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Nearly half of new apartments in Sydney and Melbourne are now valued less than what the buyer paid off-the-plan.Despite approvals for new projects falling sharply, CoreLogic data says Australia’s two major property markets willhave an oversupply in the next two years which will further weigh on the falling property market. The data found 45 per cent of new apartments in Sydney settled in February were valued less than the off-the-plan purchase price compared to just 18 per cent a year earlier.

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