE 2.5 2.92 1.96 2.27
9 4132 CRESTMEAD, MARSDEN 2.4 3.27 2.70 1.54 10 2558 EAGLE VALE, ESCHOL PARK, KEARNS 2.3 1.82 1.26 1.45 11 6172 PORT KENNEDY 2.3 2.16 1.78 1.19 12 2263 CANTON BEACH, CHARMHAVEN, GOROKAN, LAKE HAVEN, NORAH HEAD,
NORAVILLE, TOUKLEY 2.2 1.78 1.32 2.43
13 2564 GLENQUARIE, LONG POINT, MACQUARIE FIELDS 2.2 1.60 1.25 1.66 14 2430 BLACK HEAD, BOHNOCK, BOOTAWA, BRIMBIN, CABBAGE TREE ISLAND,
CHATHAM, CROKI, CUNDLETOWN, DIAMOND BEACH, DUMARESQ ISLAND, FAILFORD, GHINNI GHINNI, GLENTHORNE, HALLIDAYS POINT, HILLVILLE, JONES ISLAND, KIWARRAK, KOORAINGHAT, KUNDLE KUNDLE, LANSDOWNE, LANSDOW
2.2 1.81 1.37 1.34
15 2259 ALISON, BUSHELLS RIDGE, CEDAR BRUSH CREEK, CHAIN VALLEY BAY, CRANGAN BAY, DOORALONG, DURREN DURREN, FRAZER PARK, FREEMANS, GWANDALAN, HALLORAN, HAMLYN TERRACE, JILLIBY, KANWAL, KIAR, KINGFISHER SHORES, LAKE MUNMORAH, LEMON TREE, LITTLE JILLIBY, MANNERING
2.2 2.10 1.77 1.94
16 2168 ASHCROFT, BUSBY, CARTWRIGHT, GREEN VALLEY, HECKENBERG, HINCHINBROOK, MILLER, SADLEIR
2.2 2.73 2.38 2.35
17 2171 CARNES HILL, CECIL HILLS, ELIZABETH HILLS, HORNINGSEA PARK, HOXTON PARK, LEN WATERS ESTATE, MIDDLETON GRANGE, WEST HOXTON
2.1 1.51 1.56 1.78
18 2324 BALICKERA, BRANDY HILL, BUNDABAH, CARRINGTON, EAGLETON, EAST SEAHAM, HAWKS NEST, HEATHERBRAE, KARUAH, LIMEBURNERS CREEK, MILLERS FOREST, NELSONS PLAINS, NORTH ARM COVE, OSTERLEY, PINDIMAR, RAYMOND TERRACE, RAYMOND TERRACE EAST, SEAHAM, SWAN BAY, TAHLEE, T
2.1 1.72 1.47 1.89
19 6167 ANKETELL, BERTRAM, CALISTA, CASUARINA, KWINANA BEACH, KWINANA TOWN CENTRE, MANDOGALUP, MEDINA, ORELIA, PARMELIA, POSTANS, THE SPECTACLES, WANDI
2.1 2.73 2.63 3.14
20 4305 BASIN POCKET, BRASSALL, BREMER, CHURCHILL, COALFALLS, EAST IPSWICH, EASTERN HEIGHTS, FLINDERS VIEW, IPSWICH, LEICHHARDT, LIMESTONE RIDGES, MOORES POCKET, NEWTOWN, NORTH IPSWICH, NORTH TIVOLI, ONE MILE, RACEVIEW, SADLIERS CROSSING, TIVOLI, WEST IPSWICH, WO
2.1 2.03 1.57 1.45
21 2749 CASTLEREAGH, CRANEBROOK 2.08 1.97 1.41 1.46 22 2753 AGNES BANKS, BOWEN MOUNTAIN, GROSE VALE, GROSE WOLD,
HOBARTVILLE, LONDONDERRY, RICHMOND, RICHMOND LOWLANDS, YARRAMUNDI
2.08 1.64 1.75 2.18
23 5108 PARALOWIE, SALISBURY, SALISBURY DOWNS, SALISBURY NORTH, SALISBURY NORTH WHITES ROAD
2.07 1.94 1.48 1.69
24 2767 DOONSIDE, WOODCROFT 2.05 1.88 2.08 2.36 25 4285 ALLENVIEW, BEAUDESERT, BIRNAM, BROMELTON, CAINBABLE, CEDAR
GROVE, CEDAR VALE, CHINGHEE CREEK, CHRISTMAS CREEK, CRYNA, DARLINGTON, GLENEAGLE, HILLVIEW, INNISPLAIN, JOSEPHVILLE, KAGARU, KERRY, KNAPP CREEK, KOORALBYN, LAMINGTON, LARAVALE, MOUNT GIPPS, MUNDOO
2.04 1.98 1.60 1.08
26 4802 AIRLIE BEACH, CANNONVALE, FLAMETREE, JUBILEE POCKET, MANDALAY, MOUNT ROOPER, SHUTE HARBOUR, WHITSUNDAYS, WOODWARK
2.03 2.20 1.78 2.03
27 4304 BLACKSTONE, BOOVAL, BOOVAL FAIR, BUNDAMBA, EBBW VALE, NORTH BOOVAL, SILKSTONE
2.00 1.08 1.24 0.78
28 2766 EASTERN CREEK, ROOTY HILL 1.94 2.71 2.49 1.85 29 3337 KURUNJANG, MELTON, MELTON WEST, TOOLERN VALE 1.93 1.99 1.71 2.15
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 31
Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Day Arrears (%) (Cont.)
