The proportion of Australians with little or no equity in their homes is rising, according to new research from Roy Morgan.
The proportion of Australians with little or no equity in their homes is rising, according to new research from Roy Morgan.
The research shows that 345,000 of Australian mortgage holders, or 8 per cent, have little or no equity in their homes. At the same time last year, the rate was 7.1 per cent.
The results are the findings of Roy Morgan's Single Source Survey, which is based on over 50,000 interviews, including interviews with more than 10,000 owner-occupier mortgage holders.
The research shows that Western Australian mortgage holders are most at risk. In Western Australia, 71,000 mortgage holders, or 14 per cent, have little or no equity in their home.
Tasmania has the lowest proportion of mortgage holders with little or no equity in their home, with only 4.9 per cent, or 4,000.
Mortgage holders with little or no equity in their homes tend to own less valuable home. The average value is $501,000 for those with little or no equity, compared an average value of $761,000 for all mortgage holders, according to the research.
The percentage of mortgages where the value of the home is less than or equal to the amount owing
Source: Roy Morgan.
To read the results of the Roy Morgan research in full click here.
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