Australian Housing Affordability Discussion

[JohnK]

There are plans for 1200+ apartments on Canterbury Road from Sydenham to Bankstown. I have a funny feeling that is apartment buildings not individual apartments.

Obscene. Can anyone confirm or deny?

 

[whatmeworry]

We have a proposed 90 storey building near us in Southbank Melbourne. All pretty crazy when there is a fire and you have to walk down the fire escape stairs. The approvals process in Melbourne seems to add millions to the lucky developers who get the green light.
Have done a walk down 38,17 and 15 floors over time due to fire alarms and no I would not want to do a 90 floor evacuation.

Both sides have been allowing some dubious developments. Just recently there was a fire in the docklands that was further fuelled by dodgy Chinese cladding. Same Building had overcrowding.

 

[whatmeworry]

There are plans for 1200+ apartments on Canterbury Road from Sydenham to Bankstown. I have a funny feeling that is apartment buildings not individual apartments.

Obscene. Can anyone confirm or deny?

Here is what I found.

A total of 1293 apartments have been approved for Canterbury town centre that will bring in thousands of new residents. A supermarket and shops have also been approved.

No Cookies | dailytelegraph.com.au

Frequent trains and taller apartments in plan for Bankstown Line

 

[JohnK]

That is horrible planning.

The surrounding areas cannot cope with the increased traffic especially with the rule that developers can get away by not providing adequate garage/car space if apartments are <500 metres from station.

Where is this push coming from? Are they planning for some sort of invasion?

 

[CaptJCool]

A smart developer would throw in a couple of Go Get cars to make the deal sexy, or a pile of taxi vouchers

In some years of CBD living, only ever needed a car 4 times a year .....

 

[Alanslegal]

The surrounding areas cannot cope with the increased traffic especially with the rule that developers can get away by not providing adequate garage/car space if apartments are <500 metres from station.

Developers don't get away with not providing enough car space, as some owners or tenants don't want or need to have a motor vehicle. For these type of people if it means buying living space only and not needing to pay for something they don't want or need like a car park space then that is a win for them.

 

[whatmeworry]

That is horrible planning.

The surrounding areas cannot cope with the increased traffic especially with the rule that developers can get away by not providing adequate garage/car space if apartments are <500 metres from station.

Where is this push coming from? Are they planning for some sort of invasion?

Near me a worse development has been purposed.

As many as 1400 apartments could soon be built on the Kinnears Ropeworks factory site at Footscray after developers lodged plans for its redevelopment.
The four-stage construction proposed by China-based R&F Properties for the 3.3 hectare site, bounded by Ballarat Road, Farnsworth Avenue and Kinnear Street, would be one of Melbourne’s largest apartment developments.
R&F Properties last year paid $60 million for the site to AXF Group property tycoon Richard Gu, who paid $17 million for it in 2007.
- See more at: Star Weekly | 1400 apartments planned for Kinnears site - Star Weekly

I don't know the full layout but their is only one tram and 3 buses that go past that place. All I can see is traffic and parking chaos.

 

[cove]

Received a message from a family member about a beautifully renovated urgent sale of an apartment in the Marais in Paris. It is 1,250,000 Euros (seller) for 122 square metre apartment two bedroom one bathroom. Now if you peg 40% tax goes to the Government. I hope that never happens in Australia.

 

[Alanslegal]

Received a message from a family member about a beautifully renovated urgent sale of an apartment in the Marais in Paris. It is 1,250,000 Euros (seller) for 122 square metre apartment two bedroom one bathroom. Now if you peg 40% tax goes to the Government. I hope that never happens in Australia.

Do you pay 40% tax on top of the buying price? :shock:

 

[cove]

There is a stamp duty of about 5% for buyers.
The beneficiaries of the deceased person have to come up with the 40% succession duty or sell the property.
This one is an urgent sale from a couple splitting up after they completely renovated the historic apartment. We decided it would be hard to manage and the French want to tax anyone who rent out places that compete with their over priced hotels.

 

[JohnK]

Developers don't get away with not providing enough car space, as some owners or tenants don't want or need to have a motor vehicle. For these type of people if it means buying living space only and not needing to pay for something they don't want or need like a car park space then that is a win for them.

Trust me when I tell you it's a problem. There is a 4 story apartment building about 200 metres from my parents place on the corner of Canterbury Road. Parking space in our street is a premium because the people living there have more cars than enough space available.

Another 6 story apartment building is going up ~300 metres away and another ~600 metres away and on the other side there will be another 1-2 6 story apartment buildings.

There will be too much congestion.

 

[Deleted member]

I

If we sold we'd have to move to Brisbane or Adelaide to reap the benefit.

Which is probably why we won't be moving to SYD anytime soon. :-/

 

[cove]

Over in Perth the house prices are down about 10% even with those super low interest rates. The after effects of the mining boom will take a couple of years to filter through and it should be a buyers market for urgent sales.
This adjustment is healthy and with Chinese buyers having difficulty getting money out of China this may cause a slump in prices in other cities in Australia.

 

[amaroo]

Prices are only just starting to be stoaked up here in SEQ ... couple of great years ahead :mrgreen:

 

[cove]

Amaroo just remember to have flood insurance. I heard they are expecting "the big wet" to strike this year over in Queensland and northern NSW. Of course lots of predictions never happen and I have no special knowledge when huge rains will come.
One hundred year floods now seem to strike every decade.

 

[amaroo]

Amaroo just remember to have flood insurance. I heard they are expecting "the big wet" to strike this year over in Queensland and northern NSW. Of course lots of predictions never happen and I have no special knowledge when huge rains will come.
One hundred year floods now seem to strike every decade.

Insurance can be expensive Most home owners can't afford $8,200 flood insurance premiums as claims rise

Best to avoid the low lands ... location, location, location is still the best guide for property investing.

 

[drron]

On our canal only 2 properties are above the 100 year flood level.Ours and next door.We now say we live in Wurtulla Heights.

 

[cove]

Both of our Brisbane properties are above the 100 year flood levels so I hope we don't get hit with a bigger one than that. We got flooded in Perth and the clean up took a while.We had 300mm run through our Perth office warehouse when a main drain backed up.

 

[whatmeworry]

Looks like people in Perth would rather new homes then buy an existing home and are driving down prices.

 

[UP4014]

On our canal only 2 properties are above the 100 year flood level.Ours and next door.We now say we live in Wurtulla Heights.

We seem to have a 1 in 100 year flood about ever 15 years !