Emily Chapman Laing
Casey South has the highest proportion of distressed property sales in the state, according to Domain data.
Distressed property sales come from homeowners needing to sell their homes urgently, usually at a discounted price.
Cranbourne West resident Courtney Blakey is among those urgently trying to sell their properties, as mortgage rate increases go beyond what she can viably afford.
“My fixed rate expires this month, I was on a 1.89 per cent interest rate, my repayments were only $1235 per month, cheaper then most rentals,“ she said.
“My payments have gone from $1235 per month to $1926 as of August, hence the rush to sell my house as I cannot pay $1926 per month.
“I have had to borrow money off my dad who should be retiring and have moved to a rental property.“
Ms Blakey said while her new rental payments are still expensive as a single parent, they are cheaper than what she would be paying after her mortgage payments increase next month.
The inflated housing costs have not only cost her the ability to own her own home, but have affected the wellbeing of her family.
“We can no longer go and do fun things, I have to watch every cent,“ she said.
“We haven’t had a holiday for around 5 years.
“Even just the little things of going to a movie every now and again, the cost of living and interest rate is killing everyone, but especially harming single parents.“
Casey South has seen the highest percentage point rise in the state over the past year, increasing from 3.1 per cent of total listings in June 2022 to 4.6 per cent in June 2023.
“We are finding that several investors and home owners are struggling with the continuing interest rises and cost of living and this is causing financial hardship for many families which in now resulting in them having to sell their homes as they have no choice,“ said Victorian House and Land Specialists Rental Department Manager Courtney Shaw.
“The City of Casey is the home of many young families as it was an affordable option to buy when rates were lower.
“With the rates rising the repayments are now not manageable for many.“
Mrs Shaw said the average mortgage has gone up by around $1500 per month since the rates starting rising.
“We will continue to see many more properties coming on the market in coming months.“
While Casey South is seeing more urgent property listings, Casey North has shown a 0.2 per cent decrease in distressed listings in the past 12 months.
Cardinia and Dandenong are trending upward, with Cardinia showing a 1 per cent increase in distressed sales and Dandenong totalling a 0.1 per cent increase.
According to the data, the region with the largest decrease in distressed listings is the Mornington Peninsula, which dropped from 2.2 per cent in June 2022 to 1.1 per cent in June 2023.
