Owners told to sell Melbourne apartments “ASAP”

Tuesday 8 September 2015

Following Melbourne planning minister, Richard Wynne’s, move on Friday to restrict new apartment buildings in the CBD to 24 floors, several property analysts have come out warning of large price falls as Melbourne’s apartments shift heavily into oversupply. From Domain:

“This financial year we will reach an oversupply,” [BIS Shrapnel managing director Robert Mellor] said. In the next financial year, 2016/2017, he said there would be a “significant excess” of apartments…

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.