CBD apartment owners told pandemic not to blame for losses

Melbourne apartment owners are offloading empty property in the CBD, blaming COVID-19 for losses of up to 40 per cent.

But Managing Director of Twig Real Estate, Phillip Middlemiss, told Dee Dee Dunleavy the coronavirus was not the only factor involved.

“Look at what the investors originally paid for the properties,” he said.

“A large number of these properties would have been purchased I imagine back in 2010, 2014.

“I can tell you now the rates per square metre for those purchases were healthy to say the least.

“Quite often uneducated investors were given a promise of look what Melbourne has done, look at its progress, you should be buying one of these.

“I think personally a lot of them paid a lot more than what they should have back in the day.”

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