Letter published 8 March
You’ve got to love real estate spruikers. They are so consistent and always so wrong.
David Morrell purports to be a buyers’ advocate. On 5th March in The Age he was saying how you can’t go wrong with “land banking” in Toorak. Well maybe.
Land banking is the quite revolting activity of buying up desirable land (often in the path of government infrastructure projects) and then holding out until you get your desired price. “Land bankers” (or should that be “bankers” with a “w”) help force up prices and slow down development. Their activities and profit seeking mean that the rest of us who want land for mundane uses such as housing ourselves end up paying more.
If David Morrell thinks this is good for buyers then I wonder what he has been smoking.
