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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Sunday Blog: The most important decision the Wellington City Council will make

first_imgCommentary by Tracy McCue, Sumner Newscow — The six Wellington City Council members and the Mayor just got busy in what most likely will be the most important decision in their elected tenure — finding a new Wellington City Manager.The whole idea of getting a new city manager for Wellington is a bit nerve wracking. I’ve come to observe as a news reporter it is arguably the most important job in Wellington. The city manager not only has to be a CEO of a $28 million a year corporation locally owned by stockholders known as city taxpayers, but he/she has to be an ambassador for Wellington, oversee several department heads, work closely with the county and schools, keep a budget, proceed with economic development, keep abreast of important issues down the pike and be held under a microscope of public scrutiny.He/she is Wellington’s Barack Obama, or George W. Bush for those staunch Republicans out there.I find myself amused with a couple of comments on this website. One suggested we should just hire within or merge two jobs into one like the city manager and the finance manger. Someone else suggested we should hire only a hometown boy, who understands Wellington. I’m thinking we should look under every rock, over every bridge, and even take trips to the no-longer-planet Pluto to find the best candidate for the job.A good city manager is everything to Wellington.A poor city manager is a disaster.If the right person happens to be a hometown boy or someone within the current city of Wellington, I say fine. If it happens to be outside the perimeters of south-central Kansas or even Pluto, I’m fine with that too.Just hire the right guy or gal, council. The town needs it.The City of Wellington is not an easy gig. An abundance of tax revenue is always elusive. There is never enough money for the crumbling roads, a decaying sewer line underneath, or sustainable manpower and equipment to keep up with Mother Nature and her hubby Father Time. Sustainable economic growth that adds to the tax revenue base, rarely comes easy if not at all. While Oak Tree Inn is expanding its lodging because of an influx of railroad business, there is still a desperate need to land a motel/hotel for transient traffic. There is always a need to attract events and sustain those events we currently have so other people can come to the community to spend money.There are the utility rates, and Wellington’s relationship with mammoth utility companies so we can get the best rates possible.There is always that unanswerable question of what the oil industry will do next, whether indeed there are oil reservoirs underneath to tap into. And what position will the city of Wellington take if the oil boys come knocking saying there is?And at the root of everything is water. Do we have enough of it to sustain ourselves and possible future growth? How do we balance business potential, with the need to keep our water supply replenished and safe?Let’s not forget a city manager spends a lot of time trying to keep the electorate happy – especially the city council member who are responsible in your hiring.City managers attend lots of meetings – and meetings not considered meetings.Yep, the city manager job is a daunting job indeed.On the other side, they are corporate CEOS, but paid less. We are basically asking someone to step in to run our $28 million a year operation, who may be paid much, much, MUCH more in the private sector.The pool of good candidates for a city manager position, as it is for any community, is limited. It’s imperative Wellington has a competitive wage to at least compete with other towns of similar size when we do our job search.Then there is the question of philosophy to consider. What type of city manager do we want? In my lifespan at the 67152 address, Wellington has had two city managers with two very different styles.Carl Myers was a conservative by-the-book type in the 1990s and early 2000s, who held the finances in order and was a stickler for detail and conforming to the rules. While Myers was instrumental in getting such city projects completed as downtown renovation, a new aquatic center, etc.; he wasn’t always conducive for progressive business growth. And he was a bit thin skinned.On the other hand, Gus Collins was definitely more business friendly and seemed not to care what you and I thought. I liked that he never carried a grudge when he didn’t like one of my articles. But his gun-slinging ways, occasionally raised more than a few eyebrows from time-to-time. Collins greatest gift was getting people to move forward on projects, building relationships throughout the community, being a city ambassador, and being well spoken. From an economic development standpoint he most certainly will be missed.It will be interesting what transpires over the next six months with this search.I personally like the current condition of the city of Wellington. The city has a firm five year capital improvement plan in place. The city departments appear to be stable and have good working relationships with one another and the public at large.I have never seen a time where the various governmental entities worked more in harmony than at this moment. It was horrible when I first moved here.Best of all, the city has not gotten itself caught up in too many side-tracking controversies as of late other than your usual complaining about taxes, bad roads, roundabout intersections, etc.But periods of peace don’t last long. It takes just one scandal, one setback, one bad argument, one economic collapse to veer a community off course.If I was a going to bet on what will be the most important issue of the next city manager’s tenure, I’m guessing it will be the survival of Sumner Regional Medical Center.It will be up to the new city manager along with SRMC Administrator Leonard Hernandez, the hospital board, the city council and the community at large to figure out a way to make that happen.That new city manager, whomever that may be, has a huge task in front of him/her.Let’s hope the next city manager is the right city manager.Good luck, Wellington City Council. It’s not like I’m putting any pressure on you.Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (3) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. +8 Vote up Vote down Charlie Jeffries · 328 weeks ago I was appointed to set on the hiring committee back in the early 90’s when we hired Carl Meyers. It would have been nice to have a crystal ball as the committee sorted thru the stack of resumes to pick out candidates to interview. It’s like sitting on a jury, all trying to agree on one outcome. I feel we did a good job with the selection, and wish the new committee all the best. Report Reply 0 replies · active 328 weeks ago +10 Vote up Vote down anonymous · 328 weeks ago Integrity and character are everything. Good luck to all in this matter of import. Report Reply 0 replies · active 328 weeks ago +1 Vote up Vote down Life is good · 328 weeks ago As with any company the CEO is responcible to the stockholders which is the taxpayers in this case. If we don’t like what he is doing we will fire him. Report Reply 0 replies · active 328 weeks ago Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more

