And so it begins. Market prices crack first. Later comes the economic fallout. We had the price bust now for the casualties, via The Australian:
The collapse of the prolific east coast suburban apartment developer Ralan Group, headed by British-born William O’Dwyer, owing creditors at least half a billion dollars has highlighted the fragile state of the high-rise property market.
The Sydney and Gold Coast developer fell into hands of voluntary administrator Grant Thornton as unit builders remain starved for credit amid warnings that settlement defaults could soar over the next 18 months.
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