I saw on Brisbane Nine News Tuesday evening how inner city apartments have plunged in value. Example given was a 1 bedroom CBD apartment purchased for $450k in 2016 which just sold for $300k. Developers of new apartments in Brisbane are now offering between 25-40% off the original list prices for those buyers astute enough to ask and negotiate a purchase price.
A similar theme is now developing in the Sydney and Melbourne apartment markets too. A housing downturn invariably begins with the most marginal market and borrowers then filters through to the general market. It seems the tide is turning on Australia's housing bubble and there is nothing that governments, regulators, the banks or the RBA will be able to do to stem the tide.
