mortgagee

Pair this with bank valuers writing down the value of apartments a further 10 per cent to 20 per cent. In particular, apartments effected by massive oversupply and described as ‘Shameful': Melbourne lord mayor Robert Doyle slams as ‘dog boxes in the sky’. It’s double trouble for Melbourne CBD overseas investors, according to mortgage brokers.

For many, the additional 20 - 40% equity to achieve funding is not an option and the market is anxious that many will walk away from their purchase. Property developers are preparing for the settlement risks and potential flood of investment properties coming back onto the market, that will drive down apartment prices even further. Mortgage brokers estimate there are 90,000 apartments being constructed around the country that have been sold off-the-plan but are not yet settled.