Gold Coast property investors have put more than 2,000 apartments worth an estimated $2bn uop for sale, but there are few buyers, highlighting the dire oversupply the city is facing.
Only 300 apartments are selling on average each year, which suggests there is anywhere between a FIVE and SEVEN year supply of apartments on the market, said KordaMentha partner Mark Korda.
.....Mr Korda said high asking prices and a reluctance by banks to lend for purchases had compounded the problem of oversupply.....NAB, WBC and other lenders such as ING, RBS and Suncorp are exposed to the unexpected drop in value of the apartments because of oversupply.
........looks ominous for apartments in QLD. I know the Perth high end apartment market has been stagnant for quite some time.
