From AFR:
Reed Property Group is offering the handful of apartments left in the 228-unit Belise project in Brisbane’s Bowen Hills on a deferred settlement basis out of recognition of the difficult financing environment for investors, director Richard Ash said.
Under the plan, buyers who pay a “reasonable” deposit – of $60,000 or more – can take possession of a unit and pay monthly lease fees – equivalent to rent – and settle only in five years, when the developer would hand over the title, Mr Ash said.
What a deal! Lease a falling asset amid huge oversupply that you can’t rent because it isn’t built on the punt that in five years regulators will have allowed the return of an interest-only ponzi-scheme that has driven household debt to 200% of income.
They should change the name of the block to The Greater Fool.
