This April, Australian home repairman Reis Saki put his parents' house on the market in Melbourne's outskirts, with hopes of a quick sale so they could move closer to family and health services.
Property prices in Sydney, the world's second-most expensive housing market after Hong Kong by some measures, have fallen 4.7% since April, according to CoreLogic, the fastest decline in four decades. Meanwhile, after deferring loan payments from pandemic-affected homeowners, lenders have resumed “mortgage enforcement” activity such as filing for repossession from people in default, according to court data.
SQM Research said property advertisements with phrases such as mortgagee in possession” or “bank forced sale” hit a record low of 5,500 in April, the month before rates began rising, from about 15,000 prepandemic. By mid-July, the number had risen 10%.
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