High rise hell as prices slump

  • NEW unit owners, and developers, are learning a rarely taught lesson in Australian real estate. Pproperty is not always the golden ticket to increasing wealth.

A construction boom in central Melbourne has had industry experts talking oversupply on the apartment scene for months and now the predictions have proved ture – an increasing number of units have lost value even before they’ve been built. Other near-new units are reselling below their last purchase price.

READ MORE VIA NEWS.COM.AU

Apartments

Apartments in this Spencer St building in central Melbourne has been selling for less than their off-the-plan prices. A studio which fetched almost $300,000 in 2011 recently sold for $245,000.

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