Flood of divorce sales to hit market

PHOTO: Total listings are expected to drop by about 60 per cent during the COVID-19 crisis. Source: istock

Divorcing couples seeking a swift home sale are expected to put downward pressure on Sydney property prices during the coronavirus pandemic.

Splitting couples already account for close to one in six Aussie home sales each year and the proportion of divorcee sales is forecast to rise as other sellers withdraw their homes from the market.

The increased time some families spend together over lockdown may be an additional factor driving the forced sales, with social isolation putting strain on relationships that were already showing cracks.

Real estate agents said they were bracing for a pattern similar to one witnessed every January, when there was often a spike in divorces.

A frequent factor bringing these divorces to a head was the increased time couples in rocky relationships spent together over Christmas and the holidays – along with New Year’s resolutions.