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.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out