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PROPERTY
mullokintyre
post Posted: Jan 1 2019, 07:37 AM
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In Reply To: nipper's post @ Dec 31 2018, 05:25 PM

Lot safer being the only member of the "strata title body corporate".

Mick



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sent from my Olivetti Typewriter.
 
nipper
post Posted: Dec 31 2018, 05:25 PM
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In Reply To: nipper's post @ Dec 31 2018, 03:41 PM

QUOTE
...The surprise about the problems at Opal Tower in Olympic Park is it was an expensive apartment tower. A two-bedroom apartment there is advertised for $930,000. Opal Tower’s structural failure is extremely bad news for the apartment market overall.

Market expectations are that top-end developments are put together with care and due diligence. If buyers can’t even trust top-end developments then the whole market for new apartments could have a problem. When buyers can’t tell which developments are high quality and which are not the only way to be safe is to stop buying new apartments altogether. That would be a big negative for apartment prices.

Even worse is if banks can’t distinguish between good quality apartments and bad. Banks make mortgage loans cheaply because they are backed by the underlying asset. The bank gets to own the home if you default and it can get its money back. This is the difference between a mortgage (interest rate 4 per cent) and a credit card (interest rate 18 per cent).

If you default on a defective apartment with structural problems the bank is stuck with something it can’t easily sell. They don’t want that. If banks stopped lending for the purchase of new high-rise apartments then the bottom would really fall out. There is no signal yet they plan to do that. But after Opal Tower’s problems you can bet they are reassessing all their lending policies...

https://amp-news-com-au.cdn.ampproject.org/...586a81a938e7337

- I'm happy enough to own my land and well as the walls and roof (n not share with anyone) !



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: mullokintyre  
 
nipper
post Posted: Dec 31 2018, 03:41 PM
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QUOTE
Opal Tower: 'Fridge buyers have better consumer protection than apartment buyers'

https://mobile.abc.net.au/news/2018-12-26/s...lained/10668936



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Dec 19 2018, 06:09 PM
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Australian Prudential Regulation Authority said on Wednesday it would remove the cap on January 1 after it “led to a marked reduction in the proportion of new interest-only lending, which is now significantly below the 30 per cent threshold”.

APRA introduced the limit in March 2017 amid concerns about a housing bubble. Residential property prices in Australian major cities have since fallen the most in three decades.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Dec 17 2018, 08:32 PM
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In Reply To: triage's post @ Dec 17 2018, 06:26 PM

Indeed .. a transfer of wealth from the locals to the newly arrived.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
triage
post Posted: Dec 17 2018, 06:26 PM
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In Reply To: nipper's post @ Dec 17 2018, 03:23 PM

Could be Canberra's first multistorey cathouse, a new take on serviced apartments. rolleyes.gif Seriously what with the number of nail and eyebrow and massage shops that are filling in all the empty retail space in various shopping centres in the ACT we are probably not that far from going there (though I am constantly amazed by how busy even out of the way nail salons are, not only in Canberra but in rural towns).






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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 


nipper
post Posted: Dec 17 2018, 03:23 PM
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In Reply To: triage's post @ Dec 17 2018, 12:55 PM

yes, it was in the Canberra Crimes. It think the corner of Rudd and Moore St in the city. Currently 4 storey bldg, empty apart from the cafe on street level. With the glut of office space in town, premium stuff to come on the market, no demand for B grade 70's and 80's without green credentials, the owners probably have little choice but to differentiate their offering. A race to the bottom, really. It will become a ghetto, though new industries - visa, marriage advisory, etc - will possibly spring up. Plus of course as no-one will own a car nor be able to garage it, bike and share car offerings.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
triage
post Posted: Dec 17 2018, 12:55 PM
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In Reply To: nipper's post @ Dec 17 2018, 09:47 AM

Interesting, nip, thanks for that (is it from the soon-to-be-sold-or-closed-down Canberra Times?). My reaction:

1. they are just mimicking a Hong Kong fad (no doubt attempting to attract Chinese students &/or investors).
2. Those so-called micro-apartments are not so squeezy - micro apartments or nano units in HK come in at about 12 sq metres, that is 60% the size of even the smallest of the units in the Canberra proposal.
3. so sad, even in Honkers the fad of the micro apartment seems to have passed. Since this linked article was published last month one of those Tuen Mun projects mentioned have stopped its marketing campaign after they sold only 3 of the 150 units that they had put on the market.



https://beta.scmp.com/business/article/2175...-last-seen-2016

Also the ANU has said that they have placed a limit on the number of international students they will enroll in future years. What with the thousands of dogbox units coming onto the market in the next couple of years this proposed project could be answering yesterday's problems (a couple of years ago the ANU block booked a whole motel in Lyneham for a year to help alleviate a shortage of student accommodation but since then numerous student residential colleges have been completed).




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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
nipper
post Posted: Dec 17 2018, 09:47 AM
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Posts: 5,224
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QUOTE
....the first of its kind in the ACT and [will] operate as short-term commercial accommodation, with 501 rooms. It would have 362 "micro-apartments" with a range of accommodation options, including share apartments, studios and individual apartments.

Studio apartments are about 20 to 30 square metres in size and larger one-bedroom apartments are about 48 square metres.

Lease terms range from nightly stays through to 12-month leases. Communal areas including a gymnasium, private dining rooms, co-working spaces, cinema rooms, a library and laundry.

A small cafe, a bar and restaurant are also proposed for lower levels.

The application says the development was not subject to the requirements of the multi-housing development code but instead it falls under a commercial accommodation use.
- sounds awful

.....but in the CBD, near ANU, and will likely get up.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  triage  
 
nipper
post Posted: Oct 6 2018, 05:42 PM
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In Reply To: triage's post @ Oct 6 2018, 04:21 PM

well, there ya go. Put it this way, I wouldn't alter it (on principle), so it must have been 'embedded'.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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