It has come to my attention that there is an estate where the developer and their builder friend have successfully sold all lots to foreign investors. The properties have been sold with the intention of all homes to be put on the rental market with all proceeds heading off shore.
This type of selling and marketing has many long term effects on the surrounding estates and neighbourhood. The 200 plus properties are being built by one of Melbourne's largest house builders and they should know better. These properties once finished will flood the rental market and will certainly put downward value pressure on all surrounding homes. Yes we know rental properties are required by many and I do not doubt that fact, however there should be a mix of home owners and rental properties. I feel this deal was not well thought out by the two parties concerned and everyone in the area will pay dearly. A very irresponsible deal with anything for a quick buck. Shame on them.