Robert Gottliebsen (aka “Gotti”) has returned with another bawl at the pending apartment bust facing Melbourne:
A number of executives in our large banks paled this week when they read that a one-bedroom apartment in Melbourne had sold for $161,000. What happens in the apartment market in Melbourne will have a big influence on the Australian economy and the banks’ problem loans. A secondary apartment market that sells way below the values the Chinese and other off the plan buyers are paying is very dangerous…
