Brisbane apartments have their Lehman moment

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No hiding it now, via the AFR:

A marketer is offering discounts of up to 39 per cent on apartments in a newly-completed residential development in a sign that Brisbane’s apartment oversupply may be biting.

Two-bedroom apartments in The Hudson development on Albion Mill marked down from $805,000 to $490,000, three-bedroom penthouses cut from $1.2 million to $960,000 and one-bedroom units reduced to $335,000 from $445,000 feature on the price list David Carter from Landmark Asset Services sent to clients this week.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.