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Another one bites the dust while
And
Kicking the can nicely
 
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In her very first speech, the new RBA governor Michele Bullock is quouted in the Fin Review

Not sure who provides her with research to back that up, but I would respond to that by saying her name needs but two letters needing to be changed.
Bollocks.
Mick
Unbelieveable, where do these people get off sitting in their ivory towers far, far away from reality.
Perhaps they need to spend a day or two living with a family on struggle street to actually see how those in the real world don't survive.
 
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Well generally the media were wrong again, but it looks like they now have it right with hindsight and Phillip Lowe didn't overcook it, oh well he's just collateral damage in the name of chasing a good story . :roflmao:
 
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Another one bites the dust while
And
Kicking the can nicely
Perhaps they are flocking to Oz property coz the market in theirhome country has tanked.
From Zero Hedge
1700206747275.png

mick
 
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Perhaps they are flocking to Oz property coz the market in theirhome country has tanked.
From Zero Hedge
View attachment 165855

mick
Maybe, but if their market has tanked, one would think they would bargain hunt at home.

My guess is, they see a huge empty country full of raw materials, with a rapidly increasing population as a better bet.

But I could certainly be wrong. maybe if we put a tax on foreign investors, we would find out. :roflmao:

Yep there goes another flock of flying pigs overhead.
 
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Maybe it's BS, but I can't see why it would be.
 
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Maybe it's BS, but I can't see why it would be.
In todays Telegraph there is a story about a house in Canley Heights, Sydney that had a reserve of $2m, two chinese buyers went at it and sold for $4.6m which is double the average value in the area.

It is a bog standard 1970 brick project home on an 700m size block, the winning bidder wanted it because his daughter goes to Uni in the area.

A week later a better house on a similar sized block just up the road sold for $1.8m which is the usual price in the area

Some lucky vendor got a bonus of a lazy coupla mil
:cool:
 
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In todays Telegraph there is a story about a house in Canley Heights, Sydney that had a reserve of $2m, two chinese buyers went at it and sold for $4.6m which is double the average value in the area.

It is a bog standard 1970 brick project home on an 700m size block, the winning bidder wanted it because his daughter goes to Uni in the area.

A week later a better house on a similar sized block just up the road sold for $1.8m which is the usual price in the area

Some lucky vendor got a bonus of a lazy coupla mil
:cool:
I have a thing about overseas residents, particularly Chinese owning anything in this country. Lease is Ok but ownership nope.
 
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The Mascot Towers saga continues.
https://www.smh.com.au/national/nsw...-skyrocket-by-10-million-20200416-p54kb6.html
Mascot Towers owners will be asked to consider selling the complex which has been cracked since June last year following an escalation in remediation costs.

Remediation works were initially forecast to be between $12 million and $20 million, but have now skyrocketed by an additional $10 million.
The owners will be asked to consider selling or repurposing the building, possibly into affordable housing, at an extraordinary general meeting, most likely to be conducted via a video link. The date is yet to be set.
That post was in 2020, it sounds like long suffering owners are finally going to get out, at a loss but at least they can get out.
What an ungodly shambles this issue was, terrible for the owners, an absolute nightmare.

Owners of apartments in Sydney’s defect-riddled Mascot Towers buildings have been thrown a lifeline with an offer to cancel their massive strata debts and outstanding mortgages so that they can restart their lives elsewhere.

It means most will end up bearing a financial loss on their apartments by agreeing to sell their homes to a new commercial consortium, but they would then be free of their multi-year legal nightmare.
NSW Building Commissioner David Chandler is now involved in a series of meetings to explain the strategy to owner-occupiers who were forced to evacuate the two towers almost five years ago.
“Some might not see it as the best option, but I think it’s now the only option,” he said. “This will mean people can walk away with no debt, although they will lose part of their equity.

“I’ve told them to get their own advice, but the bottom line is, if they can walk away debt-free and they’re under 65, then they’ve got time to get on with their lives and rebuild. They won’t have this hanging over them for the rest of their lives. You can’t rewrite history, but what you can do is start to map your future.”
Chandler is proposing a “sale of individual lots” after the NSW Supreme Court in November ruled against a bid by residents to wind up their strata scheme – so a liquidator could conduct a collective sale of the two towers – and is negotiating with the strata loan provider Lannock Strata Finance and the big four banks who are supplying most of the mortgages.

The new plan hinges on more than 75 per cent of owners, as calculated by their unit entitlements, voting next month to sell their apartments to a third-party syndicate – an entity that includes Lannock – which will likely pay to remediate the 11-year-old building and then resell the 131 units.

Each owner would be entitled to a percentage of the yet-to-be-determined sale price, minus the repayment of the building’s strata debt – with owners having already taken out a $15.3 million strata loan to pay for some remediation work and legal costs.

The banks have also agreed to discount the amount owed on outstanding owner-occupier loans, with the government agreeing to top up the balance. Investors would not receive the same assistance under the proposal.

