With property prices are falling across Sydney and Melbourne, people who bought off the plan some time ago and are settling now are likely to be in for a rude shock.

Three out of 10 off-the-plan apartments that settled in September in Sydney were settled for a lower valuation than the original contract sale price, figures from property researcher CoreLogic show. That is more than double the percentage a year ago.

Many off-the-plan buyers are in for a shock when they come to settle on the property and the value is lower. Credit:Glenn Hunt

For Melbourne, the news is almost as grim, with 28 per cent of off-the-plan apartments settling for a lower valuation.

Lenders having toughened their lending criteria over the past couple of years and buyers settling with lower valuations might have to top-up their deposits or struggle to secure finance.