PHOTO: 1-5A Cliff Road, Epping NSW. The developer has been unable to sell the combined 61 units at this location and neighbouring 6-10 Carlingford Road. CREDIT: DOMAIN
Scores of apartments in a multimillion-dollar Sydney complex will be sold in one line by receivers after the project’s developer fell victim to Australia’s property slump.
In a further sign of cracks in the apartment market, receivers and managers Newpoint Advisory are selling 61 units in the just-completed, multi-storey Elysee project in Epping in Sydney’s north-west.
The apartment firesale follows Sydney and Melbourne being branded the worst performing housing markets in the country, dragging down national dwelling values by 4.8 per cent, CoreLogic’s December data shows.
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