How Could Changes in the Property Market Impact Divorce Rates in Queensland?
- Written by NewsServices.com
The property market is always changing – up one day, down the next. And relationships are basically the same. Unfortunately for many people, mixing relationships with property (or finances) doesn’t end well, and it’s no surprise that in Queensland, 71% of marriages end as a result of “affective issues”, which includes financial strain.
Where Does The Property Market Stand?
The Queensland property market has been booming over the past two years, with median house prices in Brisbane increasing 32% in the 12 months to April 2022, while the Sunshine Coast and Gold Coast saw increases in some areas of over 50%.
Currently, the market is the top performer across Australia, which is good news for those who want to sell. However, interest rate increases are putting an end to the boom, and prices are starting to flatten. In fact, there are actually predictions the market is set to decrease now, with prices expected to fall up to 15% in 2023.
Where Does This Leave Couples?
It's no secret that finance and relationships don’t blend well if there is a struggle.
Increasing interest rates are impacting Queensland property rates and mortgages, making it harder for working couples to keep up with repayments. Meanwhile, rents in Queensland are currently at their highest level - increasing by $200 a week in some areas over the past two years.
With this added financial strain, it’s no wonder the divorce rate in the state is the highest rate out of all Australian states and territories (2.3 per 1,000 residents).
The Challenge For Separating Couples
The biggest challenge separated couples face is determining when to sell. For those who want a quick separation and to make some money, now’s a great time to sell, provided you get in quick.
Alternatively, if you want to keep the property, it’s a good time to do so (you might sell for a great price but finding another home of similar quality for a better price is near impossible). But you also want to make sure you get in quick with the property settlement.
Jennifer Hetherington, Family Law Specialist, says if you wait around, it may be impossible to keep your home.
“I had a client who desperately wished to retain the former family home for herself and the children. She had been delaying a settlement... Unfortunately, whilst that delay was occurring, the housing market improved, and the value of the property increased. Other assets in the property pool did not increase at the same proportion, so every incremental increase in the value of the house made her desire to retain it less achievable.”
What Do You Need To Do?
The best advice - don’t delay!
If you’re separating from your partner, don’t wait to start divorce and property settlement proceedings. The sooner you can get everything settled, the sooner you can move on with your life.
Quality divorce lawyers Sunshine Coast can help you make the process much less stressful.
