Distressed sales have remained low for now – but this could change, experts say.
Experts polled in Finder.com.au’s monthly Consumer Sentiment Tracker said more distressed sales was a looming risk for the market.Two in three of the nearly 30 economists and property market analysts polled in the research forecast that another rate rise would see more people forced to sell their homes due to unaffordable loans.
Finder head of consumer research Graham Cooke said millions of homeowners were already at the end of their tether. For now, property prices have been on an upward trajectory, with PropTrack data revealing median prices rose in every mainland capital over June.MORE:“The number of new properties hitting the market is well down from what we were seeing last year,” he said.