News

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



Hill leads DEX Premier League Team of the Week

Easts batsman Ben Hill during the CRCA match between Easts and Brothers at Ellem Oval on Saturday, 13th February, 2016. Photo Debrah Novak / The Daily Examiner

The DEX sports desk reveals its Premier League team of the week.

Big waves, strong winds expected to smash our coastline

Warning issued by the Bureau of Meteorology

Clarence Dance studio concerts

The under 8 jazz troupe at the Studio 1 Dance Academy concert

Check out some of the best dancers in town

Local Partners

Harmony takes her next big step

BRAVE Grafton girl Harmony Fielden will undergo another major operation in Sydney's Westmead Hospital to help correct the symptoms of a mystery condition.


How people power stopped the gas mines

Iluka resident and character in the film, Ian Gaillard, addresses the crowd of anti-CSG protesters at Bentley.

Award-winning documentary to be screened in the Clarence Valley

Bored? Here's 9 things to do this weekend

The Clarence Valley Mental Health Fishing Group are holding a Christmas fishing event at Memorial Park.

Looking for something to do this weekend?

Bringing their Magic Mojo to Grafton

MAGIC: Head down to Roches Family Hotel for a brilliant mix of '70s, '80s and '90s music by Magic Mojo, a Coffs Coast band using their experience to give a brilliant performance.

Powerful trio to lift the top off Roches Hotel tonight

Ricky Gervais: There's 'no point' marrying Jane Fallon

RICKY Gervais "doesn't see the point" in marrying Jane Fallon.

Hacksaw Ridge wins big in first round of AACTA Awards

Luke Bracey and Andrew Garfield in a scene from the movie Hacksaw Ridge.

THE major awards will be handed out on Wednesday night.

Paris Hilton fumes at clumsy partygoers

A reveller spilt their drink on Paris Hilton's DJ decks

Winnie Harlow isn't a role model

Winnie Harlow insists she isn't a role model.

Felicity Jones proud of Rogue One: A Star Wars Story role

Felicity Jones feels it is "important" for a woman to head Rogue One

Kiwi's plea to Ellen DeGeneres to save bakery after quake

Ellen... we need your magic.

Family had to be helicoptered out after powerful quake

Banks reclaim Gladstone homes as job losses bite

LONG FALL: Property experts Heron Todd say, based on key market indicators, Gladstone is still travelling to the bottom of the market, with property prices set to get cheaper.

Property valuers say Gladstone housing market hasn't hit the bottom

The million dollar property to test Mackay's market

This Victoria St building will go to auction Tuesday and investors will be watching closely to see how much it sells for.

'High profile architect designed CBD asset' goes to auction

Chinese locked out of Australian property market

The rules are different if you're a foreigner

The buyer was from China - the trouble started right there

Morrison signs off on new affordable rental model

Australia's Treasurer Scott Morrison speaks during a press conference after a meeting of the Council of Federal Financial Relations at Parliament House in Canberra, Friday, Dec. 2, 2016.

Scott Morrison signed off on development of a new financing model

Coast high-flyer's fight back from bankruptcy, $72m debt

Scott Juniper went from millionaire developer to declaring bankruptcy in2012, now he is back on top of his game again with new developments including this one in Coolum.

'Apocalyptic lending storm' causes financial collapse.

Ready to SELL your property?

Post Your Ad Here!