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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Europa league: Inter Pressure Chelsea over Victor Moses

first_img United, hold a 5-0 first-leg advantage over LASK inter beat Sampdoria 2-1 last Sunday. Inter coach Antonio Conte who is happy to have a re-union with Moses having handled Chelsea before taking over at the San Siro, is understood to be desperate to reach an agreement with both United and Chelsea to allow the two players to feature, as they chase a much-needed piece of silverware. In Serie A, Inter are lagging behind Juventus and Lazio in third place, while Napoli knocked them out of the Coppa Italia in the semi-finals. Read AlsoVictor Moses reveals most important manager of his career In the Champions League, meanwhile, they were dumped out in the group stages and are now plying their trade in the Europa League. Meanwhile Inter face Sassuolo Wednesday in continuation of the league after the re-start following the covid-19 lockdown. Inter beat Sampdoria 2-1 on Sunday and will be hoping to consolidate against visiting Sassuolo who go into the tie fresh from a 4-0 defeat by Atalanta. FacebookTwitterWhatsAppEmail分享 Inter Milan are reportedly mounting pressure on Chelsea to grant on loan Nigeria international Victor Moses permission to play in the Europa league for the Seria A side. Inter Milan could be without loan pair Alexis Sanchez and Victor Moses for the resumption of their Europa League campaign in August – because Manchester United and Chelsea haven’t given them permission to play. The pair are both on loan from Premier League clubs, and have agreed deals which allow them to complete the Serie A campaign, but Sky Sport Italia reports that there is no agreement in place for the Europa League. The European competition begins when the Serie A season finishes, with Inter facing Getafe in the last 16, before potential matches in the quarter-final, semi-final and final if they progress but they could be without two star performers. It has been reported that Inter’s CEO Beppe Marotta is working hard behind the scenes to form an agreement with the two English clubs, which would involve giving them further compensation for the use of their players. Manchester United may be more wary of giving up Sanchez to Inter, given that they too will be competing in the same competition and could end up facing the Italian side in the latter stages. Loading… center_img Promoted ContentA Hurricane Can Be As Powerful As 10 Atomic Bombs2020 Tattoo Trends: Here’s What You’ll See This YearWho Earns More Than Ronaldo?Couples Who Celebrated Their Union In A Unique, Unforgettable Way8 Amazing Movies You Need To Watch On Amazon Prime8 Superfoods For Growing Hair Back And Stimulating Its Growth20 Completely Unexpected Facts About ‘The Big Bang Theory’7 Ways To Understand Your Girlfriend BetterThe New Lara Croft Will Really Surprise You6 Unforgettable Shows From The 90s That Need To Make A ComebackThe Best Geek Movies Of All TimeTop 6 Iconic Supercar Movieslast_img read more

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Operation Toys for Kids, Feed a Family Still Needs Donations for Christmas

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisWith volunteers all set and ready to go on Monday, Operation Holidays: Toys for Kids and Feed a Family are still in need of donations.Director, Wayne Trapp said gift wrapping will start next week, but the Vietnam Veterans of Alpena still need more items to provide for families this year.“The kids from 8 and up is the ones we need. Girls are the ones that are a little harder to get. $10 to $15 gifts are the ones that we are normally short of,” Trapp said.If you and your family are in need for the holidays, the last day for sign up is Thursday, December 14th. You can drop off gifts any day of the week between the hours of 8 am until 8 pm.Donations can be made until Christmas Eve. For more information you can reach Trapp anytime at 989–358–9085.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Medical Assistant Students to Hold Annual Christmas Craft ShowNext Accidental Shooting Sends One Person to the Hospitallast_img read more

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