More homeowners cash out within three years as rates, prices rise

According to The Australian Financial Review, more than 14,000 homes bought about three years ago were sold in the December quarter, an increase of 800 homes compared with the previous three months, in what could be a sign that some property owners have struggled to cope with higher interest rates, data from CoreLogic shows.
That represents 15.9 per cent of all the 90,000 properties sold in the period, up from 15.7 per cent in the September quarter and a jump from 13.4 per cent in the December quarter of 2022.
About 1000, or 6.5 per cent, of the properties resold within three years made a loss of $30,000 on average.
Eliza Owen, CoreLogic head of research, said an increase in short-term resales was occurring amid higher interest costs and could be a reflection of rising mortgage stress.

https://www.afr.com/property/residential/more-homeowners-cash-out-within-3-years-as-rates-prices-rise-20240328-p5ffvx​