澳洲十分一 off the plan apartment 不能成交

在澳大利亚地产投资



所以房價是不是又要漲了？

來源：https://www.afr.com/property/res ... pse-20200630-p557iw

One in 10 off-the-plan apartment sales have fallen over during the past three months as lower valuations due to weaker demand and oversupply prompted banks to reject final loan approvals, forcing buyers to give up millions of dollars in deposits.
Out of around 35,000 off-the-plan settlements between March and June, 3041 have collapsed due to problems with a lower valuation, an analysis by Digital Finance Analytics showed.
This amounted to a potential loss of $87.6 million in deposits alone, not including the other charges developers impose when buyers pull out of the sale.

Around 550 apartment sales in Sydney's inner west and eastern suburbs, in places such as Pyrmont, pictured, were rejected by banks over the past three months.
In Sydney's inner west and eastern suburbs alone about 551 apartments failed to settle, as did 457 in Melbourne's inner suburbs during the same period.
Off-the-plan values have dropped between 10 and 15 per cent during the past 12 months on average, higher than the previous year, Digital Finance Analytics principal Martin North said.
"Values are likely to fall further, given the oversupply in the sector," he said.
The proportion of off-the-plan apartments racking up large losses in values at settlement has surged over the three months to May, CoreLogic data shows.
More than half (52 per cent) of the 3389 off-the-plan properties across Sydney had a lower value at settlement compared to the contract price.
Values fell by more than 10 per cent for one in four (26 per cent) Sydney apartments since the contract was signed, which is likely to have been in 2017 before the bank regulator tightened the lending rules on property investments.
Across Melbourne, more than one in two (51 per cent) of the 4173 off-the-plan apartments were worth less at settlement compared to their purchase price.
Values plunged by at least 10 per cent for one in five (20.9 per cent) apartments since the contract was signed.
In Brisbane, 41.7 per cent of off-the-plan properties have lost value since being purchased, 49.4 per cent in Perth, 25.4 per cent in Canberra and 20.7 per cent in Adelaide.
Compounding effect
CoreLogic research analyst Eliza Owen said these trends were not just a result of COVID-19 but the pandemic had made it worse.
"Undervaluation of off-the-plan apartments across Sydney and Melbourne has been rife over the past two years, averaging 46.4 per cent in Sydney and 42.7 per cent in Melbourne," Ms Owen said.
"This is the result of falling levels of investor interest off the back of temporary prudential lending measures, against increased levels of apartment completion across these cities.
"However, COVID-19 will have a compounding effect on some off-the-plan unit markets through border closures and job losses.
"The additional downward pressure on rent returns created by localised increases in vacancies will make inner-city apartments less desirable, and this could lead to an increased portion of under-valuation events for off-the-plan apartments."
Homeloanexperts.com.au managing director Otto Dargan said bank valuers were often more conservative than the market itself.
"If the market drops 1 per cent, then valuations will often come in 5 per cent lower," Mr Dargan said.
"Lenders will usually ignore the purchase price if buyers signed the contract a long time ago and will instead use the bank valuation.
"This means that they will lend you less if you have a low valuation, which can leave some purchasers who don't have extra funds unable to complete their purchase and lose their deposit."
Heightened risks for off-the-plan buyers
The bigger risk is for buyers who have lost their jobs or had their income reduced in the last few months and no longer qualify for a loan, says Rise High Financial Solutions Marissa Schulze.
"If you can't proceed with the purchase, you risk not only losing your deposit but also paying up for damages if the developer can't sell it for the same price," she said.
"It's the same as going to an auction without finance, then scrambling to get a loan after winning the property.
"If something does fall over and you can't get finance you stand to lose a lot of money."
Suburbanite principal Anna Porter expects things would get worse for the sector.
"I think there's a looming crash in off-the-plan properties in oversupplied areas because buyers are walking away, despite large financial losses," she said.


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