Property developers are shedding major apartment sites along the eastern seaboard as banks tighten lending to oversupplied areas, The Australian reports.

The article says that “Tougher lending rules have slugged the market, with investors unable to borrow as much to buy units and banks refusing to lend to foreign purchasers, stalling apartment projects”. Qualitas’ Group Managing Director, Andrew Schwartz, said, “Finance is definitely harder to obtain — project finance — banks are credit rationing and have been for 18 months”. Click here to read the full article in The Australian.