Distressed housing sales rise as owners succumb to Australia’s rising interest rates

  • 📰 GuardianAus
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 98%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Buyers who overpaid for properties in boom market conditions now feeling the pinch, head of property investor group says

Nearly 17% of investors sold a property in the two years to August, and a further 19% said they intended to sell within the next year.Nearly 17% of investors sold a property in the two years to August, and a further 19% said they intended to sell within the next year.

The 2022 Pica investor sentiment survey found nearly 17% of investors had sold a property in the two years to August, with a further 19% indicating they had intentions to sell in the year ahead. The latest interest rate rise will add more than $114 to monthly repayments for a typical $750,000 mortgage.

“Banks were holding off any action on loan holders,” he said. “Some of that is now slowly starting to lift, and the major challenge is the rapid rise in interest rates.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

You mean an orange brick veneer in a nothing suburb isn't worth $3M? Shocked! Shocked, I tell you!

Ah, investors are experiencing losses, in housing as well as shares. Always a shock to people who believed they’re entitled to expect positive returns from their investments, & prudence was forgotten. Housing’s hard to offload when the market busts too.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Melbourne’s plunging property market has sellers spookedHomeowners are not even being tempted by the prospect of getting more attention from buyers looking for a bargain, so how will price falls unfold from here? The correction is painful and will take time to get used to, but it's high time we stopped viewing property as a wealth generation tool and instead viewed it for what it really is: a necessity.
Source: theage - 🏆 8. / 77 Read more »

A tunnel entry, fishponds in the ceilings and an uninterrupted harbour view in one-of-a-kind homeAfter more than 40 years of loving restoration, this Sydney home, designed by lauded architect Walter Burley Griffin, is hitting the market. But the home’s many quirks might be enough to put some buyers off. juliepower Yes, it's true.
Source: smh - 🏆 6. / 80 Read more »