PHOTO: A property time bomb is on the horizon.
Thousands of investors face financial ruin because they won’t be able to settle the “off-the-plan” apartments they signed up to buy.
You see, industry insiders are worrying about a ticking time bomb, of which the average property punter is not even aware.
As if those who recently bought off the plan apartments didn’t already have enough to worry about with an oversupply of new apartments and tougher lending criteria, a recent report prepared by Corelogic for The Australian shows that nearly half of the new apartments that were settled last month in Sydney and Melbourne markets had valuations that came in at less than the buyer paid.
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