10% of apartment buyers walk away

Nasty, via the AFR:

One in 10 off-the-plan apartment sales have fallen over during the past three months as lower valuations due to weaker demand and oversupply prompted banks to reject final loan approvals, forcing buyers to give up millions of dollars in deposits.

Out of around 35,000 off-the-plan settlements between March and June, 3041 have collapsed due to problems with a lower valuation, an analysis by Digital Finance Analytics showed.

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