Skyline Apartment Prices Fall

It is not a surprise that the value of apartments in the over-hyped and over-marketed Skyline Towers are not holding up. For example, a 3 bedroom, 2 bathroom apartment sold for for $755,000 in 2008 off-the-plan. It is now listed for sale at $698,000, including all the furniture. This apartment is 142 sqm, and is rented for $850 a week. The apartment itself is a good size and good design, but is crowded out by a bunch of other buildings.

Some other examples:

• Apt 204 sold for $835,000 in 2008; resold for $755,000 this year
• Apt 393 sold for $840,000 in 2004 off the plan; resold for $800,000 this year
• Apt 401 sold for $970,000 in 2007; resold for $925,000 this year.