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Fantasy Football TE Sleepers: Ian Thomas, Irv Smith Jr., and Taysom Hill (?) among potential breakout tight ends

first_imgThe tight end position features only a handful of truly elite options heading into 2020. Travis Kelce, George Kittle, Darren Waller, Zach Ertz, and Mark Andrews were the only five tight ends who scored more than 200 fantasy points last year. Fantasy football owners who cannot land one of those five options (and Evan Engram and Hunter Henry) must be on the lookout for the right TE sleeper or potential breakout later in their draft, even if that means drafting a backup.  Here’s a closer look at nine potentially undervalued TEs, from those who will go in the middle rounds to those who might not be drafted at all.  2020 Fantasy Sleepers:Quarterback | Running back | Wide receiverFantasy Football TE SleepersHayden Hurst, Falcons  Hurst won’t have to share targets in Atlanta as the main option, and that increased role should lead to more production with Matt Ryan. Hurst’s reliability is a huge plus. He had 43 catches on 62 targets – a catch percentage of 69.3 — the past two seasons. Expect career highs in receptions, yards and TDs, perhaps even on par with Austin Hooper’s averages the past two seasons in Atlanta (73 catches, 92.5 targets, 723.5 yards, five TDs). Jonnu Smith, Titans Smith is another reliable target, catching 35-of-44 targets last season. There is a boom-or-bust-factor at work, as Smith also had four games with no catches in 2019 and relied on big plays in other games to pad his stats. Still, the increased consistency in the second half of the season showed his potential, and with Delanie Walker officially out of town, he should see a big uptick in targets. Given his explosiveness, that could mean big things at a traditionally touchdown-reliant position.Mike Gesicki, Dolphins  Rookie quarterback Tua Tagovailoa is going to need a safety valve when he eventually takes over, and Gesicki fits that description heading into his third season. Gesicki put up 20 catches, 49.6 yards per game and three TDs in Miami’s final five games in 2019 – a consistent run of production that would make him an every-week starter over a full season.  Ian Thomas, Panthers Thomas put up modest totals with revolving-door quarterbacks in his first two seasons with the Panthers, but the addition of Teddy Bridgewater — and more important, the official exit of Greg Olsen — gives the third-year tight end a new-found opportunity. Thomas might be a better fit in PPR leagues early in the season, and he’ll need to score more TDs to be an every-week option. Still, he won’t cost much on draft day and has big upside in Carolina’s ball-control offense.  Chris Herndon, Jets  Herndon was a legitimate sleeper pick heading into 2019, but he missed most of last season because of suspension and a fractured rib. He averaged 12.9 yards per catch with four TDs as a rookie, and the key will be recapturing that rapport with third-year quarterback Sam Darnold. Some of that sleeper shine has worn off Herndon, but that could make him a sneaky post-hype value pick in the later rounds.  Blake Jarwin, Cowboys  Jarwin gets the chance to emerge in Dallas’ offense now that Jason Witten, who signed with the Raiders, is out of the picture. That means more receptions and yards, but that’s not the biggest upside to taking Jarwin. Seven of Jarwin’s 31 receptions last season went for 20 yards or more, and he will continue to be a down-field threat and red-zone target given the receiving talent the Cowobys have around him.   Irv Smith Jr., Vikings  Smith had two games with more than 50 yards receiving as a rookie, but he is poised to make the jump in his second season. A 76.6 catch percentage shows that Smith makes the most of his targets. Smith still is fighting for looks with veteran Kyle Rudolph, however, so the key will be taking advantage of red-zone opportunities and converting big plays when given the chance. Given his athleticism, Smith Jr. has major upside.  C.J. Uzomah, Bengals Uzomah’s production slipped last season, but the good news is he no longer has to split targets with Tyler Eifert, who left for Jacksonville. That, coupled with the addition of rookie quarterback Joe Burrow – should lead to a more prominent role in the offense. If Uzomah can revert to his 2018 form and tack on a few more TDs, then he will emerge as at least a streaming option in standard leagues.  Taysom Hill, Saints Hill is now listed as a tight end/flex play in ESPN leagues for 2020, and that adds to his switch-blade appeal in any format. Hill had 19 catches on 22 targets last season, and he scored seven TDs on just 46 offensive touches. Hill had more than 50 total yards in just one game, but the TD appeal at the position is nice.last_img read more

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