Rank Postcode Districts 30 Sep 11 31 Mar 11 30 Sep 10 31 Mar 10
30 4825 ALEXANDRIA, ALPURRURULAM, BARKLY, BREAKAWAY, BUCKINGHAM, CARRANDOTTA, DAJARRA, DUCHESS, FIELDING, FISHER, GEORGINA, GUNPOWDER, HAPPY VALLEY, HEALY, KALKADOON, LANSKEY, LAWN HILL, MENZIES, MICA CREEK, MILES END, MORNINGTON, MOUNT ISA, MOUNT ISA CITY, MOUNT
1.90 1.78 0.98 1.24
31 2770 BIDWILL, BLACKETT, DHARRUK, EMERTON, HEBERSHAM, LETHBRIDGE PARK, MINCHINBURY, MOUNT DRUITT, MOUNT DRUITT VILLAGE, SHALVEY, TREGEAR, WHALAN, WILLMOT
1.90 2.83 1.82 2.31
32 6112 ARMADALE, BEDFORDALE, BROOKDALE, FORRESTDALE, HARRISDALE, HAYNES, HILBERT, MOUNT NASURA, MOUNT RICHON, PIARA WATERS, SEVILLE GROVE, WUNGONG
1.88 2.92 1.83 1.79
33 4133 CHAMBERS FLAT, LOGAN RESERVE, WATERFORD, WATERFORD WEST 1.88 1.78 1.26 1.29 34 2571 BALMORAL, BUXTON, COURIDJAH, MALDON, MOWBRAY PARK, PICTON,
RAZORBACK, WILTON 1.85 2.47 2.44
35 2322 BERESFIELD, BLACK HILL, CHISHOLM, HEXHAM, LENAGHAN, STOCKRINGTON, TARRO, THORNTON, TOMAGO, WOODBERRY
1.83 2.56 1.01
36 2177 BONNYRIGG, BONNYRIGG HEIGHTS 1.83 1.42 0.92 1.19 37 2560 AIRDS, AMBARVALE, APPIN, BLAIR ATHOL, BRADBURY, CAMPBELLTOWN,
CAMPBELLTOWN NORTH, CATARACT, ENGLORIE PARK, GILEAD, GLEN ALPINE, KENTLYN, LEUMEAH, MACARTHUR SQUARE, ROSEMEADOW, RUSE, ST HELENS PARK, WEDDERBURN, WOODBINE
1.82 1.94 1.76 1.73
38 5112 ELIZABETH, ELIZABETH EAST, ELIZABETH GROVE, ELIZABETH SOUTH, ELIZABETH VALE, HILLBANK
1.82 2.11 2.05
39 4130 CARBROOK, CORNUBIA 1.80 1.80 1.35 40 6010 CLAREMONT, CLAREMONT NORTH, KARRAKATTA, MOUNT CLAREMONT,
SWANBOURNE 1.79
41 5169 MOANA, SEAFORD, SEAFORD HEIGHTS, SEAFORD MEADOWS, SEAFORD RISE 1.78 1.26 42 3139 BEENAK, DON VALLEY, HODDLES CREEK, LAUNCHING PLACE, SEVILLE,
SEVILLE EAST, WANDIN EAST, WANDIN NORTH, WOORI YALLOCK, YELLINGBO 1.78 1.42 0.78 1.37
43 2428 BLUEYS BEACH, BOOMERANG BEACH, BOOTI BOOTI, CHARLOTTE BAY, COOMBA BAY, COOMBA PARK, DARAWANK, ELIZABETH BEACH, FORSTER, FORSTER SHOPPING VILLAGE, GREEN POINT, PACIFIC PALMS, SANDBAR, SHALLOW BAY, SMITHS LAKE, TARBUCK BAY, TIONA, TUNCURRY, WALLINGAT
1.78 1.80 1.04 1.50
44 3187 BRIGHTON EAST, NORTH ROAD 1.77 2.15 0.87 45 2221 BLAKEHURST, CARSS PARK, CONNELLS POINT, KYLE BAY, SOUTH
HURSTVILLE 1.75 1.89
46 4300 AUGUSTINE HEIGHTS, BELLBIRD PARK, BROOKWATER, CAMIRA, CAROLE PARK, GAILES, GOODNA, SPRINGFIELD, SPRINGFIELD CENTRAL, SPRINGFIELD LAKES
1.75 1.66 1.14 1.25
47 7011 AUSTINS FERRY, BERRIEDALE, CHIGWELL, CLAREMONT 1.73 48 4019 CLONTARF, CLONTARF BEACH, CLONTARF DC, MARGATE, MARGATE BEACH,
WOODY POINT 1.73 1.32 0.99 0.87
49 4504 NARANGBA 1.73 1.72 1.33 1.37 50 4567 CASTAWAYS BEACH, NOOSA HEADS, SUNRISE BEACH, SUNSHINE BEACH 1.72 1.07 51 2747 CAMBRIDGE GARDENS, CAMBRIDGE PARK, CLAREMONT MEADOWS,
KINGSWOOD, LLANDILO, SHANES PARK, WERRINGTON, WERRINGTON COUNTY, WERRINGTON DOWNS
1.72 2.35 2.17 1.71
52 4815 CONDON, GRANITE VALE, GUMLOW, KELSO, PINNACLES, RASMUSSEN 1.71 2.29 1.51 53 4280 JIMBOOMBA, NORTH MACLEAN, SOUTH MACLEAN, STOCKLEIGH 1.70 1.89 2.16 1.50 54 5096 GULFVIEW HEIGHTS, PARA HILLS, PARA HILLS WEST 1.70 2.12 0.82 55 2142 BLAXCELL, CAMELLIA, CLYDE, GRANVILLE, HOLROYD, ROSEHILL, SOUTH
GRANVILLE 1.69 1.60 1.70 1.58
56 6110 GOSNELLS, HUNTINGDALE, MARTIN, SOUTHERN RIVER 1.69 1.75 2.20 2.43 57 6168 COOLOONGUP, EAST ROCKINGHAM, GARDEN ISLAND, HILLMAN, PERON,
ROCKINGHAM, ROCKINGHAM BEACH, ROCKINGHAM DC 1.68 2.61 1.72 1.30
58 2170 CASULA, CASULA MALL, CHIPPING NORTON, HAMMONDVILLE, LIVERPOOL, LIVERPOOL SOUTH, LIVERPOOL WESTFIELD, LURNEA, MOOREBANK, MOUNT PRITCHARD, PRESTONS, WARWICK FARM
1.68 1.99 1.44 1.67
59 6210 COODANUP, DUDLEY PARK, ERSKINE, FALCON, GREENFIELDS, HALLS HEAD, MADORA BAY, MANDURAH, MANDURAH DC, MANDURAH EAST, MANDURAH NORTH, MEADOW SPRINGS, SAN REMO, SILVER SANDS, WANNANUP
1.67 2.66 2.16 1.73
60 2280 BELMONT, BELMONT NORTH, BELMONT SOUTH, CROUDACE BAY, FLORAVILLE, JEWELLS, MARKS POINT, VALENTINE
1.65 1.01 2.11 1.63
61 4077 DOOLANDELLA, DURACK, INALA, INALA EAST, INALA HEIGHTS, RICHLANDS 1.65 1.50 0.76 1.24 62 4226 CLEAR ISLAND WATERS, MERRIMAC, ROBINA, ROBINA DC 1.64 1.46 1.69 1.24
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 32
Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Day Arrears (%) (Cont.)
