The number of distressed listings nationwide has jumped by more than 15 per cent since interest rates started rising in May as more vendors struggle to meet sharply higher mortgage repayments, data from SQM Research shows.will further stretch household finances and may force some to offload their property in a hurry, experts say.
For a homeowner with a $750,000 loan, their repayments have now increased by $1140 each month and by $1520 for those with a $1 million mortgage.“I think the seven straight rises are now starting to bite,” said Louis Christopher, managing director of SQM Research. Distressed listings rose by 3.1 per cent to 564 in Sydney, by 1.5 per cent to 418 in Melbourne and by 11.2 per cent to 119 in Adelaide. All the other cities except Hobart also recorded a rise in distressed properties.
Stale listings rose by 5.9 per cent to 2378 in Brisbane, were up by 1.5 per cent to 7082 in Melbourne and by 1.8 per cent to 4247 in Perth. A distressed Sydney vendor also recently offloaded a two-bedroom unit at 7/86 Victoria Road, Punchbowl, located west of the CBD for $380,000, which is $40,000 below the original purchase price.Shane Oliver, AMP Capital chief economist said the level of distressed or forced sales could rise substantially by early next year.
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