Owners in Melbourne’s high-rise apartment towers are selling properties at a loss amid a tarnished reputation thanks to wild parties and crime.
Some city and Docklands buildings are tarnished thanks to the sheer volume of short-stay apartments and what happens there, such as the confronting death of Laa Chol, 17, who was killed at a party in an Airbnb apartment in the EQ tower in the CBD.
Landlords and vendors in the tower have been forced to reduce rents to lease properties in some cases, and vendors in the past 12 months have often sold at a loss. The Neo 200 building in Spencer Street has faced similar problems of failure to rent and slipping prices. It had a reputation for hosting short-stay tenants and also caught fire earlier this year.