Millions of dollars worth of Aussie homes have been seized for mortgagee sales from McMansions to townhouses and inner city apartments as data shows 100 suburbs in trouble.
Realestate.com.au listings show close to 50 properties currently listed as mortgagee sales, a jump from more than 30 two months ago.
The Australian Financial Complaints Authority says “sometimes the financial firm will advertise its sale of the property as mortgagee” which “might suggest that it will be sold for a cheap price”.
NEWS: Backlash: How MPs fuel housing crisis
Top buys in Qld’s Aussie retirement hot spots
Time warp suburbs: Where to buy now at 2014 prices
This three bedder at 30A Benny, South Brighton, in South Australia is already under offer after being seized by its mortgagee.
But it said “reference to a ‘mortgagee sale’, particularly for an auction, can be positive as it might attract more purchasers” with the final sale price dependent “on the individual circumstances of the sale”.
Buyers have to be quick with the more affordable properties listed as mortgagee sales which are snapped up quick, like a three bed house at 30A Benny, South Brighton, South Australia that’s gone under contract. It’s on a 392sq m block close to Seacliff Beach and Brighton Beach.
Mortgagee sales are occurring at the higher price levels too with this 1.01ha estate up for grabs at 3 Sherbrooke Road, Sherbrooke, in Victoria.
The lush five bedroom property has a price guide of $2,400,000 – $2,550,000.
The newest luxury mortgagee sale right now is a 1.01 hectare rural estate – Sherbrooke Manor – listed with a price guide of $2.4m to $2.55m by Elliot Bell and Bryce McLean of Bell Real Estate Belgrave/Tecoma. The property at 3 Sherbrooke Road, Sherbrooke in Victoria has all the bells and whistles you could ask for in a country retreat, from an after dinner gentlemen’s room, to four fireplaces, original heritage detailing, framed views of the pool and garden, and a grand entrance to take your breath away.
This property at 172 Lower Plenty Road, Rosanna, Victoria has 17 bedroom, 14 bathroom, and 14 car spaces.
Several entire blocks of units to make you an instant millionaire landlord are also being put up for sale by mortgagees including 172 Lower Plenty Road, Rosanna, in Victoria which has 17 bedrooms, 14 bathrooms, and 14 carspots on a 1,037sq m block priced from $4.5m to $4.95m. David Blythe and Brad Pearce of Miles Real Estate Ivanhoe and Rosanna describe it having five two bedroom and seven one bedroom apartments with a fully leased market rental estimate of $284,000 a year gross income.
1-4/14 Fontainebleau Street, Sans Souci, NSW has four very spacious townhouses up for sale.
The townhouses are a stroll away from the beautiful St George Motor Boat Club.
Then there’s 1-4/14 Fontainebleau Street, Sans Souci, in NSW with 11 bedrooms, 10 bathrooms, and eight car spots in four townhouses listed by Tri Liu and Tuan Tran of Laing+Simmons – Cabramatta. It’s walking distance to St George Motorboat Club, local parks, schools, restaurants, and beaches and all townhouses are brand new.
This as S & P Global Ratings found the 10 worst-performing postcodes in Australia for mortgage defaults led by 2170 Casula in NSW where 3.16pc of home loans are in arrears. The postcode contains a dozen suburbs including Casula, Liverpool, Liverpool South, Moorebank and Warwick Farm.
Another one up for mortgagee sale is 22 Yalumba Place, Edensor Park, NSW, with a price guide of $1,800,000.
A two bed, two bath apartment high above Museum Station in the centre of Sydney is up for mortgagee auction on Thursday Sept 5 at 12pm. The address is 403/130 Elizabeth Street.
Over 110 suburbs are within the 10 worst performing postcodes in Australia alone, with 2.81pc of home loans in arrears in 3064 (VIC), 2261 2.52pc, 4211 2.46pc, 3754 2.4pc, 3023 2.34pc, 2148 2.26pc, 2259 2.18pc, 6112 2.14pc, and 2570 2.09pc.
Mortgagee sales are the final step in a process that can take six months, triggered after repayment defaults by a mortgagor/borrower and after a notice requiring overdue amounts be repaid is not complied with.
Mortgagees have taken over 37 Warne Terrace, Caloundra, for sale, and have been waiting for the right price to drop.
11a Noonbinna Crescent, Northbridge, NSW, is still on the market after mortgagees seized it.
Not all mortgagees will simply take the highest offer though with some never-to-be-repeated properties sitting on the market for several months. A home built at 37 Warne Terrace in Caloundra in Queensland has the best waterfront views in the area and has been on the market for over two months, with Iain Simms of Henzells Agency running an expressions of interest campaign for its sale. Another at 11a Noonbinna Crescent, Northbridge – just 9km from Sydney CBD – overlooks Sailors Bay with Highland Double Bay agents David Malouf and Harry Schier waiting for the right price.
The 10 Worst-Performing Postcodes
Data as of Jun. 2024.
State Suburb Postcode Loans in arrears (%)
NSW Casula 2170 3.16%
VIC Craigieburn 3064 2.81%
NSW Bateau Bay 2261 2.52%
QLD Advancetown 4211 2.46%
VIC Doreen 3754 2.40%
VIC Burnside 3023 2.34%
NSW Blacktown 2148 2.26%
NSW Alison 2259 2.18%
WA Armadale 6112 2.14%
NSW Camden 2570 2.09%
Source: S & P Global Ratings
English (US) · 