The plan will mean those with big mortgages will end up debt-free, while those with smaller mortgages will have their loans paid off and be means-tested to see what further funds they should receive. Those over the age of 65 or who have a particular hardship will also be means-tested to see if they are entitled to an additional payment.

If the proposal passes, those who vote against it will be entitled to stay but will have to continue paying their mortgages and strata debts while negotiating with the new owners. All ongoing rental support for the displaced owners will cease in June.
 
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That post was in 2020, it sounds like long suffering owners are finally going to get out, at a loss but at least they can get out.
What an ungodly shambles this issue was, terrible for the owners, an absolute nightmare.

Owners of apartments in Sydney’s defect-riddled Mascot Towers buildings have been thrown a lifeline with an offer to cancel their massive strata debts and outstanding mortgages so that they can restart their lives elsewhere.

It means most will end up bearing a financial loss on their apartments by agreeing to sell their homes to a new commercial consortium, but they would then be free of their multi-year legal nightmare.
NSW Building Commissioner David Chandler is now involved in a series of meetings to explain the strategy to owner-occupiers who were forced to evacuate the two towers almost five years ago.
“Some might not see it as the best option, but I think it’s now the only option,” he said. “This will mean people can walk away with no debt, although they will lose part of their equity.

“I’ve told them to get their own advice, but the bottom line is, if they can walk away debt-free and they’re under 65, then they’ve got time to get on with their lives and rebuild. They won’t have this hanging over them for the rest of their lives. You can’t rewrite history, but what you can do is start to map your future.”
Chandler is proposing a “sale of individual lots” after the NSW Supreme Court in November ruled against a bid by residents to wind up their strata scheme – so a liquidator could conduct a collective sale of the two towers – and is negotiating with the strata loan provider Lannock Strata Finance and the big four banks who are supplying most of the mortgages.

The new plan hinges on more than 75 per cent of owners, as calculated by their unit entitlements, voting next month to sell their apartments to a third-party syndicate – an entity that includes Lannock – which will likely pay to remediate the 11-year-old building and then resell the 131 units.

Each owner would be entitled to a percentage of the yet-to-be-determined sale price, minus the repayment of the building’s strata debt – with owners having already taken out a $15.3 million strata loan to pay for some remediation work and legal costs.

The banks have also agreed to discount the amount owed on outstanding owner-occupier loans, with the government agreeing to top up the balance. Investors would not receive the same assistance under the proposal.

The plan will mean those with big mortgages will end up debt-free, while those with smaller mortgages will have their loans paid off and be means-tested to see what further funds they should receive. Those over the age of 65 or who have a particular hardship will also be means-tested to see if they are entitled to an additional payment.

If the proposal passes, those who vote against it will be entitled to stay but will have to continue paying their mortgages and strata debts while negotiating with the new owners. All ongoing rental support for the displaced owners will cease in June.
Have seen a bit of this on Tv. What a dog's breakfast.
 
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Four blocks of 900 new apartments in Macquarie Park are at risk of collapsing due to “serious damage” to the concrete in its basement, the state’s building authority says.

Building Commission NSW issued urgent work rectification orders to developer Greenland over the site at 23 Halifax Street at Lachlan’s Line at Macquarie Park. In an audit of the site, the agency reported “serious damage and spalling of the concrete slab at the joint locations in basements and the ground floor”.

Spalling is the deterioration of steel-reinforced concrete and can appear as rust or cracks in the concrete. The concrete at the base of the building was caused by defective workmanship, wrote Matt Press, the acting assistant building commissioner, in his published orders.
“This is a defect in a building product or building element that causes or is likely to cause the basement slab to fail, namely, to fracture and collapse, leading to the destruction of the building or any part, or the threat of collapse of the building or any part,” he wrote.

The reported defect would likely mean the concrete slab would be unable “to withstand the carpark and ground floor loads”.
The published orders reveal a draft copy of the order was first issued to Greenland – as well as the local council, owners’ corporation, the certifier and the Office of the Registrar General – in October 2023.
Greenland submitted a response to the Building Commission on December 1 with scanning and structural reports of the building.

The developer requested, according to Press in the orders, “that the department exercise discretion to not issue the order”.

But the acting assistant building commissioner disagreed, noting that the developer did not dispute the defect.
Loading
“I have considered all of the circumstances. I accept the order requires specified actions that are likely to be costly.
“However, the cost to the developer must be balanced against the benefit to the occupiers,” he said.
Greenland, the Fortune 500-listed developer founded in Shanghai, established its Australian arm in 2013 and has offices in Sydney. It says it is the fastest-growing company in China.

The company has completed at least five apartment buildings in Sydney: the Greenland Centre on Bathurst Street in the Sydney CBD; the luxury Omnia building at Potts Point; Leichhardt Green; Lucent North Sydney and this Macquarie Park development.
 
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Four blocks of 900 new apartments in Macquarie Park are at risk of collapsing due to “serious damage” to the concrete in its basement, the state’s building authority says.

