Labor frontbencher David Feeney has admitted to an “omission” over a $2.3 million home in his Melbourne electorate which he negatively gears after he failed to declare the asset on parliament’s register for more than two years.

Sales of new residential properties to offshore buyers could be much higher than local banks ­estimate, with about one in four developments bought by foreigners, ­raising risks for banks and the economy, warns ratings agency Fitch Ratings.

Apartment developers may be forced into firesales because of the stance some banks have taken towards off-the-plan apartment buyers according to the principal of Development Finance Partners.