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Property prices could keep falling as ‘distressed’ sales mount up – The Age
Surge in sales forced on cash-strapped homeowners has prompted Victoria’s treasury to warn about a further softening of the real estate market.
“Higher levels of unemployment, economic uncertainty, weaker population growth and deteriorating conditions in the rental market are expected to put continued downward pressure on property prices,” the budget papers note.
Treasury also expects Victorian homeowners to be over-represented among those seeking mortgage holiday extensions, which are available on a case-by-case basis until early next year. Those owing the most on their loans are the most likely to be struggling.
“Mortgagees with housing…
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