Distressed property listings, categorised as those indicating urgency or desperation to sell, saw a national decline of 11.3% to 5,335 properties, according to SQM. This decrease was mainly driven by significant reductions in South Australia (down 10%), Western Australia (down 37.1%), and Queensland (down 16.1%), all of which have demonstrated resilience to property price declines throughout 2023.
However, both of Australia’s territories experienced a rise in forced sales. The Australian Capital Territory, the second most expensive region in the country, saw a 13.3% increase in forced sales to 17 properties, while the Northern Territory experienced a 21.3% rise, totaling 103 properties.
Christopher remained cautious about the property market’s outlook, warning of the increased risk of a “double-dip” downturn due to tightening household budgets and borrowing capacities.
“We’re on a knife edge with the housing market,” he told The Australian. “On our modelling, we have reached levels which can create a recession in terms of interest rates.”
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- Source: https://www.mpamag.com/au/news/general/distressed-sales-on-the-upswing/451841
