Buyers abandon house-and-land deals


The COVID-19 pandemic is devastating the new housing market, with around a third of purchases – most of them first-home buyers – cancelling contracts before settlement, according to Financial Review Rich Lister Nigel Satterley. “In our Perth estates, 35 per cent of buyers are cancelling their contracts, and in Melbourne, the figure is about 30 per cent” Mr Satterley told The Australian Financial Review.

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