Apartment bust gathers pace

Via New Daily:

An apartment glut in Brisbane, Melbourne and Sydney will mean better deals for renters, but more pain for developers and investors for the next one to two years.

Pete Wargent, co-founder of property investment advisory firm Allen Wargent, told The New Daily that the current oversupply of apartments in parts of Australia’s major cities had made it much harder for landlords to find tenants and, consequently, had led to a drop in rents.

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