I subscribe to NMD and yes it is pretty cheap $200.00 p.a. if I recall but has no where near all the mortgagee sales on it. I gave it a plug earlier here but have more experience with it since then.
You might as well get it if you are after a motivated vendor but do not rely on this in isolation to find all the mortgagee sales it does not have anything like all of them.
I have no idea why the banks don't just sell them the information but they dont...
Surely it is in their interests for people to know so they can move homes?
Also the comment above about putting in mortgagee sales does not work for most either. The big 4 appear to tell RE agents they cannot advertise it as a mortgagee sale or perhaps it is the agents using their discretion not to. Either way many mortgagee sales (I suspect most!) do not get advertised at all. No one wants to scan the RE.com pages and see lots of mortgagee sales I guess.
Of course if you ask an agent they will happily tell you about a specific property indeed shout it from the roof top but not in the add on re.com if it is one of the big 4. If you ask for contracts you will see who the other party is say prior to auction but that is not even necessary they will just tell you the moment you appear interested in a particular prop if it is mortgagee in possession.
So doing the above two things gets you a handfull but you are better off working out which agent locally handles certain banks mortgagee sales, appears usually a particular agent deos them all in the case of my local, and telling them you want to know when they have one on the market.
Perth is easier as was mentioned by others in that above thread. A tell tale sign is a house on the market with one agent then off market for about 3 months and listed at a new agency and at auction... No one sells median style homes at auction in Perth except banks for reasons of transperancy I guess?. I assume they even do not sell many in this format from what I have seen (but only a few cases of experience for me) but maybe it is so later they have this to show they tested the market fully before realising a sale?
Edit: Looking at that other thread you pointed to propertunity, I don't agree with the sentiment there in the current market at least that they create more interest than normal properties. In a liquid market sure they can drop the price 2% - 3% and get a sale through and fast or even sell for a higher price for the reasons listed in that other thread. But in current market with a lack of liquidity the discount on a forced sale v not forced is significant and worth pursuing at least in places like around Perth at any rate.