Mortgage default risk soars by nearly 40 per cent in key Adelaide suburb

Cost of living pressures are biting South Aussies harder than ever, with new data revealing the risk of residents in one particular suburb defaulting on their mortgages has increased by almost 40 per cent this quarter. The OurTop10 Default Loan Report, powered by Digital Finance Analytics, ranks the top 10 postcodes in and around Australia’s major capital cities by mortgage default risk, tracking how those figures have changed over the past quarter and year. Shockingly, it revealed residents in Marion were now 39 per cent more likely to default on their mortgage than last quarter, with 152 households currently at risk of losing their home, compared with 109 last quarter and 118 this time last year. Perhaps unsurprisingly, just by sheer population, Morphett Vale has the greatest number of households on the cusp of losing their home at 247, up on 207 three months ago and 199 a year ago. Happy Valley wasn’t too far behind at 230 households, while Paralowie and Yattalunga both have 209 households in trouble. Hallett Cove rounded out the top five at 186 households, while the aforementioned Marion came in sixth. Martin North, director of Digital Finance Analytics which looks as housing f...