The tidal wave of high-rise apartments built across the East Coast has left recent buyers of off-the-plan apartments drowning in negative equity, according to new research from CoreLogic.
This research shows that more than half of newly constructed off-the-plan apartments in Sydney and Melbourne were worth less than the owners bought them for, whereas nearly a third of off-the-plan apartments in Sydney were worth at least 10% less. From ABC News:
60 per cent of off-the-plan apartments in Sydney, and 52.9 per cent in Melbourne, were valued lower than their contract price at the time of settlement…