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.

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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