Original article by Roy Morgan
Market Research Update – Page: Online : 27-Nov-24

New research from Roy Morgan shows that 1,487,000 mortgage holders (26.2%) were ‘At Risk’ of ‘mortgage stress’ in October 2024. This is down 2.1% points since September, and 4.1% lower than the June figures prior to the Stage 3 tax cuts that increased household income for Australians. Modelling by Roy Morgan shows that the number of mortgages ‘At Risk’ will fall by 12,000 in December to 1,475,000 (25.9% of mortgage holders) if the Reserve Bank drops interest rates by 0.25% to 4.10% at its last board meeting for the year. The number of Australians ‘At Risk’ of mortgage stress has increased by 680,000 since May 2022 when the RBA began a cycle of interest rate increase. Meanwhile, the number of mortgage holders considered to be ‘Extremely At Risk’ of mortgage stress is now numbered at 928,000 (16.7% of mortgage holders), which is significantly above the long-term average over the last 10 years of 14.6%. These are the latest findings from Roy Morgan’s Single Source Survey, based on in-depth interviews conducted with over 60,000 Australians each year, including over 10,000 owner-occupied mortgage-holders.

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