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As unsold apartment developments hulk across Australia’s east coast amid the surge in completions:
The AFR reports that desperate developers are offering “eye watering” commissions of up to 13% in order to clear their apartment backlog:
Agents are being offered massive commissions of around $65,000 [13%] to sell two-bedroom $499,000 off-the-plan apartments in a Bowen Hills development about 3 kilometres north-east of Brisbane…
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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.