Cally's Conveyancing

Today I went to support Tayla Thorogood and Claremont Women’s Football playing against Subiaco where they won 32-19 in an intense final quarter.
I was a very proud Sponsor of Tayla.
Well done Team.

I just thought I would post some information I read from the CBRE Residential Markets Report I have been reading regarding the uncertainty of the property market at the moment.
This is the sad reality of our industry and just a small indication of how people are impacted at the moment:

WHAT HAS HAPPENED IN THE PAST WEEK?
• Reports that buyer enquiry has fallen sharply (33.9% reported a decline in buyer enquiry of more than 50%)
• A third of respondents reported that seller activity was down by more than a half
(CoreLogic survey of 411 real estate professionals nationwide from March 20 to March 22)

Auctions (week ending March 28th) (CoreLogic Auction Report, March 30)
• 40% of 3,203 scheduled auctions withdrawn (was going to be busiest weekend of the year)
• Preliminary clearance rate of auctions held – 51.9% (lowest since June 2019)
• Proportion sold prior to auction rose from 22% to 36% (preliminary)

These comments from the Coalface are a sad indication of what difficult times we are in and what lies ahead. This terrifies me:
* Distress – comment that ANZ receives 11,000 distress requests a month – received 18,000 in three days last week;
* Industry is pushing to make valuations an ‘essential service’
* Conversations with key bank credit indicate valuations will be deferred as long as possible in the current environment
* 2 to 3 months before we see mortgagee in possession activity rise

This breaks it down nicely on what happens when you sell your property and discharge the mortgage for settlement.

What happens to your mortgage when you sell?