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The floor has sunken under Melbourne’s off-the-plan apartment market, with buyer concerns about flammable cladding and building faults leading many to drop out of purchases and shun the sector. From Domain:
A recent Four Corners episode highlighted build quality, citing academic research that found 74 per cent of Victorian apartment buildings examined had at least one defect.
One buyer pulled out of a new $2 million apartment purchase after the program, said CBRE managing director for residential projects Andrew Leoncelli.
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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.