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CoreLogic expects both Sydney and Melbourne to feel the impact of apartment oversupply for the next two years. A glut in both cities is seeing a significant number of new apartments being sold on valuations that are less than what was paid for off-the-plan. From The Australian:
“For units that were bought off the plan two years ago, so much has happened — there are fewer investors, fewer foreign investors and its harder to get finance,” said CoreLogic head of research Tim Lawless.
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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.