Home owners who bought in Sydney or Melbourne in the past few months are facing a heightened risk of falling into negative equity, especially if they bought their properties with a low-deposit mortgage, experts say.accelerated in Sydney and Melbourne in the past three months, with median values falling by 1.3 per cent each, data from CoreLogic shows.
In Melbourne, two-thirds of all house markets analysed, or a total of 255 suburbs, posted a drop in prices, while more than half of all unit markets in the city have fallen in value in the past three months. “Therefore the upswing that we may start to see in 2024 won’t be particularly strong, and therefore negative equity may continue for a while longer.”
“When you consider the added buying costs including stamp duty and conveyancing, lender’s mortgage insurance, it is not uncommon for these buyers to have paid upwards of $50,000 in purchase costs.
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