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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 players impress Tipp manager

first_imgMichael Ryan has praised the effort of some of the newer players who featured against Kilkenny in the National League yesterday.The Cats emerged winners by the slimmest of margins to leave Tipp needing a win over Cork next weekend to ensure a place in the quarter-finals.Speaking to Tipp FM’s Stephen Gleeson after yesterdays defeat in Nowlan Park Michael Ryan said the showing by the likes of Mark Russell and Michael Breen was promising. Photo © Tipp FMlast_img

Spors-by-sport snapshot of racial injustice protests

first_img First Published: 28th August, 2020 06:24 IST SUBSCRIBE TO US Associated Press Television News COMMENT Moved by the videotaped shooting of Jacob Blake, many professional athletes — some who had previously donned Black Lives Matter T-Shirts and knelt for the national anthem to protest racial injustice — made a more dramatic statement.They refused to play.NBA players led the way Wednesday and Thursday by sitting out of scheduled playoff games in the “bubble” in Florida, the league’s answer to finishing up the season amid the coronavirus pandemic. The movement quickly spread to the other professional sports.“We are scared as Black people in America,” LeBron James said. “Black men, Black women, Black kids. We are terrified.”Athletes similarly came together after the death of George Floyd, another Black man who died when an officer pressed his knee into his neck for more than seven minutes. Some players knelt during the national anthem or stood in silence, fists raised, while others wore Black Lives Matter T-shirts or had names of Black people killed by police on their jerseys.But then the cellphone video of Blake getting shot in the back seven times by police in Kenosha, Wisconsin, about 40 miles south of Milwaukee, emerged.Athletes say the moment has forced them to act. Here’s a look at what they are doing across the major professional sports to call for an end to racial injustice:NBA: The Milwaukee Bucks set off a wave of postponements in professional sports Wednesday, when players refused to take the court for a playoff game against Orlando. The two other playoff games for that day were also postponed, as were the three games set for Thursday.NBA Executive Vice President Mike Bass issued a statement that said: “We are hopeful to resume games either Friday or Saturday,” and added that a group of players and representatives from the teams in the bubble were going to hold a video conference call with the league’s front office and union officials about the next step.“We don’t want lip service anymore,” said San Jose’s Chris Wondolowski, who is of Native American descent. “It’s time for actual actions to be made, and time for a change.”MAJOR LEAGUE BASEBALL: Seven games were postponed Thursday, a day after three games were called off.“In this world, I’ve always believed, there’s two things you can’t live without. It has nothing to do with food and water. It’s love and hope. And I don’t think we’re doing a good job in our country giving that to everyone and I think that needs to be the focus here,” Philadelphia Phillies manager Joe Girardi said.NFL: Nine teams canceled practice Thursday. The league is set to start its season on Sept. 10.NHL: Announced Thursday that it postponed two days of playoff games. The league’s games went on as scheduled Wednesday. San Jose Sharks forward Evander Kane, who is Black, was vocal about the issue on Twitter, saying it would send “a clear message that human rights take priority over sports.”GOLF: The PGA Tour event at Olympia Fields outside Chicago — less than 100 miles from Kenosha, Wisconsin — went on as scheduled Thursday. Cameron Champ, who has a Black father and a white mother, wore a black show and a white shoe. On the white shoe he wrote: “Jacob Blake BLM.” The LPGA Tour is set to begin play Friday in Rogers, Arkansas.TENNIS: Naomi Osaka withdrew from her Western & Southern Open semifinal match Thursday, prompting organizers to announce that there would be no matches that day, but the event would resume in New York City on Friday.“As a Black woman I feel as though there are much more important matters at hand that need immediate attention, rather than watching me play tennis,” Osaka said in a statement posted on social media. “I don’t expect anything drastic to happen with me not playing, but if I can get a conversation started in a majority white sport I consider that a step in the right direction.”WNBA: The six WNBA games set for Wednesday and Thursday were postponed in the league’s bubble in Bradenton, Florida. Players from the Washington Mystics wore T-shirts that had Blake’s name on the front and seven holes in the back. Later, players held a candlelight vigil. The league had just passed its halfway mark of the 22-game season.MLS: Five of six scheduled matches Wednesday were postponed. Players for the other game, between Nashville SC and Orlando City, said they had already taken the field in preparation for their game before a collective decision was made. The MLS had no games scheduled for Thursday.Image credits: AP LIVE TVcenter_img Last Updated: 28th August, 2020 06:24 IST Spors-by-sport Snapshot Of Racial Injustice Protests Moved by the videotaped shooting of Jacob Blake, many professional athletes — some who had previously donned Black Lives Matter T-Shirts and knelt for the national anthem to protest racial injustice — made a more dramatic statement Written By WATCH US LIVE FOLLOW USlast_img read more