澳大利亚房地产市场中，处于负资产状态的房产占比极低。根据储备银行5月的数据，不足1%的房主面临房产价值低于贷款额的局面[1]。尽管墨尔本和悉尼在6月季度房价下跌超过3%[1]，但这一比例仍未显著上升，表明大多数购房者购置的物业位于房市波动相对较小的地区。
首次置业者中的低首付购房者成为最脆弱的群体。2025-26财年有近96,000名首次置业者利用5%首付计划进入市场[1]，这类借款人的贷款额占房产价值的95%，意味着房价只需下跌超过5%便会陷入负资产[1]。相比之下，许多其他地区房价表现稳健——墨尔本最低房价区梅尔顿的年中位房价甚至增长了15.8%[1]。
经济学家和业内人士认为，负资产对金融系统的威胁有限。澳大利亚借款人即使失去资产仍需承担债务[1]，这与曾引发次贷危机的美国情形不同。历史数据显示，珀斯在过去15年（至2021年）经历了房价持续低迷或负增长，但未导致大规模违约[1]。不过，无法再融资的负资产房主可能陷入"抵押贷款监狱"的困境[1]。银行业人士表示，只要借款人持续还款，银行不会对负资产进行处罚[1]，这为长期持有者提供了通过持续还款逐步解决问题的途径。
Less than one percent of Australian homeowners are currently in negative equity, where property values fall below outstanding loan amounts, according to Reserve Bank data from May [1]. Despite declines exceeding three percent in Melbourne and Sydney during the June quarter, most borrowers remain in positive equity because they purchased properties in areas less affected by the downturn [1].
First-time buyers utilizing low-deposit schemes face the greatest vulnerability to negative equity. Approximately 96,000 first-time buyers accessed the five percent deposit scheme in the 2025-26 financial year, borrowing at ninety-five percent of property value, meaning their mortgages would slip underwater if prices dropped more than five percent [1]. However, property markets in some areas have demonstrated resilience; Melton, Melbourne's lowest-priced residential zone, recorded median house price growth of 15.8 percent at mid-year [1].
Economists note that negative equity poses limited systemic risk to borrowers and banks. Unlike the United States subprime crisis, Australian borrowers remain liable for their full debt obligations even if their homes lose value, creating incentives to maintain payments [1]. Perth's experience over the past fifteen years through 2021—a period marked by flat or negative property price growth—produced no wave of defaults, suggesting long-term holders can eventually recover equity [1]. Borrowers with negative equity who cannot refinance may face constraints, while lenders do not penalize borrowers who continue making regular payments [1].