By Robert Carry
Property developers in south-east Queensland are being forced to offer units at heavily discounted rates due to cancellations on contracts signed off plan before the downturn, it has emerged.
Investors are snapping up heavily apartments units and are reporting savings of as much as 30% in some cases.
Many units are become available again after investors bought off plans before the downturn only to find themselves unable to secure finance.
According to the Australian Financial Review, developer Mirvac will auction 115 Brisbane riverfront apartments in the Softstone and Lushington buildings of its Tennyson Reach project.
Two-bed units in the projects were initially selling for $855,000 at the time of launch. The developer is reporting heavy interest in the sale with big discounts expected.
