The AFR has produced a detailed report on the apartment glut hitting Australia’s major capitals, whereby recent purchasers are finding it increasingly difficult to secure tenants and are having to either drop their asking rents or offer so-called New York-styled incentives, such as providing the first month free. The oversupply situation is reportedly worst in Melbourne:
Central Melbourne has over 17,000 new apartments in the pipeline and 5260 are under consideration for development approval…
