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Developers working with buyers on settlements

Property Markets / Outlook

Australia

Mar 22 2018

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Apartment developers will work closely with their buyers to held them settle, amid Australian credit curbs and tighter controls on getting funds from China. 

Developer Poly Australia has had 50 buyers onsell apartments prior to settlement, at its 501-unit Poly Horizon project in Epping, with 7 per cent of those sold to Chinese-based buyers considered high-risk. 

Poly Australia sales director Jay Carter said its started contacting buyer from June last year, when settlement was due. 

Mr Carter said the group was working with substitute buyers of the 50 apartments already onsold. 

Of resold apartments,  between 10 and 15 were caused by personal circumstances, with the remainder caused by either APRA-inspired restrictions preventing people from getting funds out of the country. 

Mr Carter said Poly was not offering buyers finance, and was now working with substitute buyers of the 50 apartments already onsold.

Photo by Samuel Zeller on Unsplash

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