Melbourne west land bust triggers Gumtree flood

Monday, 29 October 2018

We’ve been tracking the building western Melbourne land bust for some time now. Last week Stockland warmed it up up:

Stockland’s $700 million The Grove Estate on Davis Road in Tarneit, about 28 kilometres west of the Melbourne city centre, is up for sale to a select group of buyers for a price understood to be between $150-$170 million.

…It is understood Stockland will you use the proceeds of The Grove Estate to fund a buy back of its securities, which are currently trading at a discount to the net value of its assets.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.