PHOTO: The Liberty One development

A Melbourne developer is offering a $500,000 cash incentive at a western suburbs apartment project as the industry looks to stimulate off-the-plan sales.

It comes as a senior Victorian property industry figure has urged state and federal governments to acknowledge their part in the currently “challenging” market.

Earlier this year an eastern suburbs developer offered to pay three years of private school fees for buyers, worth close to $100,000.

New apartment sales have suffered as a result of a wider market correction, lenders increasing their loan scrutiny and cutting back on the amount they loan, as well as government changes to off-the-plan concessions and increased taxes for global investors.