‘Panicking’ SA vendors selling homes for less amid rate rises

Cash-strapped South Australians are rushing to sell their homes after the Reserve Bank’s latest interest rate hike but falling property prices have dealt them yet another blow, a real estate agent says. Anex Real Estate sales specialist Nick Raval said many clients had acted in the days leading up to the most recent widely anticipated interest rate rise, signing up to sell their homes before the rate change was even announced. In the days that followed, more had made the decision to sell, conceding they could no longer afford growing mortgage repayments, Mr Raval said. Anex Real Estate sales specialist Nick Raval. Supplied “Oh my god, the number of new properties (listings) coming to market – people are saying, ‘I can’t continue holding, I will have to sell it right now’,” he said. “Everyone (vendors) is panicking. “It (the mortgage repayments) is too much (to afford), absolutely. “And if you look (at who is selling), it’s not just the first time (home buyers), it’s the investor mum and dads right through to developers … telling me, ‘I’m not building anymore. I’m not doing any more development’.” Among Mr Raval’s recent listings is a three-bedroom home at 19 Jakara Avenue, Ingle Fa...