Building Commission NSW issued urgent work rectification orders to developer Greenland over the site at 23 Halifax Street at Lachlan’s Line at Macquarie Park. In an audit of the site, the agency reported “serious damage and spalling of the concrete slab at the joint locations in basements and the ground floor”.

Spalling is the deterioration of steel-reinforced concrete and can appear as rust or cracks in the concrete. The concrete at the base of the building was caused by defective workmanship, wrote Matt Press, the acting assistant building commissioner, in his published orders.
“This is a defect in a building product or building element that causes or is likely to cause the basement slab to fail, namely, to fracture and collapse, leading to the destruction of the building or any part, or the threat of collapse of the building or any part,” he wrote.

The reported defect would likely mean the concrete slab would be unable “to withstand the carpark and ground floor loads”.
The published orders reveal a draft copy of the order was first issued to Greenland – as well as the local council, owners’ corporation, the certifier and the Office of the Registrar General – in October 2023.
Greenland submitted a response to the Building Commission on December 1 with scanning and structural reports of the building.

The developer requested, according to Press in the orders, “that the department exercise discretion to not issue the order”.

But the acting assistant building commissioner disagreed, noting that the developer did not dispute the defect.
Loading
“I have considered all of the circumstances. I accept the order requires specified actions that are likely to be costly.
“However, the cost to the developer must be balanced against the benefit to the occupiers,” he said.
Greenland, the Fortune 500-listed developer founded in Shanghai, established its Australian arm in 2013 and has offices in Sydney. It says it is the fastest-growing company in China.

The company has completed at least five apartment buildings in Sydney: the Greenland Centre on Bathurst Street in the Sydney CBD; the luxury Omnia building at Potts Point; Leichhardt Green; Lucent North Sydney and this Macquarie Park development.
Nothing new, a friend of mine was a cabinet maker in the 90's and fitted out an apartment in a highrise. He told me he went back about 10 times to readjust the doors in 2 months because the building moved so much. They ended up finding out that some of the stabilising rods weren't engineered properly and the building swayed more than it should have.
 
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An investors perspective on the Mascot Towers saga:


A dad who purchased a one-bedroom apartment in a prime Sydney location is set to lose $450,000 from the potential sale of his home.

Like the 132 other owners of the bungled Mascot Towers apartment block, Anthony Najafian is in financial ruin because of his 2009 purchase.

More than four years after residents of the cracking and uninhabitable inner-south Sydney block were evacuated due to safety concerns, the government is attempting to broker a deal which would allow owners to sell their individual apartments to a commercial consortium.

However, because Mr Najafian bought his unit as an investment he is ineligible for government assistance.


“If we do manage to sell, I’d get about 133k out of what should be an $800,000 apartment, based on current values,” he said.

The potential sale would leave his family with a remaining mortgage of about $450,000.

Mr Najafian was the first resident to move into Mascot Towers before him and his wife upsized into another apartment home in 2015.

They briefly lived at the property in 2018 but because it was rented out at the time of the evacuation, they are classified as investors, and not owner occupiers.

Investors, like owner occupiers will be told how much they will be given for the sale of their apartment on February 19.

From then, they will have until March 15 to decide whether they will accept that offer.

However, unlike owner occupiers who will get government support which would see their mortgages forgiven, investors have been left to negotiate with banks.
 
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From this weekend's AFR :

Foreign R. E. buyers are not allowed to purchase houses , here . Just apartments . They then have to cough up about 10 % for the O.S . buyer's surcharge .
From the latest numbers ( for the Sept. 2023 1/4 ) China , the biggest market , sales have fallen from $ 1.1 Billion in the previous ( June ) quarter to $ 700 Million. Overall sales were down from $2.4 Billion to just $ 1.5 Billion.
Local R. E. agents are saying it's due to buyers waiting until they gain residency before investing.
 
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From this weekend's AFR :

Foreign R. E. buyers are not allowed to purchase houses , here . Just apartments . They then have to cough up about 10 % for the O.S . buyer's surcharge .
From the latest numbers ( for the Sept. 2023 1/4 ) China , the biggest market , sales have fallen from $ 1.1 Billion in the previous ( June ) quarter to $ 700 Million. Overall sales were down from $2.4 Billion to just $ 1.5 Billion.
Local R. E. agents are saying it's due to buyers waiting until they gain residency before investing.
cheers ,

i will reassess my investing in REIT and construction groups , this could be the start of a trend
 
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A few dramas happening in W.A, houses fitted with plastic water pipes are having a huge failure rate and no one wants to take responsibility.
Apparently the product has been banned from use in the U.S since 1990's.

 
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A few dramas happening in W.A, houses fitted with plastic water pipes are having a huge failure rate and no one wants to take responsibility.
Apparently the product has been banned from use in the U.S since 1990's.

strange it seems to be WA specific , i would have thought that piping ( or similar ) would have been used on the East Coast as well with equally disappointing results

i hold several REITs, development/construction companies and am watching for contagion ( remember the ink batts debacle ?)
 
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