From Moody’s:
Australia-wide delinquencies decline: The proportion of Australian residential mortgages that were more than 30 days in arrears (30-plus delinquency rate) decreased marginally to 1.34% in May 2015 from 1.38% in May 2014. The delinquency rate in New South Wales (NSW) declined significantly, driving the improved nation-wide result. However, delinquencies increased in most other states.
» NSW delinquencies decline owing to Sydney property prices: Relatively strong economic activity and rapidly rising house prices in Sydney underpinned the decline in delinquencies in NSW. When property prices are rising, borrowers at risk of arrears are more likely to be able to sell their houses quickly to fulfill their repayment obligations, thereby keeping delinquencies low. If the pace of house price growth slows in Sydney – or other regions where the property market has been performing strongly – we would expect mortgage delinquencies to increase over the long term.