Bargain hunters are expected to flood the Queensland property market in coming months as mounting debt forces an increasing number of cash-strapped home owners to sell up in order to make ends meet, one expert has tipped.

The pinch of high interest rates and the rising cost of living is being felt across much of the country, but the very thing responsible for a plateau in the property market could be the thing that sustains it, independent valuer and real estate consumer advocate Iain Herriot said.

There is little relief from current economic conditions on the horizon, and as a result many property owners are expected to be faced with little option but to cut and run, Mr Herriot said.

The uncertain economic climate means banks and other financial institutions are likely to launch action against non-payment quicker than in more prosperous times, according to Ben Paris from Debt Mediators Australia.

Debt counsellors have seen a “major increase” in the number of people experiencing significant stress from mounting credit card and personal loan debt, Mr Paris said.

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DEBTS shrouded in secrecy and lies are tearing apart families buckling under increased cost of living pressures, financial and relationship counsellors say.

Ben Paris of Brisbane company Debt Mediators said some clients had hidden six-figure credit card debts from their partners.

“A lot of the inquiries we get are from people desperate to hide their debts from their partners,” he said.

“They feel embarrassed and like a failure and want to be able to make the problem go away without having to tell their loved ones. The fact that a significant number of people would rather get into debt than share their worries with those closest to them is a shocking indictment of the current state of people’s finances.”

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