Revealed: The top 10 suburbs for bankruptcies in your state

South-eastern Victoria and the Mt Druitt area of Sydney have emerged as some of the country’s worst areas for bankruptcies, according to the latest data released by the Federal Insolvency and Trustee Service.

 

While a range of data shows Australians are keen on paying down debt and unemployment remains low, experts say local wealth is tied closely with property, and insolvencies may be affected as values rise and fall.

“For most Australians, the wealth is tied up in the home,” Dun & Bradstreet marketing director Damian Karmelich told SmartCompany this morning.

“The recent 18-24 months of deleveraging is definitely going to help consumers when it comes to their debt.”

The figures show that in New South Wales, Campbelltown, Mt Druitt and Prestons were the most affected by insolvency actions, while in the Australian Capital Territory, Charnwood was the most affected.

In Victoria, Cranbourne was hit the hardest with 140 actions, while in Queensland, the Glenvale area of Toowoomba was most affected.

Salisbury North was the worst area in South Australia, while Alice Springs was the most affected in the Northern Territory. Mandurah took the top spot in Western Australia, while western Launceston was hit most in Tasmania.

Karmelich says the low unemployment rate has been able to keep many Australians out of trouble for awhile. However, he also says that while many home owners are calling for lower interest rates, many should be thankful the RBA is keeping rates where they are.

“People frame those rate changes as ‘I’ll save this much money per week’. But when the RBA drops interest rates, they’re concerned about the underlying strength of the economy.”

“This deleveraging of debt that people have been doing is great… but it’s not going to help the economy, particularly on the spending side of things.”

The top areas for personal bankruptcy actions organised by state:

About the data:

This data has been compiled by the Insolvency and Trustee Service, which describes this as “experimental data”.

SmartCompany has combined three separate metrics in order to calculate these lists – bankruptcies, debt agreements and personal insolvency agreements. A detailed breakdown of how each action works is available on the ITSA website here.

NSW

Suburb

Postcode

Number of insolvency actions

Campbelltown

2560

227

Mt Druitt

2770

202

Liverpool

2170

191

Gosford

2250

162

Halloran

2259

152

Magenta

2261

139

Blacktown

2148

124

Wagga Wagga

2650

120

Penrith

2750

116

Westmead

2145

115

Victoria

Suburb

Postcode

Number of insolvency actions

Cranbourne

3977

140

Hoppers Crossing

3029

123

Frankston

3199

105

Werribee

3030

93

Narre Warren

3805

88

Pakenham

3810

85

Mildura

3500

76

Craigieburn

3064

75

Grovedale

3216

70

Melton

3337

70

Queensland

Suburb

Postcode

Number of insolvency actions

Toowoomba

4350

195

Bundaberg

4670

184

Nerang

4211

181

Southport

4215

167

Booral

4655

155

Coomera

4209

149

Alberton

4207

147

Mackay

4740

142

Donnybrook

4510

138

Surfers Paradise

4217

137

ACT

Suburb

Postcode

Number of insolvency actions

Charnwood

2615

14

Gordon

2906

14

Chisholm

2905

12

Casey

2913

8

Forde

2914

8

Ainslie

2602

7

Fisher

2611

5

Belconnen

2617

5

Gungahlin

2912

5

Oxley

2903

4

South Australia

Suburb

Postcode

Number of insolvency actions

Salisbury

5108

93

Mount Gambier

5290

57

Smithfield

5114

56

Elizabeth Park

5113

54

Morphett Vale

5162

53

Elizabeth

5112

52

Salisbury East

5109

43

Enfield

5085

40

Green Fields

5107

33

Murray Bridge

5253

30

Northern Territory

Suburb

Postcode

Number of insolvency actions

Alice Springs

870

27

Shoal Bay

830

26

Coconut Grove

810

22

Cullen Bay

820

19

Anula

812

13

Katherine

850

12

Acacia Hills

822

10

Mitchell

832

9

Darwin

800

4

Barrow Creek

872

3

Western Australia

Suburb

Postcode

Number of insolvency actions

Mandurah

6210

130

Merriwa

6030

70

Armadale

6112

62

Ashby

6065

58

Gosnells

6110

55

Balga

6061

53

Shoalwater

6169

52

Bunbury

6230

50

Bertram

6167

48

Cooloongup

6168

46

Tasmania

Suburb

Postcode

Number of insolvency actions

Launceston

7250

114

Granton

7030

77

Glenorchy

7010

54

Mowbray

7248

53

Devenport

7310

53

Burnie

7320

46

Bellerive

7018

39

Claremont

7011

38

Derwent Park

7009

32

Gawler

7315

31

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