Mortgage Stress Intensifies In May
Rental stress also heightened throughout the month.
By Terry Christodoulou
Tue, Jun 9, 2020 11:54am
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The proportion of households experience mortgage stress has increased in NSW and Canberra during May according to analysis by Digital Finance Analytics (DFA).
It comes as sky-high home prices continue to stretch family finances with 41.3% of NSW households now in mortgage distress – a rise from 38.2%. Mortgage stress is when an average home buyer is using more than 30% of their income to cover repayments.
Elsewhere, 42% of Canberra families struggled, a rise from 38.3% over the same period.
The rise in mortgage stress can be likely attributed to the ending of JobKeeper in March.
This was acutely felt in Tasmania, where 56.8% of households were in mortgage stress.
The market was not any more accommodating in the rental segment with rental stress also surging across all states except the Northern Territory.
Rental stress in may jumped by 4.59% in Canberra, 3.46% in NSW, 3.46% in Victoria and 3.29% in Queensland.
“There was a significant rise in rental stress, as the fallout from the removal of renter protections hit, and the JobKeeper and JobSeeker support ended,” Mr North, Director of DFA said.
Rental stress, similar to mortgage stress, occurs when a person pays more than a third of their income on rent.
The number of households in rental stress nationwide rose from 1.78 million in April to 1.95 million in May.
“Until incomes rise, the conditions are set for more pressure on household finances,” Mr North forewarned.
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More than 10,000 homes, an expansive central park and a mix of hospitality, retail and wellness facilities will form Azizi Developments’ first master-planned community in the emirate.
By Ruba Jaajaa
Mon, Sep 21, 2026 2 min
2 min
Sharjah is set to receive one of its largest new residential communities, with Azizi Developments unveiling plans for a US$8.1 billion master-planned precinct containing more than 10,000 homes.
Named Azizi Florence, the freehold development will comprise 1,130 villas, more than 6,000 townhouses and 3,500 apartments. Three-bedroom townhouses will start from US$515,000, with an indicative rate of US$231 per square foot of saleable space.
The project marks the Dubai-based developer’s first move into Sharjah, expanding a portfolio that includes the planned Burj Azizi skyscraper and the Azizi Venice community in Dubai.
A park at the heart of the community
Rather than treating landscaping as an afterthought, Azizi Florence will be organised around a 1.7 million sq ft central park.
The wider precinct is planned as a self-contained neighbourhood combining homes with retail, hospitality, education, leisure and wellness facilities.
Six residential clusters will sit within the development, each with its own park, clubhouse, community centre and landscaped gardens. The approach reflects a broader shift across large Middle Eastern developments, where greenery, recreation and everyday convenience are increasingly central to the residential proposition.
The scale of Azizi Florence suggests it is intended to function as a neighbourhood rather than a collection of housing estates. Its mix of housing types should also give the project broader appeal, accommodating apartment buyers alongside families seeking townhouses or standalone villas.
Azizi expands beyond Dubai
Azizi Developments has delivered more than 45,000 homes to buyers from over 100 countries and says it has approximately 150,000 units under construction.
Much of its growth has been concentrated in Dubai, where its portfolio extends across Palm Jumeirah, Mohammed Bin Rashid City, Dubai South, Sheikh Zayed Road and Downtown Jebel Ali.
Its most prominent current project is Burj Azizi, which is intended to become the world’s second-tallest building. Azizi Florence represents a different type of undertaking: a low-rise, family-oriented community built around public space and daily amenity.
For company founder and chairman Mirwais Azizi, the Sharjah project also carries a personal connection. The emirate was his first home in the UAE more than three decades ago, adding a symbolic dimension to the developer’s expansion.
Sharjah’s residential ambitions grow
Although Dubai and Abu Dhabi have traditionally captured much of the international attention directed at the UAE property market, Sharjah has been steadily broadening its residential offering.
Large freehold communities such as Azizi Florence have the potential to attract both local families and international purchasers looking for comparatively accessible entry points into the Emirates’ property market.
At a starting price of US$515,000, the project’s three-bedroom townhouses will sit well below the cost of equivalent family homes in many of Dubai’s more established luxury communities.
The ultimate appeal, however, will depend on execution. At this scale, the quality of the public realm, connections between residential clusters and delivery of the promised supporting infrastructure will be as important as the homes themselves.
If those elements come together, Azizi Florence could help establish a new benchmark for large-scale residential development in Sharjah—and give buyers another option beyond the UAE’s better-known property markets.
