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I reported yesterday how the poison of negative equity was spreading with buyers of off-the-plan apartments having to find additional funds because settlement valuations have plunged. Brisbane’s 92-storey Skytower is a textbook example, with buyers scrambling to muster additional funds after bank valuations came in 25% short of expectations.
Today, The AFR reports that buyers in Brisbane’s Skytower are now looking to sell at 10% discounts:
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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.