Sydney houses down almost 16% in three years as bankruptcies climb

A report today shows bankruptcies are rising. In NSW in the first quarter this year, there were 2,404 bankruptcy proceedings. This is reported to be up 7.1% from the previous quarter (December 2006) and up 22 per cent for the year. With many people entering into debt arrangements, the problem could be much greater than reported.

In the same article, there were references made to ABS figures showing in the three years to December 2006, house prices fell 8.8 per cent in Sydney. When you factor inflation into this, in real terms they have fallen almost a staggering 16%.

Bankruptcies during the first three months of the year are at record highs in New South Wales and Victoria and are up nearly 10 per cent across the country, new data this week from the Insolvency and Trustee Service Australia (ITSA) showed.

» Bankruptcies climb on property fall out – The Australian, April 13, 2007.