The number of distressed residential listings jumped by more than 10 per cent across NSW in June over the previous month, as vendors struggled to get a sale amid low demand triggered by higher interest rates.
The turn in the US housing market has been sharp and swift. Just ask Karlyn and Jack Stenhjem, would-be downsizers who dropped the asking price for their home near Seattle by almost $US100,000 ($147,000) since May.
Sydney house prices have dropped by 1 per cent through May in the largest monthly decline since January 2019.
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.
The great house price correction has begun: the all-regions (metro plus non-metro) national dwelling value index published by CoreLogic declined by 0.1 per cent last month.
Property Supply chain shortages are creating headaches for builders.
Old listings rose sharply in Sydney and Melbourne last month as vendors struggled to find a buyer within a reasonable timeframe amid falling demand, data from SQM Research shows.
The housing boom is far from over in the regions, with prices in some areas expected to rise by another 20 per cent this year as demand continues to outstrip supply, experts say.
