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The apartment glut has begun to hit Syd/Melb. Perth and Darwin apartment markets have already been pretty badly hit this past year. The trend downwards is pretty clear.
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AFRWEEKEND article :
Risk and fear rise as failed apartment deals reach $5b
May 27 2016 at 11:45 PM
Almost $5 billion worth of failed residential development deals this week and a growing number of apartments being sold at a loss is raising the levels of risk and fear in the property industry.
Apartments in Melbourne are selling for as much as 24 per cent less than their owners paid for them.
And some of the country's biggest builders and residential developers are turning their backs on billions worth of contracts because the numbers no longer add up.
AFR Weekend can report that in Brisbane, where there are jitters about an apartment oversupply next quarter, the offshore backed PDS Australia's proposed $1 billion apartment project at 545 Queen Street is on tenterhooks. Knight Frank have been appointed to on-sell the property that PDS bought for $82 million last year from GPT's wholesale office fund.
This comes after developer Mirvac and Western Australia's Metropolitan Redevelopment Authority terminated an agreement on Tuesday for the $3 billion Perth City Link precinct, where there were expected to be 1200 dwellings built.
In Sydney on Monday, media-shy construction giant Brookfield Multiplex ditched its contract to build Sydney's tallest residential tower – the Greenland City Centre – being developed by China's largest state-backed real estate group, Greenland. The $700 million, 235-metre tower had seen almost all its apartments sold off the plan.
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To read full article, press ESC button once article loads to freeze your browser before the subscribe to trial ad comes up, either that or do a search through google and click on the link to get there directly without any pop-up.
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AFRWEEKEND article :
Risk and fear rise as failed apartment deals reach $5b
May 27 2016 at 11:45 PM
Almost $5 billion worth of failed residential development deals this week and a growing number of apartments being sold at a loss is raising the levels of risk and fear in the property industry.
Apartments in Melbourne are selling for as much as 24 per cent less than their owners paid for them.
And some of the country's biggest builders and residential developers are turning their backs on billions worth of contracts because the numbers no longer add up.
AFR Weekend can report that in Brisbane, where there are jitters about an apartment oversupply next quarter, the offshore backed PDS Australia's proposed $1 billion apartment project at 545 Queen Street is on tenterhooks. Knight Frank have been appointed to on-sell the property that PDS bought for $82 million last year from GPT's wholesale office fund.
This comes after developer Mirvac and Western Australia's Metropolitan Redevelopment Authority terminated an agreement on Tuesday for the $3 billion Perth City Link precinct, where there were expected to be 1200 dwellings built.
In Sydney on Monday, media-shy construction giant Brookfield Multiplex ditched its contract to build Sydney's tallest residential tower – the Greenland City Centre – being developed by China's largest state-backed real estate group, Greenland. The $700 million, 235-metre tower had seen almost all its apartments sold off the plan.
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To read full article, press ESC button once article loads to freeze your browser before the subscribe to trial ad comes up, either that or do a search through google and click on the link to get there directly without any pop-up.
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
http://thebluefund.blogspot.com