Distressed Property sales – there’s more than you’d think!
You may have seen an interesting Report published by SQM Research a short while ago. Their Distressed Property Report reveals that there are thousands of residential properties selling under distressed conditions. I am selling a few of my own (as liquidator, not personally).
Negative news on the real estate market is pretty hard to come by in the main stream media. The SQM report is actually the first time a report like this has been published (why?). It’s interesting news. Here is the guts of the Report:
- there are 11,437 properties selling under distressed conditions in Australia;
- that is 3% of total Australian listings;
- the area with the highest percentage of distressed properties is (surprise!) the Gold Coast with 14%;
- Queensland overall runs at 6.5% with the other States mostly around the high 2%.
I have recently been associated with a matter where the market value of two units on Magnetic Island was around $350,000. An adjoining apartment had traded in 2007 at…. $1.3 million. Not stuff I seem to read about in the newspaper.