Other developments being sold on the cheap include Far East Consortium's multi-tower West Side Place, which will include a new Ritz-Carlton hotel.

The Gumtree ad, written entirely in Mandarin, says the first offerings in the development had been "robbed hot" and urges buyers not to miss out on the "Melbourne King". However, the prices appear to be lower than those advertised online by the project's marketing agent Colliers International.

Tougher criteria

Mortgage broker Paul Williams from Mortgage Choice South Melbourne said an increasing number of local real estate agents were contacting his office to find solutions for people who are yet to secure finance.

"We are assisting overseas-based buyers (expats and non-expats) who are currently unable to make settlements for high-density properties because they may have purchased a couple of years ago and had pre-approval prior to changes in lender policy such as tougher assessment criteria on foreign income combined with tighter LVR restrictions," Mr Williams said.

"As mortgage brokers, we have helped these clients by switching lenders, due to valuation shortfalls or lender policy changes from purchase or pre-approval time to settlement time.

"Unfortunately some borrowers purchasing off the plan have had to forfeit deposits, sell at a lower price than they paid, or raise significant extra funds.

"To ensure better outcomes for clients, we caution risk-averse people from buying inner or city fringe locations, when they are unable to cover valuation or lender credit assessment shortfalls."

Mr Williams said there was a silver lining for some first home owners, with some snapping up apartment bargains at the expense of investors.

"Prospective property buyers of off-the-plan apartments should always speak to a professional mortgage broker because we understand the appetite of each of our panel of lenders and can help secure the right finance," he said.