Insolvent developers forced into fire sales

Earlier this week, we learned that construction insolvencies are booming, according to ASIC:

Insolvencies in the $150bn residential and non-residential construction industry remain at a high level… insolvencies in the three months to September jumped 78 per cent in Victoria, 41 per cent in Queensland and 7 per cent in NSW.

This was a significant contributor to the 5 per cent increase in year-on-year national defaults to 2309 across all industries, with 22 per cent coming from construction.

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