Fancy a different environment? Where you can get a bargain on the beach – since the coronavirus crunch forces an urgent home sale
- Ceduna on the west coast of South Australia has the highest number of urgent sales
- Queensland tourist areas affected by COVID-19 border barriers are also having problems
- On the Gold Coast, 5.5 percent of homes in need are on the market
- Here’s how you can help people affected by Covid-19
Home buyers looking for value are more likely to find a bargain on the beach as coronavirus forces struggle with borrowers to sell.
Ceduna on the west coast of South Australia has the highest number of urgent sales in Australia with 9.8 percent of the listings in this category, reports Domain, the real estate sales website.
Queensland tourist hotspots, hit by COVID-19 border closings, also have problems marketing 5.5 percent of Gold Coast properties because a homeowner cannot pay off his mortgage.
In northern Queensland’s Whitsundays, four percent of property sales are forced into idyllic areas, including Airlie Beach and Hamilton Island.
Four percent of properties in Whitsundays in Queensland are forced to sell amid COVID-19 (photo: Airlie Beach, Whitsundays house)
The Fraser Coast, which occupies Hervey Bay and Bundaberg near Fraser Island, had 4.9 percent of the urgent listings.
Where homeowners are forced to sell
1. South Australia’s west coast: 9.8 percent
2. Gold Coast: 5.5 percent
Western Australia Swan Valley: 5.1 percent
4. Fraser Coast: 4.9 percent
5. SA Eyre Peninsula: 4.6 percent
6. Bribie Island, north of Brisbane: 4.3 percent
7. Whitsundays, North Queensland: 4 percent
8. WA Noord: 3.9 percent
9. Logan, south of Brisbane: 3.8 percent
10. WA East: 3.7 percent
Source: Domain listings that suggest urgent sales
Bribie Island, between Brisbane and the Sunshine Coast, had 4.3 percent of sales due to financial difficulties.
On the Gold Coast, 5.5 percent of the properties are forced to sell.
Dr. Nicola Powell, a senior research analyst for Domain, said tourist-dependent areas are particularly vulnerable after border closures and a ban on travel between states.
“Given that the economic impact is concentrated on certain industries, economies heavily dependent on tourism, hospitality, arts and recreation will be at greater risk of rising distressed sales,” she said.
It comes after Queensland has suffered high unemployment rates following the outbreak of COVID-19.
About 126 km west of Brisbane, Toowoomba was hit hardest with an unemployment rate that rose to 12.2 percent last month.
The Gold Coast’s unemployment rate rose from 4.1 percent in March to 6.5 percent in April, slightly above the national average.
In just one month, 22,700 jobs were lost, the third highest in Australia.
Queensland’s Wide Bay area has the third highest unemployment rate in Australia, at 10.2 percent.
The Gold Coast (photo) also suffered from the COVID-19 outbreak, forcing 5.5 percent of properties to sell
NSW’s mid-north coast also saw unemployment rise to 11.8 percent in April.
Despite high unemployment rates in Queensland, job ads have risen 35 percent since April, providing hope for those struggling amid the pandemic.
In capitals like Melbourne, Sydney and Darwin, Dr. Powell said there has been little evidence of increased forced sales since the pandemic.
Sydney properties forced to sell rose from 1.4 percent in February to just 1.6 percent in April.
Melbourne remained unchanged and forced sales remained at 0.5 percent since February.
Ceduna on the west coast of South Australia has the highest number of urgent sales in Australia with 9.8 percent of listings in this category (shown: house in Ceduna)