Rank Postcode Districts 30 Sep 11 31 Mar 11 30 Sep 10 31 Mar 10
63 4211 ADVANCETOWN, BEECHMONT, BINNA BURRA, CARRARA, CLAGIRABA, GAVEN, GILSTON, HIGHLAND PARK, LOWER BEECHMONT, MOUNT NATHAN, NATURAL BRIDGE, NERANG, NERANG BC, NERANG DC, NUMINBAH VALLEY, PACIFIC PINES, SOUTHERN LAMINGTON
1.61 1.62 1.26 0.97
64 2206 CLEMTON PARK, EARLWOOD 1.61 1.30 1.16 65 4069 BROOKFIELD, CHAPEL HILL, FIG TREE POCKET, KENMORE, KENMORE DC,
KENMORE EAST, KENMORE HILLS, PINJARRA HILLS, PULLENVALE, UPPER BROOKFIELD
1.60 1.29 0.69 0.74
66 6147 LANGFORD, LYNWOOD, PARKWOOD 1.60 1.32 1.25 67 2760 COLYTON, NORTH ST MARYS, OXLEY PARK, ROPES CROSSING, ST MARYS,
ST MARYS EAST, ST MARYS SOUTH 1.60 2.30 2.06 2.29
68 2190 CHULLORA, GREENACRE, MOUNT LEWIS 1.59 1.71 2.27 2.26 69 4213 AUSTINVILLE, BONOGIN, MUDGEERABA, NERANWOOD, SPRINGBROOK,
TALLAI, WORONGARY 1.59 2.43 1.68 1.98
70 3029 HOPPERS CROSSING, TARNEIT, TRUGANINA 1.59 1.64 1.20 1.37 71 2765 BERKSHIRE PARK, BOX HILL, MARAYLYA, MARSDEN PARK, NELSON,
OAKVILLE, RIVERSTONE, VINEYARD 1.59 3.19 3.03 1.38
72 4127 DAISY HILL, PRIESTDALE, SLACKS CREEK, SPRINGWOOD 1.59 2.32 1.19 1.27 73 6280 ABBA RIVER, ABBEY, ACTON PARK, AMBERGATE, ANNIEBROOK, BOALLIA,
BOVELL, BROADWATER, BUSSELTON, CARBUNUP RIVER, CHAPMAN HILL, GEOGRAPHE, HITHERGREEN, JINDONG, KALGUP, KALOORUP, KEALY, LUDLOW, MARYBROOK, METRICUP, NORTH JINDONG, REINSCOURT, RUABON, SABINA RI
1.58 0.98 1.01
74 3018 ALTONA, SEAHOLME 1.58 75 4216 BIGGERA WATERS, COOMBABAH, HOLLYWELL, PARADISE POINT, RUNAWAY
BAY, SOUTH STRADBROKE 1.57 1.65 1.52 1.17
76 5173 ALDINGA, ALDINGA BEACH, PORT WILLUNGA, SILVER SANDS 1.57 77 2759 ERSKINE PARK, ST CLAIR 1.57 1.84 2.42 1.79 78 4118 BROWNS PLAINS, FORESTDALE, HERITAGE PARK, HILLCREST, REGENTS
PARK 1.56 1.79 1.35 1.45
79 6111 ASHENDON, CAMILLO, CANNING MILLS, CHAMPION LAKES, KARRAGULLEN, KELMSCOTT, KELMSCOTT DC, LESLEY, ROLEYSTONE
1.56 1.56 0.99 0.86
80 2160 MERRYLANDS, MERRYLANDS WEST 1.55 2.52 1.89 1.88 81 4209 COOMERA, PIMPAMA, UPPER COOMERA, WILLOW VALE 1.55 1.46 0.91 0.94 82 3140 LILYDALE 1.54 1.18 0.96 83 4208 GILBERTON, JACOBS WELL, KINGSHOLME, NORWELL, ORMEAU, ORMEAU
HILLS 1.54 2.45 1.09 0.77
84 2106 NEWPORT, NEWPORT BEACH 1.54 1.25 85 4227 REEDY CREEK, VARSITY LAKES 1.53 1.71 1.26 1.36 86 3941 RYE, ST ANDREWS BEACH, TOOTGAROOK 1.53 0.94 1.12 87 2285 CAMERON PARK, CARDIFF, CARDIFF HEIGHTS, CARDIFF SOUTH,
EDGEWORTH, GLENDALE, MACQUARIE HILLS 1.52 1.67 1.43 1.49
88 3214 CORIO, NORLANE, NORTH SHORE 1.52 1.44 1.54 1.29 89 2528 BARRACK HEIGHTS, BARRACK POINT, LAKE ILLAWARRA, MOUNT WARRIGAL,
WARILLA, WINDANG 1.51 1.36 0.88 1.61
90 2566 BOW BOWING, MINTO, MINTO DC, MINTO HEIGHTS, RABY, ST ANDREWS, VARROVILLE
1.50 1.91 1.40 1.59
91 6030 CLARKSON, MERRIWA, MINDARIE, QUINNS ROCKS, RIDGEWOOD, TAMALA PARK
1.50 1.97 1.97 1.92
92 4214 ARUNDEL, ARUNDEL BC, ARUNDEL DC, ASHMORE, ASHMORE CITY, MOLENDINAR, PARKWOOD
1.49 1.64 1.41 1.04
93 2125 WEST PENNANT HILLS 1.49 1.30 0.69 94 2148 ARNDELL PARK, BLACKTOWN, BLACKTOWN WESTPOINT, HUNTINGWOOD,
KINGS PARK, MARAYONG, PROSPECT 1.49 1.55 1.50 1.49
95 6065 ASHBY, DARCH, HOCKING, KINGSWAY, LANDSDALE, MADELEY, PEARSALL, SINAGRA, TAPPING, WANGARA, WANGARA DC, WANNEROO
1.49 1.45 1.40 1.66
96 5072 AULDANA, MAGILL, MAGILL NORTH, MAGILL SOUTH, ROSSLYN PARK, SKYE, TERINGIE, WOODFORDE
1.49 1.50
97 5109 BRAHMA LODGE, SALISBURY EAST, SALISBURY EAST NORTHBRI AVE, SALISBURY HEIGHTS, SALISBURY PARK, SALISBURY PLAIN
1.49 1.69 2.10 0.85
98 5107 GREEN FIELDS, PARAFIELD GARDENS 1.49 99 2756 BLIGH PARK, CATTAI, CENTRAL COLO, CLARENDON, COLO, COLO HEIGHTS,
CORNWALLIS, CUMBERLAND REACH, EBENEZER, FREEMANS REACH, GLOSSODIA, LOWER PORTLAND, MAROOTA, MCGRATHS HILL, MELLONG, MULGRAVE, PITT TOWN, PITT TOWN BOTTOMS, SACKVILLE, SACKVILLE NORTH, SCHEYV
1.48 1.98 1.55 1.97
100 6069 AVELEY, BELHUS, BRIGADOON, ELLENBROOK, ELLENBROOK EAST, THE VINES, UPPER SWAN
1.48 1.40 1.99 0.99
Source: Fitch
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 33
Australian Mortgage Performance by Postcode as at 30 September 2011
Figure 45 NSW/ACT Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011
By number By value
Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%)
1 2262 3.45 67 2127 1.27 1 2315 7.79 67 2283 1.93
2 2315 3.13 68 2216 1.24 2 2262 4.59 68 2097 1.88 3 2576 3.01 69 2902 1.23 3 2576 4.27 69 2164 1.88 4 2325 2.65 70 2750 1.23 4 2171 4.04 70 2444 1.87 5 2761 2.55 71 2577 1.23 5 2106 3.78 71 2216 1.87 6 2558 2.35 72 2260 1.23 6 2761 3.67 72 2640 1.85 7 2263 2.22 73 2205 1.23 7 2753 3.42 73 2220 1.82 8 2564 2.19 74 2161 1.22 8 2324 3.40 74 2200 1.82 9 2430 2.19 75 2570 1.22 9 2325 3.37 75 2155 1.80 10 2259 2.18 76 2795 1.22 10 2177 3.30 76 2570 1.78 11 2168 2.16 77 2450 1.21 11 2428 3.26 77 2750 1.77 12 2171 2.14 78 2196 1.21 12 2263 3.26 78 2745 1.77 13 2324 2.12 79 2830 1.20 13 2430 3.21 79 2540 1.77 14 2749 2.08 80 2037 1.19 14 2767 3.21 80 2526 1.77 15 2753 2.08 81 2460 1.19 15 2765 3.12 81 2460 1.75 16 2767 2.05 82 2283 1.18 16 2168 3.11 82 2166 1.71 17 2766 1.94 83 2166 1.17 17 2125 3.06 83 2251 1.70 18 2770 1.90 84 2137 1.17 18 2571 2.98 84 2257 1.66 19 2571 1.85 85 2780 1.16 19 2558 2.96 85 2487 1.66 20 2322 1.83 86 2107 1.16 20 2564 2.89 86 2539 1.65 21 2177 1.83 87 2155 1.15 21 2749 2.72 87 2529 1.64 22 2560 1.82 88 2515 1.13 22 2770 2.69 88 2530 1.64 23 2428 1.78 89 2147 1.13 23 2280 2.69 89 2196 1.64 