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Mortgagee sales on rural properties are on the rise which is placing pricing pressure on an already slow rural market. However the upside is that it is driving market activity.
According to Insolvency firm PPB, $1.5 billion worth of farms are under various degrees of financial stress as a result of doubt, overplanting and debts, The Australian Financial Review today reported.
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Financiers are now starting to pull the plug on properties where interest payments can't be met in areas showing signs of stress.
Ray White’s Danny Bukowski said mortgagee sales could be a catalyst for more market activity as borrowers struggle to meet source funds from lenders because of LVR requirements.
Mortgagee sales “were getting done” he said as lenders have often had fresh valuations made for the properties they are putting on the market.
