Meriton founder, “Highrise” Harry Triguboff, claims that the prices of apartments at the top end of the market have slumped by around 20%, compared with falls of 10% for other apartments:
Apartment kingpin Harry Triguboff said luxury units had the largest falls of around 20 per cent while units at the lower and medium range dropped 10 per cent…
“There is a very limited number of people who wanted to pay the top price,” Mr Triguboff said…
Mr Triguboff painted a harsher picture of the outlook for new developments than the relatively steady established home market.
Meanwhile, Stockland – Australia’s largest listed residential developer – has welcomed the Morrison Government’s new stimulus package:
“We would welcome any demand stimulus measures to support the housing and construction market, as rising levels of unemployment and a decline in projected population growth place downward pressure on buyer confidence,” Stockland chief executive, communities, Andrew Whitson said.
Always back self interest.