Australians attempting to sell their homes are suffering as property values take a nosedive.
Hitting hard particularly in areas of Sydney, a recent investigation has shown that sellers are falling into dire financial situations due to the low property prices and a plummeting housing market. As The Sydney Morning Herald discerned, “plummeting property prices have meant many vendors are confronting negative equity, where they owe more on the property than it is worth.” Many Australians asking what they should do in such a downward trending housing market.
One particular example, of a three bedroom brick-veneer house in St Claire which recently sold in August for $260,000 plummeted 42% from its 2003 sale of $450,000.
Housing Market Crash
The property market crash is causing many to inescapably fall into debt. As one real estate agent Michael Beatty reflected, “There are some sad stories. But we have to show the sellers the comparable sales and say honestly this is where the market is realistically at.”
The rising debt crisis, fuelled by the property market only serves to put further pressure on struggling families. With the petrol gauge still hitting the $1.50/L in some areas, and other living costs still on the increase, debt is becoming a familiar reality.
Many Australians are turning to debt consolidation. Australian Lending Centre can roll all your current unmanageable debts into one easier monthly repayment, helping you to work towards a brighter financial future.
So don’t hesitate to call us now, on 1300 138 188 and let us help you today.