Buyers in Beulah's $2.7 billion STHBNK Southbank towers want $57 million in deposits back after receivers put the site up for sale, sunset clauses allowing completion to 2034. Construction prices rose 40.8 per cent between September 2020 and June 2024. Maxwell Shifman said launch pricing looked too low.
As I told the Australian Financial Review: “I’m surprised they would have undersold that much at that time,”
I also said: “We knew by then what had happened to costs. I wonder if they were working off old cost estimates in doing the feasibility.”
And I added: “The Melbourne market has effectively been flat since the start of 2022,”
I went on to say: “The market’s not supporting higher prices.”
Australian Financial Review, 21 April 2026 — Read the full article