24 2221 1.75 90 2018 1.11 24 2170 2.67 90 2795 1.60 25 2747 1.72 91 2000 1.11 25 2766 2.64 91 2289 1.55 26 2142 1.69 92 2800 1.11 26 2760 2.63 92 2450 1.55 27 2170 1.68 93 2224 1.09 27 2190 2.62 93 2086 1.55 28 2280 1.65 94 2287 1.07 28 2747 2.60 94 2147 1.54 29 2206 1.61 95 2526 1.06 29 2259 2.60 95 2145 1.52 30 2760 1.60 96 2226 1.06 30 2250 2.59 96 2480 1.51 31 2190 1.59 97 2580 1.03 31 2142 2.59 97 2156 1.51 32 2765 1.59 98 2195 1.03 32 2160 2.53 98 2541 1.51 33 2759 1.57 99 2768 1.03 33 2577 2.52 99 2137 1.50 34 2160 1.55 100 2220 1.02 34 2221 2.51 100 2519 1.49 35 2106 1.54 101 2228 1.01 35 2260 2.49 101 2041 1.49 36 2285 1.52 102 2138 1.00 36 2176 2.48 102 2144 1.48 37 2528 1.51 103 2536 1.00 37 2756 2.47 103 2830 1.47 38 2566 1.50 104 2582 0.99 38 2205 2.47 104 2154 1.45 39 2125 1.49 105 2145 0.99 39 2037 2.40 105 2536 1.43 40 2148 1.49 106 2251 0.99 40 2018 2.39 106 2620 1.43 41 2756 1.48 107 2144 0.98 41 2256 2.36 107 2224 1.42 42 2165 1.48 108 2217 0.97 42 2485 2.35 108 2768 1.41 43 2527 1.48 109 2041 0.96 43 2165 2.32 109 2194 1.41 44 2250 1.45 110 2444 0.95 44 2322 2.31 110 2000 1.39 45 2199 1.44 111 2340 0.95 45 2107 2.29 111 2287 1.37 46 2193 1.43 112 2009 0.90 46 2560 2.29 112 2074 1.35 47 2567 1.43 113 2289 0.90 47 2261 2.27 113 2151 1.33 48 2256 1.41 114 2620 0.90 48 2199 2.27 114 2046 1.32 49 2485 1.40 115 2200 0.89 49 2146 2.27 115 2195 1.32 50 2745 1.39 116 2575 0.89 50 2902 2.25 116 2153 1.31 51 2640 1.36 117 2095 0.88 51 2148 2.24 117 2228 1.31 52 2487 1.35 118 2150 0.88 52 2515 2.24 118 2340 1.28 53 2565 1.34 119 2619 0.88 53 2127 2.23 119 2141 1.28 54 2176 1.34 120 2141 0.87 54 2759 2.16 120 2020 1.28 55 2261 1.34 121 2257 0.87 55 2285 2.15 121 2207 1.27 56 2075 1.33 122 2519 0.86 56 2075 2.15 122 2217 1.26 57 2540 1.32 123 2480 0.86 57 2528 2.12 123 2777 1.26 58 2086 1.32 124 2541 0.85 58 2566 2.12 124 2619 1.26 59 2530 1.31 125 2529 0.85 59 2527 2.11 125 2229 1.24 60 2486 1.30 126 2207 0.85 60 2206 2.07 126 2582 1.21
61 2146 1.30 127 2097 0.84 61 2780 2.04 127 2580 1.21
62 2074 1.29 128 2194 0.83 62 2567 2.03 128 2009 1.20 63 2020 1.28 129 2153 0.82 63 2193 2.02 129 2138 1.19 64 2156 1.28 130 2478 0.79 64 2161 2.01 130 2500 1.17 65 2539 1.28 131 2154 0.79 65 2486 1.94 131 2226 1.16 66 2164 1.27 132 2777 0.79 66 2565 1.94 132 2575 1.14
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 34
NSW/ACT Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011 (Cont.)
By number By value
Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%)
133 2026 0.76 150 2500 0.64 133 2114 1.14 150 2906 0.89 134 2518 0.75 151 2131 0.64 134 2800 1.13 151 2518 0.86 135 2010 0.75 152 2121 0.62 135 2131 1.12 152 2320 0.84 136 2213 0.75 153 3500 0.62 136 2233 1.12 153 2011 0.83 137 2763 0.75 154 2615 0.58 137 2099 1.12 154 2478 0.82 138 2229 0.74 155 2066 0.57 138 2076 1.11 155 2290 0.80 139 2114 0.73 156 2076 0.55 139 2010 1.09 156 2230 0.77 140 2151 0.73 157 2011 0.54 140 2213 1.07 157 2066 0.76 141 2233 0.73 158 2046 0.54 141 2905 1.06 158 2077 0.75 142 2650 0.71 159 2906 0.52 142 2150 1.03 159 2615 0.73 143 2905 0.71 160 2077 0.46 143 2763 0.96 160 2234 0.64 144 2101 0.70 161 2234 0.44 144 2650 0.96 161 2122 0.62 145 2099 0.69 162 2122 0.43 145 2121 0.94 162 2913 0.61 146 2320 0.67 163 2913 0.39 146 2101 0.94 163 2232 0.55 147 2230 0.65 164 2602 0.37 147 2026 0.92 164 2095 0.52 148 2290 0.65 165 2617 0.35 148 3500 0.90 165 2602 0.31 149 2120 0.64 166 2232 0.33 149 2120 0.89 166 2617 0.28
Source: Fitch
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 35
Figure 46 QLD Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011
By number By value
Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%)
1 4217 2.90 59 4551 1.09 1 4212 4.27 59 4215 1.59 2 4114 2.47 60 4700 1.07 2 4217 3.93 60 4510 1.57 3 4212 2.47 61 4879 1.07 3 4130 3.93 61 4670 1.57 4 4132 2.42 62 4868 1.06 4 4114 3.80 62 4165 1.57 5 4305 2.10 63 4161 1.06 5 4567 3.59 63 4502 1.56 6 4285 2.04 64 4221 1.05 6 4802 3.57 64 4018 1.55 7 4802 2.03 65 4170 1.04 7 4132 3.15 65 4128 1.54 8 4304 2.00 66 4878 1.04 8 4305 2.89 66 4006 1.52 9 4825 1.90 67 4670 1.03 9 4133 2.86 67 4702 1.51 10 4133 1.88 68 4560 1.02 10 4573 2.75 68 4558 1.51 11 4130 1.80 69 4811 1.00 11 4218 2.72 69 4115 1.48 12 4300 1.75 70 4116 1.00 12 4300 2.71 70 4124 1.47 13 4019 1.73 71 4054 0.97 13 4211 2.61 71 4868 1.46 14 4504 1.73 72 4812 0.97 14 4220 2.56 72 4020 1.41 15 4567 1.72 73 4507 0.96 15 4825 2.55 73 4034 1.40 16 4815 1.71 74 4818 0.95 16 4019 2.54 74 4306 1.39 17 4280 1.70 75 4164 0.94 17 4879 2.50 75 4164 1.39 18 4077 1.65 76 4000 0.94 18 4214 2.50 76 4551 1.38 19 4226 1.64 77 4034 0.93 19 4213 2.50 77 4878 1.38 20 4211 1.61 78 4306 0.93 20 4216 2.42 78 4161 1.37 21 4069 1.60 79 4128 0.93 21 4815 2.38 79 4074 1.36 22 4213 1.59 80 4565 0.92 22 4227 2.37 80 4123 1.36 23 4127 1.59 81 4123 0.92 23 4280 2.33 81 4031 1.34 24 4216 1.57 82 4031 0.88 24 4564 2.31 82 4053 1.26 25 4118 1.56 83 4500 0.86 25 4077 2.30 83 4223 1.24 26 4209 1.55 84 4814 0.86 26 4504 2.30 84 4121 1.20 27 4208 1.54 85 4151 0.86 27 4506 2.28 85 4507 1.19 28 4227 1.53 86 4169 0.85 28 4352 2.25 86 4812 1.19 29 4214 1.49 87 4740 0.84 29 4655 2.24 87 4078 1.19 30 4508 1.48 88 4074 0.83 30 4226 2.22 88 4017 1.16 31 4573 1.47 89 4223 0.82 31 4210 2.15 89 4818 1.16 32 4506 1.47 90 4020 0.79 32 4208 2.11 90 4509 