19 August, 2013

Unsellable apartments in Melbourne

Further to the post below we attach an article from The Age -19 August 13- in which a 15 square meter apartment in Carlton listed for sale at $165.000 has been pulled off the market because the banks won't accept it as security. We don't blame them, who would want to buy one? 

There are many of these apartments being built by overseas investors to let to students and 457 Visa holders. Most are of poor quality - see the post 5th July 13 below- and after a few years they will become the future slums of Melbourne.

To give you an idea of just how small they are, the one bedroom bedsits are about the size of a small car parking space or small caravan.
Why are we allowing this downgrading of our city by money grubbing overseas investors ?

For more on this subject click on the attachment above.

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