PHOTO: Sydney’s Mascot Towers was evacuated in June after cracks appeared in the building
One of the country’s leading property experts has warned apartment owners have “contracted Australian real estate’s equivalent of the bubonic plague” and advised them to sell their homes ASAP to avoid further losses.
The glut of poorly-constructed units in Australia since 2000 will lead to continued distress for apartment owners, according to Propertyology Head of Research Simon Pressley.
He has warned of a looming apartment crisis and said unit owners banking on prices to recover were playing “Russian roulette with their financial futures”.
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