A new report from SQM Research reveals the spread of distressed sales across the country, providing investors with discounted listings and express settlement times.
A distress sale as defined by SQM Research is a mortgagee in possession, bank forced sale, heavily reduced or “bargain” conditions, divorced sale, deceased estate, illness conditions or displaying a requirement for an immediate sale.
Managing director Louis Christopher said the new data is an industry first which should prove popular for investors.
“What we have been able to do here is a national first and opens the way for property buyers to efficiently search for these types of properties.
“In addition, we are also able to provide these homes’ advertising history, date and price they last sold for. While the major listors enable some manual searches of these properties, it is impossible to search for them in bulk… we are now filling this void,” he said.
According to the first release of the data, there are currently 11,437 properties selling under distressed conditions, representing 3.3 per cent of all stock on the market.
However, the Gold Coast has registered a much higher percentage, at 14.6 per cent, according to managing director of SQM Research Louis Christopher.
Nationally, the top six regions with the highest percentage of distressed listings all belong to south east Queensland.
The new data may be able to reveal new insights into market conditions, as well as help sellers find fast transactions.
“Overall, the expectation is that there will be rises in distressed properties during market downturns or a rising interest rate environment; and falls during market upturns and an improving economy," Mr Christopher said.