Off-the-plan apartment buyers bleed losses

Off-the-plan buyers of Australia’s biggest apartment complex –  Australia 108 – are haemorrhaging losses of up to 25%, after valuations plunged from their 2015 contract date. This has left many buyers better-off forgoing their deposits and walking away. From The AFR:

The local buyer, who asked not to be named, bought the apartment for $972,000 in 2015… With settlement due in December, the apartment has been valued (twice) at $725,000, a fall of 25 per cent…

Having paid a 10 per cent deposit of $97,200, he could be financially better off walking away than trying to fund the valuation gap…

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