Builders Fall as Smart Money Bets Billions on Australia's Housing Recovery

While the headlines scream housing apocalypse, someone just wrote a $1.27 billion cheque for 26,400 undeveloped housing lots. Ingenia Communities CEO John Carfi has placed a contrarian mega-bet that the market sell-off is "bulldust," snapping up land banks in the biggest residential land deal in recent memory. At the same time, Melbourne's skyline got a luxury injection: the state government approved PDG's $1.5 billion "The One" tower opposite Crown Casino, featuring...