Foreclosure Sales Australia experienced an incremental increase in the market. Property investors and developers a like are pressured of the uncertainty happening in the economy. The study conducted, by LandMark White’s Foreclosure Sales Index,analyzed major investment advertisements that include commercial for the two-month period and found 31.3 per cent of properties belonged to a mortgagee, receiver or administrator.
What Particular State In Australia Is Suffering From Foreclosure Sales?
Sales foreclosure is getting high in the areas half of Queensland, the second-largest and third-most populous state in Australia.Predominantly most of its foreclosure is from residential properties in the regional areas.
On the other hand, New South Wales, located at the east of Australia, owned the second highest number of Foreclosure Sales at 26.1 percent– mostly industrial and commercial real estate. While Victoria situated in southeast Australia,occupies the third place which recorded just 7.8 percent of foreclosure sales.
What are the reasons for the dramatic increase of Foreclosure Sales in Australia?
The following are the reasons why Australia Foreclosure Sales are flooding the property market and are offered at a very high discount, such are:
Crippling Mortgage Payments
Did you know that Sydney residents spend a greater percentage of their income on mortgage re-payments than in any other city? This is according to the survey of Global Cities. More so, according to Dr. Luci, RBA’s Head of Financial Stability Department said rising property prices were forcing Sydney residents to spend more of their income on mortgage re-payments.
The Sydney median house price is $626,444 with residents spending as much as $4,123 on monthly mortgage repayments.
Nevertheless, how about in other cities? Are they spending as much? You might be surprised about this but New York residents spend, on average, less than half of their monthly income on mortgage re-payments, while London residents spend less than two thirds.
Are you an Aussie awash with debt? Fret not; you are not alone. The total estimation of Australian debt comes to just over $4 trillion and some $174,000 for every man, woman and child.
The scale of personal debt can be seen in the ratio of US GDP to private debt, which peaked at 303 per cent in 2009, a steady climb from 43 per cent in 1945. Although the trend hiked from the early 80’s, in Australia, this ratio was around 155 per cent also following a similar upward spike from the 80’s.
Rising Cost of Living
Australia ranks at no.11 in the world’s richest countries list and at the same time, in the top 5 of the world’s happiest places to live. However, some of its capital cities are considered as the most expensive places to live in –in the world.
Indeed, Foreclosure Sales Australia is soaring high in the market due to crippling mortgage payment, personal debt and rising cost of living. With such, this trend would result into either a positive or a negative impact to the economy. Therefore, before you plan to sell, be wary of the fair market price and the economic ambiance of where you and the property is situated.
Do you want to become edgy in buying distressed real estate? Making fortune on a discount rate property is possible with Dominique Grubisa foreclosure homes and investment property seminar. She will reveal strategies on acquiring quick profits below the market value. Acquire a seat now, visit Dominique Grubisa Live today.