- Published: Monday, 10 November 2014 11:52
- Written by Sean Summerville
The data doesn't lie...
November 2014 - Victoria and South Australia are the Hottest and the best States to buy property from motivated vendors. Either through the owner or through the banks.
Newcastle in New South Wales has the highest rate of Mortgagee in re-possession but is it the best time to buy in Newcastle? Not by a longshot.
At the moment you have to know where to find the best areas and where the best deals are. To have this simplified for you is a huge win in the property investor game.
Today I found 3 Properties in S.A. that are all around 60% below the market average. 3 properties are all at around the 60k mark and all will rent for $200-$240 per week. I will go into an analysis of 4 Deals in an email for you.
The latest Distressed Property Australia (DPA) data is in and now it is South Australia that has surged ahead whilst Victoria still heads the list with the highest rates of Distressed Property for sale in Australia. Victoria is in the lead for the third month in a row.
First time since we started recording historical data on the Distressed Property Australia website, New South Wales has dropped down to third place. A sharp contradiction to just a few months ago.
Victoria shows by far the best bargains again with 69.6% of the distressed properties coming across our desk. This is by far the greatest number from any one state at any one time since we started recording data.
The best deals in Australia are definitely in Victoria right now Check the Event Dates Here
The Distressed Property Pie Charts below are for the latest Weekly and Monthly data updates for October/November 2014. It is updated every few days.
There are now over 5,267 Distressed properties,
The Hot Spots are listed below...
What does this mean
- It shows that Victoria has been consistently in 1st place for the 3rd month in a row and once again Victoria has the highest rate of Mortgage Stress in Australia.
- Queensland is the other big surprise with only 2.6% of the countries distressed property currently in the market. Its a far cry from just 5 months ago when it had one of the highest levels of distressed property on the market and it goes to show that Queensland is now in the grips of a mini property boom.
My opinion is...
I still hold the same position as last months update...
Victoria presents itself with the greatest property opportunities right now.
How long will the bargains last for?
It has been bad in Victoria for a long time and it's not getting any better anytime soon. Victoria appears to be in a holding pattern that is spiraling down, I believe the worst is yet to come particularly for the folks of Geelong.
Hold on to your hats folks the best bargains are here right now. Remember, the most amount millionaires are made when there is a recession...and Victoria is in one right now but it might not last that much longer! But when it does pick up...WATCH OUT...because a lot of property millionaires are going to be made in Victoria