A Surfers Paradise site once destined for a $600 million development has instead become home to the low end of the rental market with people living at the beachfront site for a mere $350 a week.And spruiking a market that still has a very long way to fall:
The Pacific Beach project has been left hanging in the air with developer City Pacific going into liquidation.
Co-owner of the block, property industry figure Craig Perry, paid $100 million to amalgamate the site on the corner of Wharf Road and Old Burleigh Road.
Luxury apartments were planned before City Pacific ran into financial trouble, owing $100 million to banks.
The beach shacks and three storey walk-ups have remained, with immigrants and students living on the property for an average of $350 a week. ...
According to the property clock, the best time to buy is at the bottom, 6 o'clock, just after the oversupply has hit and properties are at a discount to their underlying value.
And either side of 6 o’clock is generally considered bargain time. Of course, the opposite is true for sellers.
The top of the market, or 12 o’clock, is the best time to sell, when prices are at their peak. And either side of midnight is still okay.
So what’s the time in your market right now?
Queensland – 6 o’clock
Brisbane is trailing the property market recovery but as it shakes off its hangover there will definitely be growth, RP Data national research director Tim Lawless says.
"It is moving more from a seller’s market to a buyer’s market. Adelaide and Brisbane are in similar positions because they both had quite similar growth phases in 2007, so the 2009 growth rates have not been very high," he says. ...
IUT statement for the International Tenants´ Day, October 5 2009 :
“Tackling the financial crises with new deal for affordable housing”
Housing and construction is one of the largest financial sectors - and a key instrument in tackling the present financial recession. Housing construction can boost regional and local markets and can set the financial wheels in motion.
Increased investment in affordable rental housing, where social and public housing play a major role, would be a major contribution in getting local economies back on track! Public investments must focus on areas that can provide the greatest social and economic benefits.
Government investments in energy efficiency renovation have several benefits; saving energy and money, and at the same time a reduction in CO2 emissions. The recession together with high energy costs has hit low income households the most and many have problems paying the housing costs.
The numbers of evictions are steadily rising. These households urgently need housing assistance. Social urban development is suitable instrument to attack inequality and fight social exclusion and segregation. Not-for-profit housing companies and public housing companies are major stakeholders in these processes. ...
*UPDATE* Interestingly these letters [dated 1/10/09] lobbed in the mailboxes of northern Gold Coast residents today:
Routine Assessment of Rental Accommodation
Officers from Gold Coast City Council are presently undertaking routine assessments of rental accommodation in the abovementioned suburb and this is your opportunity to request an internal assessment of the premises, should you wish.
Council's Local Law No. 16.1 (Rental Accommodation) requires that premises offered for rental accommodation meet certain minimum health, safety and amenity standards. This local law is administered by Council's Environmental Health Officers primarily through an assessment program or in response to a complaint.
Should you have any concerns or issues relevant to the above and wish to have your premises inspected at an appointed time please contact Council on (07) 5581 6220 the above number.
Defects found as a result of any assessment will be forwarded to the owner of the property who is then required to undertake the necessary works within a reasonable timeframe. Please do not hesitate to contact Environmental Health Compliance should any further information or assistance be required.
Yours faithfully ... Executive Coordinatory Environmental Health Compliance