The number of homes being put up for sale because owners are financially distressed is rising, the Reserve Bank of Australia has warned. This is despite higher property prices cushioning the impact on many borrowers.
“Borrowers who are experiencing persistent difficulties servicing their mortgages, and with no further options to adjust their finances, may decide to sell their homes,” Chris Kent, the RBA’s assistant governor, said.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
