According to SQM Research, distressed property listings fell by 3.8 % mom nationally in May (and by 3.1 % yoy).
Of course, this is a static data which fell to capture the last RBA interest rise this week. So, it will be interesting to follow the number of total listings and the number of auctions nationally during the next couple of weeks, to see if there is still a limited supply on the market.
Interesting to have the last update (today) of C. Bedingfield about this situation : “We are bullish on residential as the sharp increase in interest rates have (predictably) resulted in an equally sharp decline in dwelling approvals and starts. The ongoing demand supply imbalance is likely to offset the headwinds of rising interest rates, although we caution there may be some distressed selling as high mortgage rates bit,” says Bedingfield.
