Australia banks blacklists 140 suburbs for apartment lending fearing over-supply, property prices about to collapse and news of an Australian property bubble. Other related headlines on the web: #Australian property bubble #property prices about to collapse #Uncovering the big Aussie short #biggest housing bubbles in history #apartment over-supply

AMP 'blacklists' more than 140 suburbs

apartment lending
The main Melbourne focus is the central business district and nearby Docklands and Southbank, where large numbers of high rise complexes continue to be built.

Reported in the Australian Financial Review: Apartment lender AMP 'blacklists' more than 140 suburbs for apartment lending

Average losses were about $40,000, or about 10 per cent, between agreement to buy and pre-settlement valuation, which is required by lenders to assess any changes in value and he amount of money a lender can borrow.

Buyers have to bridge the gap between the purchase price and final valuation, which can result in contract breach, deposit loss and, potentially, legal action by vendors.

Link: Originally reported by the Australian Financial Review

Date: March 23 at 11:42 AM
Reporter: Duncan Hughes
Published by: Australian Financial Review
Video: Watch on YouTube - Watch on YouKu
Category: Australia Real Estate