1.16 33 4218 1.46 91 4520 0.78 33 4505 2.11 91 4565 1.11 34 4301 1.43 92 4053 0.76 34 4169 2.08 92 4740 1.09 35 4210 1.40 93 4017 0.75 35 4069 2.08 93 4054 1.07 36 4655 1.39 94 4350 0.75 36 4701 2.05 94 4122 1.04 37 4154 1.39 95 4078 0.75 37 4118 2.05 95 4520 1.03 38 4510 1.38 96 4509 0.73 38 4508 2.03 96 4869 1.00 39 4564 1.37 97 4006 0.70 39 4304 2.00 97 4160 0.97 40 4701 1.37 98 4159 0.70 40 4285 2.00 98 4650 0.96 41 4503 1.35 99 4650 0.69 41 4209 1.94 99 4814 0.96 42 4570 1.33 100 4558 0.65 42 4154 1.94 100 4035 0.94 43 4870 1.30 101 4869 0.63 43 4570 1.92 101 4350 0.92 44 4575 1.30 102 4557 0.62 44 4207 1.88 102 4500 0.91 45 4018 1.29 103 4817 0.61 45 4301 1.86 103 4178 0.91 46 4207 1.29 104 4066 0.60 46 4700 1.85 104 4557 0.90 47 4702 1.29 105 4160 0.60 47 4870 1.85 105 4152 0.89 48 4505 1.22 106 4109 0.60 48 4703 1.83 106 4817 0.86 49 4165 1.20 107 4680 0.59 49 4556 1.82 107 4109 0.86 50 4556 1.19 108 4178 0.58 50 4810 1.80 108 4811 0.86 51 4215 1.16 109 4121 0.57 51 4127 1.78 109 4066 0.82 52 4220 1.16 110 4122 0.54 52 4503 1.71 110 4680 0.79 53 4352 1.16 111 4055 0.52 53 4170 1.71 111 4151 0.77 54 4124 1.15 112 4035 0.50 54 4575 1.68 112 4159 0.72 55 4703 1.15 113 4152 0.48 55 4221 1.64 113 4055 0.66 56 4115 1.13 114 4113 0.44 56 4560 1.63 114 4051 0.66 57 4810 1.13 115 4051 0.37 57 4116 1.61 115 4113 0.59 58 4502 1.11 58 4000 1.60
Source: Fitch
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 36
Figure 47 South Australia Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011
By number By value
Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%)
1 5108 2.07 15 5041 1.08 1 5108 2.89 15 5066 1.39 2 5112 1.82 16 5095 0.97 2 5072 2.84 16 5158 1.39 3 5169 1.78 17 5000 0.93 3 5112 2.78 17 5063 1.37 4 5096 1.70 18 5085 0.93 4 5096 2.73 18 5092 1.33 5 5173 1.57 19 5063 0.92 5 5169 2.35 19 5000 1.29 6 5072 1.49 20 5092 0.85 6 5173 2.22 20 5125 1.25 7 5109 1.49 21 5023 0.84 7 5109 1.93 21 5023 1.25 8 5107 1.49 22 5163 0.77 8 5107 1.92 22 5163 1.22 9 5118 1.39 23 5051 0.71 9 5118 1.83 23 5051 1.21 10 5114 1.28 24 5045 0.70 10 5085 1.74 24 5086 1.11 11 5290 1.17 25 5125 0.67 11 5290 1.52 25 5045 1.08 12 5086 1.13 26 5162 0.57 12 5114 1.50 26 5162 0.81 13 5158 1.11 27 5159 0.51 13 5095 1.46 27 5159 0.73 14 5066 1.10 14 5041 1.42
Source: Fitch
Figure 48 VIC/TAS Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011
By number By value
Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%)
1 3337 1.93 44 3068 0.84 1 3337 3.18 44 3131 1.13 2 3139 1.78 45 3199 0.83 2 3139 2.88 45 3199 1.12 3 3187 1.77 46 3910 0.81 3 3187 2.68 46 3172 1.12 4 7011 1.73 47 3073 0.80 4 7011 2.18 47 3934 1.12 5 3029 1.59 48 3178 0.79 5 3029 2.07 48 3150 1.12 6 3018 1.58 49 3934 0.78 6 3752 2.06 49 7250 1.11 7 3140 1.54 50 3131 0.78 7 3037 2.04 50 3630 1.10 8 3941 1.53 51 3150 0.77 8 3550 1.99 51 3058 1.10 9 3214 1.52 52 3690 0.77 9 3941 1.95 52 3910 1.09 10 3037 1.47 53 3195 0.77 10 3215 1.89 53 3195 1.09 11 3752 1.45 54 3226 0.77 11 3140 1.88 54 3196 1.07 12 3064 1.38 55 3802 0.77 12 3064 1.86 55 3168 1.06 13 3193 1.33 56 3072 0.77 13 3018 1.75 56 3152 1.06 14 3429 1.30 57 3340 0.75 14 3197 1.68 57 3181 1.05 15 3043 1.23 58 3153 0.74 15 3805 1.67 58 3028 1.03 16 3550 1.22 59 3172 0.74 16 3016 1.66 59 3280 1.00 17 3810 1.16 60 3028 0.73 17 3024 1.60 60 3122 1.00 18 3024 1.16 61 3931 0.72 18 3043 1.58 61 3690 1.00 19 3976 1.16 62 3181 0.70 19 3429 1.58 62 3201 0.96 20 7018 1.15 63 7250 0.69 20 3173 1.57 63 3844 0.96 21 3977 1.15 64 3122 0.68 21 3214 1.57 64 3500 0.90 22 3219 1.13 65 3071 0.66 22 3976 1.56 65 7310 0.90 23 3175 1.12 66 7310 0.66 23 3175 1.55 66 3136 0.87 24 3805 1.07 67 3082 0.65 24 3810 1.53 67 3082 0.87 25 3806 1.06 68 3156 0.63 25 3977 1.49 68 3068 0.85 26 3201 1.02 69 3000 0.63 26 3219 1.44 69 3134 0.83 27 3020 1.01 70 3280 0.62 27 3020 1.41 70 3931 0.80 28 3030 0.99 71 3500 0.62 28 3806 1.40 71 3012 0.78 29 3173 0.98 72 3350 0.60 29 3193 1.33 72 3046 0.78 30 3168 0.98 73 3216 0.60 30 3076 1.32 73 3350 0.76 31 3174 0.97 74 3083 0.60 31 3340 1.29 74 3083 0.75 32 3023 0.95 75 3046 0.58 32 3802 1.28 75 3135 0.75 33 3141 0.91 76 3136 0.58 33 3023 1.26 76 3130 0.75 34 3844 0.91 77 3130 0.58 34 7018 1.24 77 3095 0.72 35 3076 0.89 78 3152 0.57 35 3072 1.20 78 3165 0.72 36 3215 0.88 79 3032 0.54 36 3030 1.20 79 3153 0.71 37 3197 0.88 80 3196 0.54 37 3178 1.18 80 3156 0.66 38 3630 0.88 81 3058 0.53 38 3174 1.18 81 3216 0.65 39 3021 0.88 82 3012 0.51 39 3141 1.18 82 3000 0.62 40 3135 0.88 83 3165 0.49 40 3021 1.17 83 3032 0.56 41 3171 0.85 84 3095 0.46 41 3171 1.17 84 3071 0.50 42 3016 0.84 85 3134 0.41 42 3038 1.16 85 3226 0.46 43 3038 0.84 43 3073 1.13
Source: Fitch
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 37
Figure 49 Western Australia Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011
By number By value
Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%) Rank Postcode Arrears (%)
