Nearly 20pc of Brisbane’s apartments empty amid oversupply: BIS Oxford Economics

first_imgApartments under construction in inner Brisbane. Photo: Glenn Hunt.NEARLY 20 per cent of the apartments in inner Brisbane are sitting empty and more than 50 projects have been shelved or ditched altogether as landlords struggle to survive the city’s oversupply crisis.More than 10,000 new apartments have been abandoned or deferred by developers in the past 12 months amid waning investor demand, rising construction costs and lending restrictions, according to a new report by economic forecaster BIS Oxford Economics. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE The building frenzy in the heart of Brisbane has been well publicised, with a rise in off-the-plan sales since 2013 allowing a greater number of projects to reach sufficient precommitment levels to begin construction. Apartments under construction in Newstead, Brisbane. Photo: Glenn Hunt.But record levels of apartment completions have tipped the market into oversupply, putting pressure on rents and prices and resulting in a growing number of “ghost houses”, according to the Inner Brisbane Apartments 2018-2025 Market Brief.There are signs things are improving though, with the latest CoreLogic Home Value Index revealing the fall in unit prices in Brisbane slowed by 0.6 per cent in the past month. Unoccupied dwellings comprised 17 per cent of total apartment stock across inner Brisbane on the night of the 2016 Census, according to the report. That’s up from 11 per cent on the night of the 2011 Census. FAMILY SNAPS UP A WATERSLIDE WONDER More from newsParks and wildlife the new lust-haves post coronavirus20 hours agoNoosa’s best beachfront penthouse is about to hit the market20 hours ago $400K PRICE JUMP IN JUST 1.5 YEARS COUPLE’S $43K-A-MONTH REAL ESTATE COUP BIS Oxford Economics senior manager of residential property Angie Zigomanis said many unoccupied apartments were kept as second homes or speculative investments, but a number were also empty because landlords simply couldn’t find a tenant for them. Apartment blocks at Portside, Hamilton. Photo: Claudia Baxter.“Some investor demand for IBA apartment stock may be supported by its relative affordability in comparison to equivalent apartment stock in Melbourne and Sydney, although this is unlikely to absorb substantial new apartments stock while the market is in oversupply,” the report said. “Coupled with restrictions on interest only loans (a mainstay of investors) and the Queensland government introducing a stamp duty surcharge for overseas investors, we expect to see significantly fewer projects being able to achieve the pre-sales requirements for projects to commence. “Sharply rising construction costs have also meant that developer’s margins have been eroded, impacting the next round of projects, particularly if there is a slump in prices making planned projects no longer viable.” The vacancy rate for the inner Brisbane area climbed to 4 per cent in the December quarter of 2017.center_img Angie Zigomanis, senior manager – residential property for BIS Oxford Economics.Mr Zigomanis said landlords would continue to struggle to find tenants for inner Brisbane apartments for another two to three years.“They’ll always be competing against the latest and greatest new stock, so they’ll need to offer incentives to make their properties more attractive,” he said.This financial year, BIS Oxford Economics estimates about 8,300 apartments will be completed in the inner Brisbane area — a new record annual rate of apartment completions. West End, Brisbane CBD and the Inner North areas are likely to see the highest number of apartments come to market, followed by Toowong and Woolloongabba.last_img read more

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‘A recipe for disaster’ – concern over unisex toilet for six-year-old

first_imgTVNZ One News 16 May 2016Family First has taken aim at an Auckland primary school’s decision to cater for a six-year old with gender identity issues by installing a separate unisex toilet.The short-term solution “fails to acknowledge the political ideology being pushed and the confusion it will cause to all children”, spokesman Bob McCoskrie says.Family First says it is disturbing is that our state education system is pushing gender ideology and assuming that a six-year-old has the cognitive ability and maturity to know that their biological sex is separate to their gender identity. “What children really need is affirmation of their unique personality and appropriate treatment for their unhappiness and other presenting emotional issues,” Mr McCoskrie says.Family First says research shows most children who experience gender dysphoria grow out of it by the time they reach puberty.The organisation says children are being misdiagnosed as transgender and parents are being encouraged to support rather than treat cross gender desires and behaviours.“Such advice is ultimately harmful to the child.”Family First director Bob McCoskrie“When adults and the Education Ministry are encouraging children to turn up to school confused about their gender and unsure whether to use the boys or girls toilet, it’s a recipe for disaster.“It is neither enlightened or loving to pretend we can just let children decide which gender they want to be.”https://www.tvnz.co.nz/one-news/new-zealand/recipe-disaster-concern-over-unisex-toilet-six-year-oldKeep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

