Off-the-plan apartment buyers drown in negative equity

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:

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