Nearly a quarter of all properties advertised in Australia are distressed sales, according to upsetting figures released by valuation group LandMark White.
The research shows Queensland accounted for a massive 54% of properties advertised by a mortgagee, receiver or liquidator during the March quarter – and the Gold Coast recorded the highest number of distressed property advertisements in the country, with 74% of its listings made by a mortgagee, receiver or liquidator in the three months to March 31 – despite recent claims the region’s housing market is back on its feet.
Nationally, most receiver sales were in regional areas, with residential property falling just ahead of the agricultural sector.
LandMark White found almost 23% of properties advertised in Australia during the quarter were listed by a mortgagee, receiver or liquidator.
Of those, 19% were in the residential sector, 16% in industrial and 15% in retail.
Nearly 10% were in New South Wales and 15% in Victoria.
NSW saw the most positive change, as only 7% of all properties advertised in that state were listed by a receiver or mortgagee - a record low. By comparison, the proportion in the same quarter of 2012 was 31%, according to a News Ltd report.
Although the distressed ratio in Queensland dropped by 6%, it remains high at 39% of all property advertisements in the state. Victoria saw the smallest improvement in the distressed ratio, with a drop from 20% to 19%, which meant that for the first time in the series, Victoria had a higher ratio than NSW.