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Rawlins misses out on maiden first-class century

first_imgARUNDEL, England, (CMC) – Young Bermudian all-rounder Delray Rawlins narrowly missed out on his maiden first-class century on Wednesday, when he made 96 against South Africa A on day one of a four-day tour match at Arundel Castle.Rawlins, a 19-year-old left-hander, struck 12 fours and a six from 191 balls in his 232-minute innings before he was bowled by medium pacer Junior Dala as Sussex, who won the toss, closed on 325 for seven.Rawlins looked set to reach three figures until he tried to whip a length ball from Dala through square leg and lost his off stump.Rawlins, who made history earlier this season by becoming the first Bermudian to play county cricket, was sixth out at 289 after adding 172 for the fifth wicket with a fellow 19-year-old, Guernsey-born Jonty Jenner, who made 68, following a pre-lunch collapse which saw four wickets tumble for seven runs.It was a maiden first-class half-century for both teenagers.Willem Mulder, also 19, was the pick of the South African attack with three for 46 from 13 overs.Rawlins made his first-class debut against Nottinghamshire in April, and hit a quickfire 41 in a rain-hit one-day match for Sussex against South Africa in May, but he has mostly been out of the limelight, making eight appearances for the county’s 2nd XI.An orthodox slow left-arm bowler, Rawlins will hope Monday’s knock will serve as a reminder to the selectors of the ability he showed in India earlier this year as he tries to force his way back into the first team on a regular basis.Rawlins was a star on the England Under-19 tour of India in January and February, averaging 78.42 with the bat. He struck two centuries and two half-centuries, and also claimed nine wickets.last_img read more

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Why Cook will never give up on his No.9 dreams

first_imgCook did his chances no harm with a strong 60-minute stint against Wigan on Saturday night, playing a hand in three of the Rabbitohs’ four tries.The 26-year-old is quietly confident the end of the chopping and changing with Robbie Farah is near after new coach Anthony Seibold declared he wants an 80-minute rake. Whether Cook is the man for the job will come down to the Rabbitohs’ Charity Shield fixture in Mudgee.”I obviously do want to be the number one hooker and will keep working on what I need to do and hopefully hold that position,” Cook said after his side’s 18-8 win.”I don’t think it’s good to never feel safe in a jersey, it’s always good to have that competition in a club as well. I want to get to a position where I’m trusted by the team and the coach that it is my position. But you’ve got to earn the right to do that, being in and out of starting sides.”Hopefully I get to a time where when he [Seibold] writes the team sheet out I’m one of the one’s who he puts down straight away.”Cook can name the players he has competed with over the years in the space of 10 seconds after stints at the St George Illawarra Dragons and Canterbury-Bankstown Bulldogs.He credits them for shaping his 49-game career, and providing the motivation to never lose hope of finding a sense of security.”I’ve always been in competition with other hookers and it brings the best out in me and makes me want to keep bettering myself,” he said.”I probably have to thank all those good quality hookers that I’ve been up against … Mitch Rein and Cameron King at the Dragons, Mick Ennis and Michael Lichaa at the Bulldogs, Cameron McInnes here and Farah … they’re all good quality hookers in the game. It’s good they push me along and make sure I work hard.”Off-contract at season’s end, Cook said Farah had shown no signs of slowing down and continues to push the Helensburgh junior.Farah moved to halfback against the Warriors during the 10-point win, before switching back into the hooking role when Cook left the field for a breather after half-time.”I don’t think Robbie has backed off at all, he’s won the Dally M hooker twice but over a period of years apart,” Cook said.”It shows how competitive he has been throughout his career. He’s just been good to have around. We’re different types of hookers but are learning from each other.”The healthy competition is bring the best out in both of us.”Rabbitohs kick-start 2018 campaign with win over WiganRabbitohs to keep Reynolds and Crichton on iceSeibold remained coy on who had their nose in front following the double header victory.”It’s a good battle between the two of them so we’ll have to go back and have a look and see where they fit into the group,” he said.”They’ve both had good attitudes during the pre-season and I thought that showed tonight. It’s a good problem for the club to have. They’re both quality players and they’re both putting the team first and we’ll have a think about it.”last_img read more

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