"Bank of Queensland is worried about a surge in people borrowing money to invest in small apartments, citing Brisbane and Melbourne as concerning spots.
Of particular concern was self-managed super funds (SMSF) engaging in the tactic, BOQ CEO Stuart Grimshaw said. He said the assumption was these one-bedroom apartments would appreciate in value, but it was a "risky part of the market" for heavily borrowed SMSF funds.
"I don't think it's long before ASIC will start looking at some of the sales methodology," he said."
Source: Courier Mail, page 77, 8 June 2013.
Be warned!
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