1 6172 2.35 27 6028 1.06 1 6167 3.36 27 6031 1.46 2 6167 2.11 28 6171 1.05 2 6172 3.21 28 6050 1.46 3 6112 1.88 29 6061 1.02 3 6210 3.04 29 6059 1.43 4 6010 1.79 30 6151 1.01 4 6058 2.63 30 6051 1.43 5 6110 1.69 31 6066 0.93 5 6330 2.52 31 6233 1.40 6 6168 1.68 32 6055 0.93 6 6010 2.47 32 6060 1.39 7 6210 1.67 33 6430 0.92 7 6112 2.42 33 6108 1.38 8 6147 1.60 34 6164 0.91 8 6168 2.36 34 6152 1.33 9 6280 1.58 35 6163 0.87 9 6069 2.33 35 6066 1.31 10 6111 1.56 36 6108 0.85 10 6147 2.30 36 6055 1.20 11 6030 1.50 37 6104 0.85 11 6110 2.28 37 6530 1.18 12 6065 1.49 38 6050 0.84 12 6056 2.01 38 6164 1.16 13 6069 1.48 39 6059 0.84 13 6030 2.00 39 6430 1.09 14 6064 1.37 40 6024 0.79 14 6065 1.98 40 6019 1.07 15 6107 1.37 41 6230 0.75 15 6151 1.92 41 6026 1.04 16 6169 1.36 42 6530 0.73 16 6107 1.89 42 6057 1.01 17 6173 1.25 43 6019 0.70 17 6280 1.84 43 6104 0.99 18 6058 1.25 44 6076 0.69 18 6061 1.77 44 6163 0.96 19 6330 1.24 45 6148 0.68 19 6111 1.74 45 6028 0.91 20 6026 1.20 46 6155 0.68 20 6173 1.73 46 6076 0.84 21 6063 1.18 47 6057 0.63 21 6063 1.67 47 6155 0.78 22 6051 1.17 48 6152 0.61 22 6230 1.57 48 6148 0.67 23 6233 1.17 49 6060 0.60 23 6171 1.57 49 6025 0.62 24 6021 1.15 50 6025 0.53 24 6021 1.55 50 6024 0.52 25 6056 1.11 51 6027 0.32 25 6169 1.53 51 6027 0.51 26 6031 1.08 26 6064 1.48
Source: Fitch
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 38
Figure 50 Statistical Subdivision Within Fitch Regions
State Previous district (SSD) Included in the previous report Fitch region Description
ACT Belconnen No ACT Grouped at State level ACT Gungahlin-Hall No ACT Grouped at State level ACT North Canberra No ACT Grouped at State level ACT South Canberra No ACT Grouped at State level ACT Southern Tablelands (excl. Queanbeyan) No ACT Grouped at State level ACT Tuggeranong No ACT Grouped at State level ACT Weston Creek-Stromlo No ACT Grouped at State level ACT Woden Valley No ACT Grouped at State level NSW Blacktown Yes Blacktown Continue to be a separate division NSW Canterbury-Bankstown Yes Canterbury-Bankstown Continue to be a separate division NSW Gosford-Wyong Yes Central Coast Sydney Continue to be a separate division NSW Central Northern Sydney Yes Central Northern Sydney Continue to be a separate division NSW Central Western Sydney Yes Central Western Sydney Continue to be a separate division NSW Eastern Suburbs Yes Eastern Suburbs Continue to be a separate division NSW Fairfield-Liverpool Yes Fairfield-Liverpool Continue to be a separate division NSW Hunter SD Bal No Hunter Grouped at Statistical Division level NSW Newcastle Yes Hunter Grouped at Statistical Division level NSW Illawarra SD Bal No Illawarra Grouped at Statistical Division level NSW Nowra-Bomaderry No Illawarra Grouped at Statistical Division level NSW Wollongong Yes Illawarra Grouped at Statistical Division level NSW Inner Sydney Yes Inner Sydney Continue to be a separate division NSW Inner Western Sydney Yes Inner Western Sydney Continue to be a separate division NSW Lower Northern Sydney Yes Lower Northern Sydney Continue to be a separate division NSW Clarence (excl. Coffs Harbour) No Mid-North Coast Grouped at Statistical Division level NSW Coffs Harbour No Mid-North Coast Grouped at Statistical Division level NSW Hastings (excl. Port Macquarie) No Mid-North Coast Grouped at Statistical Division level NSW Port Macquarie No Mid-North Coast Grouped at Statistical Division level NSW Bathurst No North West NSW Grouped in a new region NSW Central Macquarie (excl. Dubbo) No North West NSW Grouped in a new region NSW Central Tablelands (excl. Bathurst & Orange) No North West NSW Grouped in a new region NSW Dubbo No North West NSW Grouped in a new region NSW Far West No North West NSW Grouped in a new region NSW Lachlan No North West NSW Grouped in a new region NSW Macquarie-Barwon No North West NSW Grouped in a new region NSW North Central Plain No North West NSW Grouped in a new region NSW Northern Slopes (excl. Tamworth) No North West NSW Grouped in a new region NSW Northern Tablelands No North West NSW Grouped in a new region NSW Orange No North West NSW Grouped in a new region NSW Tamworth No North West NSW Grouped in a new region NSW Upper Darling No North West NSW Grouped in a new region NSW Northern Beaches Yes Northern Beaches Continue to be a separate division NSW Outer South Western Sydney Yes Outer South Western Sydney Continue to be a separate division NSW Outer Western Sydney Yes Outer Western Sydney Continue to be a separate division NSW Lismore No Richmond-Tweed Grouped at Statistical Division level NSW Richmond-Tweed SD Bal No Richmond-Tweed Grouped at Statistical Division level NSW Tweed Heads & Tweed Coast No Richmond-Tweed Grouped at Statistical Division level NSW Lower South Coast No South Eastern NSW Grouped at Statistical Division level NSW Queanbeyan No South Eastern NSW Grouped at Statistical Division level NSW Snowy No South Eastern NSW Grouped at Statistical Division level NSW Southern Tablelands (excl. Queanbeyan) No South Eastern NSW Grouped at Statistical Division level NSW St George-Sutherland Yes St George-Sutherland Continue to be a separate division NT Barkly No NT Grouped at State level NT Central NT No NT Grouped at State level NT Darwin City No NT Grouped at State level NT East Arnhem No NT Grouped at State level NT Finniss No NT Grouped at State level NT Litchfield Shire No NT Grouped at State level NT Lower Top End NT No NT Grouped at State level NT Palmerston-East Arm No NT Grouped at State level QLD Caboolture Shire No Caboolture Shire Continue to be a separate division QLD Darling Downs SD Bal No Darling Downs & West Moreton Grouped in a new region QLD Lower West Moreton No Darling Downs & West Moreton Grouped in a new region QLD Toowoomba No Darling Downs & West Moreton Grouped in a new region QLD Upper West Moreton No Darling Downs & West Moreton Grouped in a new region QLD Cairns City Part A No Far North and West QLD Grouped in a new region QLD Central West No Far North and West QLD Grouped in a new region QLD Far North SD Bal No Far North and West QLD Grouped in a new region
