Owners are selling up in greater numbers this autumn than they were at the same time last year, new figures show.
Property owners are selling up in greater numbers than this time last year as higher interest rates and cost-of-living pressures take their toll, prompting some to reduce debt or downsize.
“Vendor activity really started to pick up through the middle of last year and in some ways that’s continued,” CoreLogic research director Tim Lawless said. Total listings in the Rouse Hill/McGraths Hill region, Blacktown – north, Wollondilly, Penrith and Dural/Wisemans Ferry are all higher than the five-year average.
“A lot of areas around the west and north-west seem to come up quite high in the league table … this could be an early warning sign that some households are feeling the pain of higher interest rates,” Lawless said. “No doubt there would be owners out there of multiple properties who are getting crunched a little by the rise in interest rates,” he said.
“We are obviously seeing a slight uptick in distressed sales, but nowhere near the amount that was anticipated. We’re seeing the occasional investor sell and cash out … There is a sense of light at the end of the tunnel.”
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