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Apartment oversupply to hit house prices: “I think there will be some collateral damage”, says BIS

first_imgBIS Oxford Economics says Brisbane’s inner city apartment sector is the most oversupplied in Australia. Picture: Richard WalkerBRISBANE’S inner city apartment sector is now the most oversupplied market in Australia and is at risk of inflicting “collateral damage” on house prices, according to a leading economic forecaster.The latest predictions from BIS Oxford Economics paint a bleak picture of the outlook for the city’s property market, with median apartment prices forecast to fall another 7 per cent over the next three years.Its Residential Property Prospects 2017 to 2020 report released today reveals unit development accounted for 46 per cent of Queensland’s new dwelling starts in the four years to 2015/17, compared to 32 per cent in the prior five years. BIS Oxford Economics senior manager Angie Zigomanis.BIS Oxford Economics senior manager Angie Zigomanis said Queensland’s employment outlook was likely to improve and population growth to strengthen in the next three years, allowing for some modest house price growth.Brisbane’s median house price is predicted to rise 7 per cent by 2020.Mr Zigomanis said Brisbane’s price advantage over the southern capitals also made it attractive from an affordability perspective.All capital city housing markets are predicted to weaken next financial year as a result of further lending restrictions to investors and rising new stock levels.Sydney’s median house price of $1.2 million is forecast to fall five per cent over the next two financial years. BIS Oxford Economics’ latest report predicts inner Brisbane apartment prices to fall 7 per cent by 2020.BIS Oxford Economics managing director Robert Mellor said there were likely to be flow on effects for house price growth in Brisbane as potential buyers opted for apartments over houses or elected to rent for longer periods rather than buy to capitalise on discounted rents. Fancy a freebie with your new apartment? Buyers pick up bargains as Brisbane unit sales slump “My worry for Brisbane is you’ll get some overhang in the housing market because if developers are sitting there with 10 to 20 per cent of stock on hold, some of them are going to be doing good discounts on their prices,” Mr Mellor said.“That’s where we get a bit nervous. There’ll be a proponent of first home buyers that would rather buy a bargain apartment than an established house.“There’s a real risk of potentially … contagion.”center_img BIS Oxford Economics predicts Brisbane’s apartment oversupply could impact house prices.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoHe said the inner Brisbane apartment market in the next financial year alone would see about six times the average level of completions seen in the two decades leading up to 2015.“Over the next six to 12 months, we’ll see reality set in and things will deteriorate rapidly,” Mr Mellor said.“I think there will be some collateral damage that might impact on high and medium density in the suburbs.” GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE BIS Oxford Economics estimates 6500 apartments will have been completed in inner Brisbane by the end of this financial year.It predicts another 9100 apartments will have been completed by the end of 2017/18 and yet another 6500 the following fiscal year.And he doesn’t expect supply to be absorbed before 2021.The report found house price growth in Brisbane has been patchy, with the median house price of an estimated $550,000 remaining below its June 2010 peak in real terms.But there is some good news to take out of the report.last_img read more

New medical marijuana rules permit home delivery in Michigan

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich. – Dispensaries will be able to deliver the marijuana drug to users’ homes. The news came Tuesday when lawmakers approved updated medical marijuana licensing rules.Licensed shops would be able to drop–off no more than 2.5 ounces of medical marijuana per patient, and no more than 10 deliveries at a time. The Michigan Department of Licensing and Regulatory Affairs says, it will not close the unlicensed medical marijuana businesses before the end of December, unless they have approval from their local government to operate.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Alpena’s Bagley street bridge will get rehabilitatedNext Winter art walk ready to welcome people in from the coldlast_img read more

