Reported 9 months ago
A senior Reserve Bank official in Australia mentioned that households with strained finances are choosing to sell their properties to pay off home loans amid high interest rates. Kent stated that mortgage discharges from property sales have increased significantly, surpassing new lending, likely due to the desire to reduce debt in response to elevated interest rates. This trend is occurring in a booming housing market where property sales are proving profitable, driven by high prices, supply shortages, and population growth.
Source: YAHOO