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1.Market Observations

21 Aug 2014 (AFR) – Landlords hit by glut of apartments

(21 August 2014, AFR, p5, Michael Bleby)

‘Jason Plevras paid $600,000 for a two-bedroom apartment in Melbourne’s Southbank last May. The off-plan unit was one of 237 in the 15-storey Sunday Apartments on ­Coventry Street that went on the market around the same time. The real estate agent assured him he would have no trouble finding a tenant, Plevras says. “I remember when I was signing the contract to buy, I made clear that I was worried we won’t be able to rent it,” the 33 year old says. “They said ‘renting will never be a problem. You’ll always have tenants’.” He waited three months before ­advertising the unit. His starting price was $600 a week, but that went down to $525 before it rented. It’s been a “yo-yo” of tenants coming and going ever since, Plevras says.’

Read the full article at AFR.com (might need AFR login access)

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