The level of distressed property sales in Australia will shoot upwards over the coming 12 months as the country's property market recovers.
Colliers International has claimed that there will be a double-digit increase in the number of foreclosed sales, with lenders desperate to offload such assets from their books.
"We are expecting a lot of larger assets, say A$20 million-plus assets, to come onto the market due to the improvement of the property market," Mathew Tiller, Colliers research manager, told Reuters.
Indeed, Mr Tiller added that he expects double-digit growth in value and volume of distressed assets over the next 12 months, with development sites and flood-stricken farmland to figure among the sales.
It follows news that property sales in Australia have petered off following their strong growth last year.
The latest Housing Industry Association (HIA) figures have revealed that sales of new homes were almost static in February compared to the previous month. (Propertyshowrooms)
