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.
