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Hot on the heels of data yesterday showing that roughly one in 20 Melbourne off-the-plan (OTP) apartment buyers abandoned their purchases in June, Robert Gottliebsen (“Gotti”) claims that Chinese are walking away from OTP contracts in Sydney:
The unthinkable has started to happen. The mass of Chinese property buyers who snapped up Australian apartments “off the plan” on the basis of a 10 per cent deposit have started to walk away from their agreements in Sydney.
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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.
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