Independent property researchers SQM Research has compiled a report showing thousands of residential properties selling under distressed conditions on the market – which is handy for your potential clients looking to snap up a bargain.
The Distressed Properties Report revealed there are 11,437 properties currently selling under distressed conditions, representing 3.3% of total current listings on the market.
There are 304 properties currently advertised as mortgagee in possession and 1,200 properties selling under ‘forced’ selling conditions.
The top six regions with highest percentage of distressed listings all come from South East Queensland. The region with the largest amount of distressed conditions is the Gold Coast Main, with 14.6% of its market in distress.
Victoria has least amount of distressed listings as a percentage of the total market at 1.4%.
SQM Research said the data is a useful measurement of market conditions, and the firm intends to have an updated report each month on changes in the amount of properties being sold under distressed conditions.
The researcher said there are rises in distressed properties during market downturns or a rising interest rate environment and falls during market upturns and an improving economy.
Managing director Louis Christopher said this is the first time a report like this has been made available to the Australian public.
“We are also able to provide these homes’ advertising history, date and price of that they last sold for. While the major listers enable some manual searches of these properties, it is impossible to search for them in bulk and multiple distressed key terms with their marketing and sold history.”