Real estate agents are reporting that they’ve seen a big increase in the number of properties listed in the last three months. Surprisingly, many of them, particularly in Brisbane and Hobart, have only been in the hands of the current owners for less than three years. Many are being sold by first home buyers and investors.
Sadly this is one of the impacts of mortgage stress caused by the relentless rate increases we’ve experienced lately.
It really highlights the need to make sure you work closely with your mortgage broker to ensure that you can manage repayments at a higher interest rate without causing too much stress and financial hardship.
Granted, we’ve seen more increases over the past year than we normally predict, so we also need to look at budgets and spending patterns to try to minimise the impact.
If you’re in the position where you are experiencing mortgage stress, please get in touch so we can discuss your options. If you have decided to sell your property, please buy again! Don’t lose your foot on the property ladder. Just downsize into something more manageable.
If you’re looking to buy a home or investment property, the increase in the stock on the market could be a good thing for you – so get looking and scheduling your inspections.
Let us know if we can help with mortgage reviews or pre-approvals.
