How hard has the mortgage crunch hit?

As reported by the Courier Mail on 9 July 2024, there have been 20,000 house sales in the last year that have been distress sales, with distress sales being sales by mortgagee in possession, rushed sales or divorce sales.

The article quotes exclusive data from national research firm SQM Research, that shows Queensland has the highest rates of distress listings in the country.

As a result of 13 interest rate hikes and increasing cost of living pressures the article states that the value of Australian home loans 30 to 89 days past due rose 65% to $14.6 billion in the March quarter.

The article quotes new research from Finder that shows 30% of Queenslanders said they are struggling to pay their mortgage, up from 25% in 2022.

The article goes on to say that 20% of mortgage holders had switched their mortgage to interest only payments in the last 2 years to avoid delinquency.

This is quite a bleak picture for homeowners in Queensland.

Is there help coming on the horizon?  The media was talking up rate cuts at the end of 2024 or start of 2025, however, they are also quoting Reserve Bank meeting notes that haven’t ruled out further rate rises.

Everyone needs a little help to make things a little easier.  It has been tough in the last year with all the rate rises and increasing costs of living pressures.

Hopefully, something will happen by the end of year to change our fortunes.  Maybe a change in government might help things along.