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Mirvac executive Stuart Penklis has told The AFR that about 20% of the apartments in its Pavilions project in Sydney Olympic Park have yet to be sold. In addition, about 3.5% of settlements have fallen through, compared with Mirvac’s overall average of less than 2%.
The Pavilions development is located near the ill-fated Opal Tower. Penklis says the problems at Opal Tower have adversely affected apartment values for other developments in that part of Sydney Olympic Park.
The Opal Tower debacle has no doubt tarnished the reputation of Olympic Park’s apartment developments, adversely impacting sales. However, the collapse in immigration is likely having a bigger impact.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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