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Young Aussies selling their first homes as mortgage stress bites

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A surge in quick home resales has been attributed to the growing mortgage stress faced by homeowners, according to analysts and real estate agents.

Brisbane real estate agent, Jett Jones, has noticed a significant increase in properties returning to the market within a short period after being sold.

The data from CoreLogic, exclusively prepared for ABC News, indicates that the proportion of homes resold within two years of their previous sale is at a nine-year high. In April, 8.3 percent of properties sold were owned for less than two years, indicating a steep increase since mid-2021.

FILE PHOTO: An ibis perches next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz//File Photo/File Photo

Quick turnover

Analysts point out that the current scenario is different from previous instances of quick property turnover, which were typically observed during property booms when investors sought fast profits. This time, a substantial number of properties resold within a short duration are being sold at a loss. This suggests a rise in forced sales, as homeowners who purchased during the low-interest rate pandemic period struggle to cope with surging mortgage repayments.

Younger buyers, including first-time buyers who may have overextended their budgets, and investors looking to retire or reduce costs, are among those impacted. Hobart and Brisbane are the leading cities where properties are resold within two and three years, highlighting the severity of the issue.

Financial counsellors have reported a 30 percent increase in calls for help related to mortgage stress, with the number one reason for seeking assistance being the inability to afford mortgage repayments. The situation has become more critical for those with pandemic-era, cheap, fixed-rate mortgages expiring.

Experts urge homeowners facing financial trouble to seek advice early, engaging with their banks and relevant services to explore their options and remain in control of the sale process. While some are still making profits on property sales, a significant number of pressured sellers may be on the rise as interest rates and inflation continue to impact mortgage affordability.

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Boeing face delivery delays following guilty criminal charge plea

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Boeing’s deliveries are down after months of controversy, is it because they can’t make the planes, or because airlines right now don’t want them?

Boeing has agreed to plead guilty to a charge of conspiracy to defraud the United States in connection with the investigation into two fatal crashes involving its 737 MAX aircraft.

Boeing reported a significant 27% decrease in deliveries for June compared to the same month last year, possibly attributing the decrease to the companies ongoing controversies.

Aviation expert Geoffrey Thomas joins to discuss. #featured

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Blockchain sparks a transformative influence in Australia

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Professor unveils blockchain’s role in transforming the economy and innovative projects taking place at RMIT University.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, BTC Markets CEO Caroline Bowler interviews Professor Chris Berg, Director of RMIT Digital3 and Co-Founder of the Blockchain Innovation Hub at RMIT University. They discuss RMIT’s cutting-edge projects and the transformative impact of blockchain technology in Australia.

Professor Berg shares insights into RMIT’s Digital3 philosophy, which combines research, innovation, and collaboration to drive the digital economy. Learn about groundbreaking initiatives in blockchain, cyber security, and AI, and how these disruptive technologies are reshaping business, government, and society.

Discover how RMIT is leading the charge in rethinking and regenerating the way we work through world-class research and tailored education, offering a glimpse into the future of technology and its potential to benefit both the economy and society. #crypto corner

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From $25K to $1.5M in real estate: expert unveils game-changing strategy for investors

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Empower your property investing with these key tips

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Dean Fraser, Founder and CEO of BrickFloor. #trending #wyld money

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