I hope you didn’t buy an off the plan apartment:

Alarm bells are ringing for those who bought an off the plan apartment a few years ago. Investment bank UBS warned that three in 10 new apartments sold off the plan in Sydney are now settling with a lower valuation than the original contract sale price. And it’s much the same in Melbourne. This comes at a time when many banks are lowering their loan to value ratios for off the plan apartments meaning that investors have to find an even bigger deposit as the banks lend a lower percentage of a figure that is already less than the contract price. Of course we have been warning investors to steer clear of off the plan apartments for years and have never encoraged this type of property for clients in Sydney. Corelogic’s recent pain and gain report showed that the share of capital city apartments resold at a loss compared to the prior purchase price had risen to 14.3 per cent, the highest level since the 1990s.