Apartment prices have been falling so rapidly across Sydney’s residential construction hot spots that units are losing more in value each week than their owners earn in wages.
Exclusive data obtained by the Daily Telegraph revealed the biggest falls were recorded in the Sydney Olympic Park precinct and parts of the inner west and Parramatta.
Median unit values in these regions dropped by up to $145,000 over the past year, a rate of $2788 for each week and the equivalent of the average lawyer’s base income.
Concord unit values fell by an average of $538 per week, while apartments in Annandale, Balmain, Rozelle and Forest Lodge fell by $697 to $1634 per week.
Billionaire apartment king Harry Triguboff admits “the market is going down”. He has put one of his hotels on the market to finance his new Meriton developments. “I am not getting enough sales,” Mr Triguboff told The Australian.
