Speaking with friends in Brisbane. Massive deals on Apartments and an increasing number of horror stories.
How about large 3 bedroom plus study apartments with 2 car spaces at exactly the same price as they were in 2008? Great investment huh?
How about apartment developers giving back “cash in hand” up to 10% of the purchase price so that transfer duty is paid at full price to effectively disguise what is really going on in the over supplied market? Dodgy huh?
Agents actively encouraging buyers to submit “low ball” offers to get a sale and commission quickly! Nice one people.
One yet to be completed project has lowered its official asking price for 2 bedroom apartments by $90,000 in 6 months. No takers. No offers. No sales. Savvy apartment buyers in Brisbane are inspecting displays in ever increasing numbers but both hands are shoved deep in their pockets!
It’s the start of an avalanche.