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Local repossessions low for NSW

HOME SWEET HOMES: A roof of your own is more likely to stay yours if you keep the bank from the door.
HOME SWEET HOMES: A roof of your own is more likely to stay yours if you keep the bank from the door.

NORTH Coast property owners are not immune from mortgage strife but have largely avoided the sharp increase in repossessions seen in Western Sydney and central NSW.

Lenders asked the NSW Supreme Court to issue 2466 writs of possession against borrowers in default in the 10 months to November last year.

A staggering 34 property owners in Dubbo received writs from their banks while 14 writs were issued in Orange.

Broken Hill and coastal towns such as Terrigal and The Entrance were also affected.

Between January and November last year, six people with home loans in Byron Bay were taken to court by banks seeking repossession.

Of these, three came to an agreement before repossession could go ahead.

Northern Rivers Social Development Council acting chief executive Brett Paradise said uncertain economic circumstances may have affected heavily mortgaged properties in Byron Bay.

"Byron is a different story because people invested in some high-end properties where there were good returns on rental properties. Then prices at the high end of the market went down and there were foreclosures because their income dropped."

Banks and building societies repossessed 22.5% more homes in 2011 than in 2010. It's thought that a cut to interest rates by the Reserve Bank significantly reduced further foreclosures.

But Mr Paradise said individuals, private investors and government authorities needed to work together to create different forms of housing that were more affordable and could meet different purposes.

He said many houses were very large and not necessarily appropriate for the families who would live in them.

The Australian Bankers' Association provides information for struggling homeowners at www.doingittough.info.

Foreclosures in 2011:

  • Billinudgel 1
  • Byron Bay 6
  • Casino 3
  • Dyraaba 1
  • Federal 3
  • Knockrow 2
  • Lennox Head 1
  • Lismore 3
  • Murwillumbah 1
  • Ocean Shores 1

Topics:  nsw supreme court, properties


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