Via the AFR:
Financial Review Rich Lister Nigel Satterley, the country’s biggest private residential land developer, is changing his development strategy amid growing concerns about the stability of the housing market and the emergence of speculators in Melbourne.
…Amid the boom in land prices and shrinking affordability, Mr Satterley said he was also concerned at the growing number of speculators in the Melbourne market and the emergence of a secondary land market, where buyers are attempting to sell-on lot contracts for profit on websites like Gumtree, before settlement.
