Mallessons are doing a rbisk trade in repossessing property of defaulters. The biggest area of distress is the so called 'student accomodation'.
Property purchased 18 months ago and valued for $325,000 with rental guarantee in Swanston street cannot get a refinance of $285,000 first mortgage right now. Thats $40,000 of hot air or a bank that cannot value rental guarantees. Even on a yeild calculation the figure was really an over valuation.
The Victoria Point project has several units going begging and agents are forming syndicates 'by invitation only' but with the word going round to every Tom Dick Harry and Chong in town.
It si not the real estate agents I blams but the man with a face like a human Bum John Howard for lying through the teeth about the great economy and creating the falsehood in the first place like he did when treasurer the 'bottom of the harbour' scheme.