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 39
Statistical Subdivision Within Fitch Regions (Cont.)
State Previous district Included in the previous report Fitch region Description
QLD North West No Far North and West QLD Grouped in a new region QLD South West No Far North and West QLD Grouped in a new region QLD Fitzroy SD Bal No Fitzroy Grouped at Statistical Division level QLD Gladstone No Fitzroy Grouped at Statistical Division level QLD Rockhampton No Fitzroy Grouped at Statistical Division level QLD Gold Coast East Yes Gold Coast East Continue to be a separate division QLD Gold Coast North No Gold Coast West Grouped in a new region QLD Gold Coast SD Bal No Gold Coast West Grouped in a new region QLD Gold Coast West Yes Gold Coast West Grouped in a new region QLD Inner Brisbane No Inner Brisbane Continue to be a separate division QLD Ipswich City Yes Ipswich City Continue to be a separate division QLD Beaudesert Shire Part A No Logan City (incl. Beaudesert Shire) Grouped in a new region QLD Logan City Yes Logan City (incl. Beaudesert Shire) Grouped in a new region QLD Mackay City Part A No Mackay Grouped at Statistical Division level QLD Mackay SD Bal No Mackay Grouped at Statistical Division level QLD Northern SD Bal No Northern QLD Grouped at Statistical Division level QLD Thuringowa City Part A No Northern QLD Grouped at Statistical Division level QLD Townsville City Part A No Northern QLD Grouped at Statistical Division level QLD Northwest Inner Brisbane Yes Northwest Inner Brisbane Continue to be a separate division QLD Northwest Outer Brisbane Yes Northwest Outer Brisbane Continue to be a separate division QLD Pine Rivers Shire Yes Pine Rivers Shire & Redcliffe City Grouped in a new region QLD Redcliffe City No Pine Rivers Shire & Redcliffe City Grouped in a new region QLD Redland Shire No Redland Shire Continue to be a separate division QLD Southeast Inner Brisbane Yes Southeast Inner Brisbane Continue to be a separate division QLD Southeast Outer Brisbane Yes Southeast Outer Brisbane Continue to be a separate division QLD Sunshine Coast Yes Sunshine Coast Grouped at Statistical Division level QLD Sunshine Coast SD Bal No Sunshine Coast Grouped at Statistical Division level QLD Bundaberg No Wide Bay-Burnett Grouped at Statistical Division level QLD Hervey Bay City Part A No Wide Bay-Burnett Grouped at Statistical Division level QLD Wide Bay-Burnett SD Bal No Wide Bay-Burnett Grouped at Statistical Division level SA Eastern Adelaide Yes Eastern Adelaide Continue to be a separate division SA Northern Adelaide Yes Northern Adelaide Continue to be a separate division SA Barossa No SA (excl. Adealide) Grouped in a new region SA Far North No SA (excl. Adealide) Grouped in a new region SA Fleurieu No SA (excl. Adealide) Grouped in a new region SA Flinders Ranges No SA (excl. Adealide) Grouped in a new region SA Kangaroo Island No SA (excl. Adealide) Grouped in a new region SA Lincoln No SA (excl. Adealide) Grouped in a new region SA Lower North No SA (excl. Adealide) Grouped in a new region SA Lower South East No SA (excl. Adealide) Grouped in a new region SA Mt Lofty Ranges No SA (excl. Adealide) Grouped in a new region SA Murray Mallee No SA (excl. Adealide) Grouped in a new region SA Pirie No SA (excl. Adealide) Grouped in a new region SA Riverland No SA (excl. Adealide) Grouped in a new region SA Upper South East No SA (excl. Adealide) Grouped in a new region SA West Coast No SA (excl. Adealide) Grouped in a new region SA Whyalla No SA (excl. Adealide) Grouped in a new region SA Yorke No SA (excl. Adealide) Grouped in a new region SA Southern Adelaide Yes Southern Adelaide Continue to be a separate division SA Western Adelaide Yes Western Adelaide Continue to be a separate division TAS Burnie-Devonport No TAS Grouped at State level TAS Central North No TAS Grouped at State level TAS Greater Hobart No TAS Grouped at State level TAS Greater Launceston No TAS Grouped at State level TAS Lyell No TAS Grouped at State level TAS North Eastern No TAS Grouped at State level TAS North Western Rural No TAS Grouped at State level TAS Southern No TAS Grouped at State level VIC East Barwon No Barwon Grouped at Statistical Division level VIC Greater Geelong City Part A No Barwon Grouped at Statistical Division level VIC West Barwon No Barwon Grouped at Statistical Division level VIC Boroondara City No Boroondara City Continue to be a separate division VIC Ballarat City No Central Highlands & Western District Grouped in a new region VIC East Central Highlands No Central Highlands & Western District Grouped in a new region VIC Glenelg No Central Highlands & Western District Grouped in a new region VIC Hopkins No Central Highlands & Western District Grouped in a new region VIC Warrnambool City No Central Highlands & Western District Grouped in a new region
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 40
Statistical Subdivision Within Fitch Regions (Cont.)
