Over 2018 and early 2019, there were regular reports of house and land buyers across Melbourne tumbling into negative equity, resulting in buyers defaulting on thousands of sales contracts.
The below article, published in March 2019, encapsulated the issue that was developing:
Melbourne, which has been by far the hottest new property market, is facing a dramatic downturn, with a spike in speculators and first time home buyers selling off land lots without going ahead and constructing new homes.
