Last month, Research4 reported that 27% of new-home buyers in Melbourne defaulted on their lot purchase in the March quarter, compared with 2% at the same time in 2018. Colin Keane of Research4 claimed the rise in defaults was attributed to a range of factors, including that contracts signed in mid-2018 now being overvalued by as much as $45,000. Research4 also found that lot sales in Melbourne in the March quarter averaged just 539 a month, compared to the mid-2017 peak of 2,200.
Last week, 7 News joined the fray profiling land speculators facing financial ruin as Melbourne’s outer-suburban house & land market implodes:
