Rapid reversal in Australian property market blindsides sellers

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%.

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

Mining industry has long way to go to empower, transform its workersIn the face of challenges that range from increasing regulatory changes, power and labour challenges and rapid changes in technology, the mining industry remains a key contributor to South Africa's GDP.
Fonte: SundayTimesZA - 🏆 47. / 51 Leggi di più »

POLLINATORS UNDER PRESSURE: Bees threatened by booming macadamia nut industryRapid growth in macadamia nut cultivation in South Africa has been good for farmers, but not for beekeepers, who are losing bee colonies to intense insecticide use.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »