New data has revealed the suburbs in which South Australians owe the most on their mortgages, and the results are surprising.

Research by Digital Finance Analytics shows homeowners in both the Adelaide Hills and leafy city fringe were the most in arrears, with Hahndorf residents having the highest amount outstanding on their mortgages.

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On average, they have yet to pay the bank back $1.022m, with Hahndorf being the only suburb where homeowners owe more than $1m.

Summertown, also in the Adelaide Hills, came in second, owing some $268,000 less. Here homeowners have $754,000 still to pay.

Linden Park homeowners weren’t far behind with $726,500 in arrears, while Unley Park and Ashton residents owed $664,550 and $653,000 respectively.

Hazelwood Park residents, also in the leafy eastern suburbs, owe $613,630 while Stirling residents owe $501,300.

Turner Real Estate managing director said he hoped to see lending conditions ease in the coming months which could make it easier for people to pay down their mortgage quicker and reduce the amount owing.

Turner Real Estate managing director Lachlan Turner

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“Inflation is now more within the target range, sitting between that 2 per cent and 4 per cent, which is a big deal because that’s what will bring down interest rates,” he said.

“In fact the economies in the US and the UK have already reduced their interest rate so it

is a very high likelihood that Australia would do the same thing early next year.

“Right now does seem to be a pretty good time for buyers. It’s still not perfect, there’s still an undersupply of properties – but the market is slightly softer in Adelaide, and if the interest rates do reduce, most likely at the beginning of next year, I think that will spur on the market once again and make it harder for buyers, so for buyers out there I certainly think now is a good time – it’s been a little bit better than most – to be nice and active if you can.”

Of the other 231 suburbs and towns the report had data for, all homeowners owed, on average, less than $500,000, with the least owing in Myponga in the Riverland.

Buyers here have, on average, just $7000 outstanding.

In an indication of Adelaide’s affordability – though this has taken a blow in recent years as house prices across the state have skyrocketed – residents in some 86 suburbs and towns owe $100,000 or less.

Finder’s head of consumer research Graham Cooke says it could be August before Melbourne’s rental crisis begins to ease

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New research by Finder reveals a record 47 per cent were struggling to pay their home loan due to interest rate pressures.

This is the highest level since Finder started surveying Australians on this issue in May 2019.

The research found 14 per cent of the 462,000 borrowers surveyed said they would have to sell or apply for hardship if interest rates didn’t drop before February.

Almost 40 per cent of respondents, which would represent about 1.3 million mortgage holders, said they would need to cut back spending in order to afford mortgage repayments in the next four months should there be no cut.

Finder’s head of consumer research Graham Cooke said many Australian homeowners were teetering on the brink of financial crisis.

“With emergency savings depleted and the RBA yet to signal significant rate cuts, many fear their livelihoods are at stake,” he said.

“As the new year looms, urgent relief may be needed to prevent a wave of financial hardship.”

HOW MUCH HOMEOWNERS OWE ON THEIR MORTGAGE IN EACH SUBURB ON AVERAGE