State Previous district Included in the previous report Fitch region Description
VIC West Central Highlands No Central Highlands & Western District Grouped in a new region VIC Eastern Middle Melbourne Yes Eastern Middle Melbourne Continue to be a separate division VIC Eastern Outer Melbourne Yes Eastern Outer Melbourne Continue to be a separate division VIC Frankston City No Frankston City Continue to be a separate division VIC East Gippsland Shire No Gippsland (incl. East Gippsland) Grouped in a new region VIC La Trobe Valley No Gippsland (incl. East Gippsland) Grouped in a new region VIC South Gippsland No Gippsland (incl. East Gippsland) Grouped in a new region VIC Wellington Shire No Gippsland (incl. East Gippsland) Grouped in a new region VIC West Gippsland No Gippsland (incl. East Gippsland) Grouped in a new region VIC East Ovens-Murray No Goulburn & Ovens-Murray Grouped in a new region VIC Greater Shepparton City Part A No Goulburn & Ovens-Murray Grouped in a new region VIC North Goulburn No Goulburn & Ovens-Murray Grouped in a new region VIC South Goulburn No Goulburn & Ovens-Murray Grouped in a new region VIC South West Goulburn No Goulburn & Ovens-Murray Grouped in a new region VIC West Ovens-Murray No Goulburn & Ovens-Murray Grouped in a new region VIC Wodonga No Goulburn & Ovens-Murray Grouped in a new region VIC Greater Dandenong City No Greater Dandenong City Continue to be a separate division VIC Hume City No Hume City Continue to be a separate division VIC Inner Melbourne Yes Inner Melbourne Continue to be a separate division VIC East Mallee No Mallee, Wimmera & Loddon Grouped in a new region VIC Greater Bendigo City Part A No Mallee, Wimmera & Loddon Grouped in a new region VIC Mildura Rural City Part A No Mallee, Wimmera & Loddon Grouped in a new region VIC North Loddon No Mallee, Wimmera & Loddon Grouped in a new region VIC North Wimmera No Mallee, Wimmera & Loddon Grouped in a new region VIC South Loddon No Mallee, Wimmera & Loddon Grouped in a new region VIC South Wimmera No Mallee, Wimmera & Loddon Grouped in a new region VIC West Mallee No Mallee, Wimmera & Loddon Grouped in a new region VIC Melton-Wyndham Yes Melton-Wyndham Continue to be a separate division VIC Moreland City No Moreland City Continue to be a separate division VIC Mornington Peninsula Shire No Mornington Peninsula Shire Continue to be a separate division VIC Albury No Murray & Murrumbidgee Grouped in a new region VIC Central Murray No Murray & Murrumbidgee Grouped in a new region VIC Central Murrumbidgee (excl. Wagga Wagga) No Murray & Murrumbidgee Grouped in a new region VIC East Ovens-Murray No Murray & Murrumbidgee Grouped in a new region VIC Lower Murrumbidgee No Murray & Murrumbidgee Grouped in a new region VIC Murray-Darling No Murray & Murrumbidgee Grouped in a new region VIC North Goulburn No Murray & Murrumbidgee Grouped in a new region VIC Upper Murray (excl. Albury) No Murray & Murrumbidgee Grouped in a new region VIC Wagga Wagga No Murray & Murrumbidgee Grouped in a new region VIC Northern Middle Melbourne Yes Northern Middle Melbourne Continue to be a separate division VIC Northern Outer Melbourne No Northern Outer Melbourne Continue to be a separate division VIC South Eastern Outer Melbourne Yes South Eastern Outer Melbourne Continue to be a separate division VIC Yarra Ranges Shire Part A No South Eastern Outer Melbourne Continue to be a separate division VIC Southern Melbourne Yes Southern Melbourne Continue to be a separate division VIC Western Melbourne Yes Western Melbourne Continue to be a separate division VIC Yarra Ranges Shire Part A No Yarra Ranges Continue to be a separate division WA Central Metropolitan No Central Metropolitan Perth Continue to be a separate division WA East Metropolitan Yes East Metropolitan Perth Continue to be a separate division WA North Metropolitan Yes North Metropolitan Perth Continue to be a separate division WA South East Metropolitan Yes South East Metropolitan Perth Continue to be a separate division WA South West Metropolitan Yes South West Metropolitan Perth Continue to be a separate division WA Blackwood No South West WA Grouped at Statistical Division level WA Bunbury No South West WA Grouped at Statistical Division level WA Mandurah No South West WA Grouped at Statistical Division level WA Preston No South West WA Grouped at Statistical Division level WA Vasse No South West WA Grouped at Statistical Division level WA Avon No WA (excl. Perth and South West) Grouped in a new region WA Campion No WA (excl. Perth and South West) Grouped in a new region WA Carnegie No WA (excl. Perth and South West) Grouped in a new region WA De Grey No WA (excl. Perth and South West) Grouped in a new region WA Fitzroy No WA (excl. Perth and South West) Grouped in a new region WA Fortescue No WA (excl. Perth and South West) Grouped in a new region WA Gascoyne No WA (excl. Perth and South West) Grouped in a new region WA Geraldton No WA (excl. Perth and South West) Grouped in a new region WA Greenough River No WA (excl. Perth and South West) Grouped in a new region WA Hotham No WA (excl. Perth and South West) Grouped in a new region WA Johnston No WA (excl. Perth and South West) Grouped in a new region
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 41
Statistical Subdivision Within Fitch Regions (Cont.)
State Previous district Included in the previous report Fitch region Description
WA Kalgoorlie/Boulder City Part A No WA (excl. Perth and South West) Grouped in a new region WA King No WA (excl. Perth and South West) Grouped in a new region WA Lakes No WA (excl. Perth and South West) Grouped in a new region WA Lefroy No WA (excl. Perth and South West) Grouped in a new region WA Moore No WA (excl. Perth and South West) Grouped in a new region WA Ord No WA (excl. Perth and South West) Grouped in a new region WA Other Territories No WA (excl. Perth and South West) Grouped in a new region WA Pallinup No WA (excl. Perth and South West) Grouped in a new region
Source: ABS, Fitch
Structured Finance
Australian Mortgage Delinquency by Postcode
December 2011 42
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. Copyright © 2011 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY 10004.Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch's factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch's ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings Fitch must rely on the work of experts, including independent auditors wi th respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion is based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at anytime for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of Great Britain, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.