Phoenix Open: Rickie Fowler enters final round in charge; Matt Kuchar, Justin Thomas trail

first_imgSCOTTSDALE, Ariz. — There are a few tournaments Rickie Fowler would really like to win: any of the four majors, the Farmers Insurance Open at Torrey Pines Golf Course and the Waste Management Phoenix Open.He is now 18 holes away from a victory at the latter. Fowler finished the third round at the Phoenix Open with eight birdies, five of which came on the front nine. By the time he made the turn, he put just enough distance between himself and the rest of the 36-hole leaders. He carded a 7-under 64 for first place (20 under)[email protected] takes a 4-shot lead into Sunday.#LiveUnderPar pic.twitter.com/oq1IXj2r0U— PGA TOUR (@PGATOUR) February 2, 2019″(I’m) just playing solid golf,” Fowler said. “I’m looking forward to tomorrow. There’s 18 holes left, a lot of work, but we’re in a good spot.” Related News Phoenix Open: Rickie Fowler in sole possession of 1st place after shooting 6-under 65 Matt Kuchar is in sole possession of second place (16 under) after shooting a 6-under 65. Justin Thomas rounded out the top three after he carded 3-under 68.Kuchar climbed three spots up the leaderboard after a mistake-free round highlighted by six birdies. Thomas, however, wasn’t as fortunate. He had two bogeys on the front nine which sandwiched one of his five birdies. He was able to edge out Byeong-hun An and Branden Grace for third-place (15 under) and a spot in the final group Sunday.”I hit a very nice back nine to at least keep myself in it,” Thomas said. “There’s a good chance it might take something special for me tomorrow but I like the fact at least that I got my way in that final group and I’m going to know what [Rickie] is doing.”Hopefully I can get off to a hot start and maybe put a little bit of heat on him.”An and Grace are tied for fourth place (13 under). An, who has yet to win on the PGA Tour, is in contention after shooting 5-under 66. Grace had an eagle on the par-5 13th hole but three bogeys stained his scorecard. He finished 2-under 69.Gary Woodland, last year’s Phoenix Open champion, is in a two-way tie with Bubba Watson for sixth place (12 under). Watson had three consecutive birdies on the front nine, but after the turn had two bogeys to go along with two more birdies. He carded 3-under 68.Birdie-Birdie-Birdie for @BubbaWatson.He’s T2 at the @WMPhoenixOpen. #LiveUnderPar pic.twitter.com/YjFJfGFj3b— PGA TOUR (@PGATOUR) February 2, 2019Woodland was able to improve on his two-day total and move into the top 10. “It was a nice finish. I played really well today,” he said. “(I’m) just hoping Rickie wouldn’t run too far away from us because tomorrow, hopefully, the golf course is softened up a little bit and we’ll play aggressive. But I’m happy with where I’m at.”Showers are in the forecast for the final day of play which will begin at 8:45 a.m. local time with the leaders teeing off at 10:45 a.m.last_img read more

More sports in brief

first_imgAsia’s big 3 all win SEOUL, South Korea, (AP): Japan, Australia, and South Korea enjoyed comfortable wins in Asia qualifying for the 2018 World Cup yesterday. Son Heung-min came off the bench to provide two assists as South Korea beat Myanmar 4-0. European-based Keisuke Honda and Maya Yoshida scored Japan’s second and third goals in a 3-0 win in Singapore to put them top of Group E, above Syria. Australia bounced back from October’s loss in Jordan to defeat Kyrgyzstan 3-0 in Canberra and move within a point of Jordan. Blatter leaves Swiss hospital ZURICH, (AP): Sepp Blatter’s adviser says that the suspended FIFA president has left a Swiss hospital. The 79-year-old Blatter spent about a week having his health assessed about a month after he was suspended for 90 days by the FIFA ethics committee. Adviser Klaus Stoehlker told The Associated Press that Blatter was discharged on Wednesday. He said that Blatter’s daughter Corinne has taken him to his hometown of Visp to relax before he returns to his private office in Zurich next week. After speaking to Blatter yesterday, Stoehlker said, “He’s very motivated to fight against his suspension.” Blatter is awaiting the full verdict from the FIFA ethics case into a payment to Michel Platini that he authorised in 2011. The UEFA president has also been suspended.last_img read more

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