WBP Property Group is now valuing settling apartments “as much as 10 to 15 per cent” below the contract price, but that marks a return to fair value for units inflated by commissions developers paid partners including mortgage brokers, financial planners and overseas students to sell them in the first place, WBP executive chairman Greville Pabst says.
It’s most prevalent in Melbourne and Brisbane, but Sydney is not immune either, he says.
“These apartments were overpriced from day one,” Pabst says. “It’s not like prices are going to fall. They’re only going to fall to their true market value.”
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