Desperate developers puke massive incentives for dud apartments

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As stalled developments hulk across Australia’s east coast amid the surge in completions:

The AFR reports that desperate developers are offering incentives of up to $90,000 in order to clear their apartment backlog:

Commission payments of between $30,000 and $90,000 – plus extra incentives for multiple sales – are being offered by developers to buyers’ and real estate agents, financial advisers and accountants to sell houses and apartments…

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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.