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RBA Inner-City Apartment Alert Rises; Banks in Good Shape

By Tony Seruga

Oversupply in Brisbane, Melbourne is ‘coming to the fore’
Non-performing mortgage loans picked up though remain low

Australia’s central bank intensified its alert on a potential apartment glut in central Melbourne and Brisbane, even as it reassured that the banking system remains in good shape.

“Risks around the projected large increases in supply in some inner-city apartment markets are coming to the fore,” the Reserve Bank of Australia said in its semi-annual Financial Stability Review Friday. “There are signs that some settlements are taking longer and lending valuations are coming in below their contract price, though settlement failures to date remain low.”…

RBA Inner-City Apartment Alert Rises; Banks in Good Shape

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