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John Sheridan reacted to this post about 1 year agoMortgage prisoners trapped by negative equity are renting out their homes
First home buyer Nilesh Shukla also just had his rent hiked.
It was around $500 a week and increased to $700 for his property near Sydney's Olympic Park.
"We have opened our borders. And because of that the demand has increased," he notes.
"And with the increase in demand, getting a rental is also difficult. Honestly speaking."
And that may just push him to buying a home instead as it would be the same in mortgage repayments, as long as the agent is willing to "negotiate".This tiny apartment was going to sell at a loss. Instead it's up for rent at $370 a weekhttps://www.abc.net.au/news/2023-02-02/mortgage-prisoner-owners-rent-out-properties-negative-equity/101916956Home owners struggling with their mortgages who cannot sell because they are in negative equity are starting to turn to the booming rental market to avoid default.Post is under moderationStream item published successfully. Item will now be visible on your stream.
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