Sydney and Melbourne shows that a big chunk of the more than $65 billion in approvals in 2013-14 and 2014-15 has now been initiated. The Australian mining investment boom was generally said to be worth about $100bn.
Australia’s biggest and best-funded developer, Harry Triguboff (Meriton), warned readers that the local banks have funded a significant proportion of this enormous figure. In past statements the Reserve Bank has warned of Australian banks’ exposure to property development. The problem is that another part of the bank has loaned billions to developers. In 1990, the banks ended up effectively owning or controlling large amounts of real estate, which they usually sold at a loss.
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Date: April 11 at 7:56 PM
Published by: The Australian
Reporter: Robert Gottliebsen
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Category: Australia Real Estate