Alarm bells in housing as losses widen

Original article by Elizabeth Redman
The Australian – Page: 17 & 21 : 30-Oct-18

UBS has reported that the percentage of capital city apartments that are being resold at a loss when compared to their previous purchase price has risen to 14.3 per cent, the highest since the 1990s. UBS also notes one in three homes sold off the plan in Sydney have a lower valuation at settlement when compared to the original sale price. Meanwhile, Fragrance Group has abandoned plans for an apartment project at 555 Collins Street in Melbourne. The site has been sold to a Charter Hall fund with the expectation that it will now be used for an office tower.

CORPORATES
UBS HOLDINGS PTY LTD, FRAGRANCE GROUP LIMITED, CHARTER HALL GROUP – ASX CHC, MOODY’S ASIA-PACIFIC LIMITED, AMP CAPITAL INVESTORS LIMITED, MORGAN STANLEY AUSTRALIA LIMITED

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