By: Staff Reporter
NSW is no longer considered to be the repossession capital of Australia.
According to the Reserve Bank of Australia’s Financial Stability Review, foreclosures in NSW have fallen from 0.25 per cent of all homes to about 0.1 per cent on an annualised basis in the final six months of last year.
That statistic officially brings NSW back in line with WA, Queensland and Victoria.
The Reserve Bank attributed the reduction in foreclosures to the improved financial circumstances of borrowers, thanks to a historically low unemployment and interest rate.
Moreover, the 12 per cent growth in house prices recorded last year has also helped the cause, as it has made it easier for people to sell their home and clear their loans when they fall behind on their repayments.
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