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The Guardian - AU
The Guardian - AU
National
Mostafa Rachwani and Jonathan Barrett

‘Last resort’ home repossessions on track for decade high in NSW as households hit financial cliff

An illustration of a crane lifting up an entire house ready to move it
More than 1,100 filings were made for home repossessions in NSW in the first eight months of 2024, putting the state on track to record well over 1,600 this year. Photograph: erhui1979/Getty Images

Grace Joseph, a financial counsellor in Sydney’s outer suburbs, has noticed a new and concerning thread tying struggling homeowners together: they can’t sleep.

The banking professional says a relentless period of elevated interest rates and high living costs is pushing more people into severe financial difficulty and forcing a rising number of mortgage holders to sell.

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