It's an emergency

Emergency property sales look set to take place in Australia due to the number of landlords going out of business in the economic downturn, it has been claimed...

According to Reuters, many banks in the Asia-Pacific region are refusing to provide funding to those in the property rental sector, forcing them to sell their assets in order to raise funds.

Noting that it will mainly be small operators that suffer from the inability to pay debts or obtain finance, the news source stated that "big discounts" on properties may be available, which in turn will "drag down prices for land".

"I think 2009 is going to be the year of trusts going private and assets being sold," Paterson Securities Analyst Jonathan Kriska was quoted as stating.

Earlier this month Australia, along with South Africa, was named as one country that is likely to attract British visitors during the coming months.

Source: www.propertyshowrooms.com