From the Highrise Foghorn:
A dramatic change is set to take place in the Sydney apartment land market and a similar trend is taking place in Melbourne, albeit for different reasons.
Apartment land prices in these two cities have skyrocketed in recent years — particularly in Sydney — driven by Chinese buying of off-the-plan apartments in both cities and, in Melbourne, extensive buying of land by Chinese developers. However, the availability of Chinese money has recently been cut back substantially.
…And Harry Triguboff has decided to cut back on his longer-term output of apartments by substantially reducing his purchase of apartment land at current prices.
He believes that the increase in the price of land in Sydney is causing apartment prices to go so high that demand is being reduced or modified.
They say nobody rings a bell at the top but that sure sounds like one to me.
