Sydney apartments in spotlight as developers ramp up incentives to clear oversupply of stock
ABCDevelopers are offering special deals like paying 12 months of a buyer's mortgage, $50,000 "bonuses" and even furniture vouchers in a bid to help clear Sydney's apartment glut. Key points: Analysts say the deals are common in an over-supplied market But they warn buyers to be wary that the apartments may be overvalued Sydney apartment prices dropped by 6 per cent over the past year An oversupply of apartments, falling property prices and restrictions on foreign investors mean developers have turned to targeted social media campaigns in a bid to lure customers. In another Belle Property International is offering up a $15,000 Freedom Furniture voucher for its apartments and another, Tailor's Walk in Botany, is advertising a "$50,000 bonus". Sydney's median unit price in May was $678,199, with prices falling about 6 per cent over the past 12 months — less than the 10 per cent drop seen in house prices.
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