PHOTO: FILE
Over 20,000 families in Queensland have been compelled to sell their homes in distress sales, making it the leading state in the country for such listings. Distress sales occur when properties are put on the market under forced circumstances.
In Australia, more than 20 percent of mortgage holders have had to switch to interest-only repayments over the past two years, driven by 13 interest rate hikes and rising living costs.
More than 200,000 people could move to Queensland over the next five years
Related
TAGS: Australian Housing Market, cost of living increase, distress sales, distressed sales, economic challenges, financial pressure, forced home sales, home sales crisis, Housing affordability, interest rate rises, interest-only repayments, Mortgage holders, Mortgage Stress, property listings, Queensland real estate, Real estate trends
