Brisbane top pick for property investors despite fresh warnings over apartment risk

first_imgHigh rise apartments under construction in Brisbane. Picture: Mark Calleja. Brisbane is still the top pick for property investors despite concerns over an apartment glut, a new survey out today reveals.The Property Investment Professionals of Australia national survey has found 43 per cent of investors prefer Brisbane above any other capital city when it comes to property.After the Queensland capital, Melbourne is the second most popular investment destination (32 per cent), followed by Sydney (7.8 per cent). The survey results come as financial advisory firm Ferrier Hodgson warns buyers are taking twice as long to settle on off-the-plan Brisbane units and Chinese investors are walking away from contracts.The firm has found settlement time frames have doubled from two to four months.In another sign of strain hitting the market, Ferrier Hodgson is also seeing foreign buyers, particularly Chinese purchasers who are unable to obtain finance from Australian lenders, rescinding contracts because of tightened lending conditions.And at least one industry commentator is predicting Brisbane’s apartment glut to impact house prices — not just apartment prices — by around 5 per cent.Brisbane’s apartment oversupply is putting settlements at risk, according to Ferrier Hodgson.“The problem I think for Brisbane is that as those apartments in the inner city come on all at once, it creates a decline in prices, but if you’re out in the suburbs you won’t feel it,” AMP Capital chief economist Shane Oliver says.“I don’t think (prices are) going to crash, but they might drop 5 or 10 per cent.“House prices could be affected in those areas as well simply because of more competition.”GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREAMP Capital chief economist Shane Oliver.A major forecasting firm is even more pessimistic — predicting the inner Brisbane apartment market could be in for another three to four years of pain.BIS Oxford Economics managing director Robert Mellor says the market was already experiencing price declines of 10 per cent, with the risk of another 7 to 8 per cent fall in the next 12 months.“The worst of it’s not over and if potential buyers walk away, I suspect there’ll be even bigger price declines,” he says.“This is a pretty significant correction and the population growth is not strong enough to absorb that at the moment.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:17Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:17 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels360p360p240p240pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenThe outlook for interest rates09:18More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoSeaside retreat beats old money AscotWhy homeowners are better offBank red flags 30 suburbs to make buying harderFerrier Hodgson property director Campbell Gordon says the final quarter of 2017 would be crunch time for the inner Brisbane apartment market, with thousands of completed units set to hit the market and developers under pressure to settle their stock.“The lead up to Christmas will be really telling,” Gordon says.He says the market had held up better than Ferrier Hodgson had thought it would so far, but settlement risk was a significant concern.Gordon says the volume of apartment settlements in the pipeline, difficulty gaining finance and nervous buyers were blowing out settlement time frames.“Should confidence continue to deteriorate, particularly where apartment values fall by more than 10 per cent of the purchase price, then a significant number of purchasers are at risk of default and walking away,” he says in a recent report.Place Advisory director Lachlan Walker.Place Advisory director Lachlan Walker is also seeing more instances of settlements taking longer, with developers having to send out 60 to 90 day warning letters.Walker says while contracts were rarely rescinded, there were more cases of foreign buyers terminating contracts and losing their deposits.“Previously we would very rarely see a foreign buyer not complete a deal,” he says.And it’s not just new apartment projects that are expected to take a hit.Ferrier Hodgson predicts owners of second-hand apartments are also likely to suffer.“Owners of older stock will come under increasing pressure on the back of ample choice for renters, who are now in the box seat when it comes to selecting a rental property and negotiating terms,” he says.“While inner city areas such as Newstead and Fortitude Valley, West End and South Brisbane will face these pressures, we have heightened concerns for developers and financiers with exposure to middle ring suburban areas such as Albion, Nundah, Cannon Hill and Chermside where significant apartment projects are completing now and throughout the rest of 2017.”It comes as the major banks target apartment buyers in a clamp down on lending, with ANZ telling its brokers to tighten lending restrictions in more than 30 Brisbane suburbs, where unit purchasers will need a bigger deposit.The Marc Apartments residential development at Kangaroo Point.Real Estate Institute of Queensland figures show an overall decline of 2.3 per cent in the average price of apartments in the June quarter.More than 5300 units were finished in inner Brisbane this year, and another 11,000 are being built.Developers are offering discounts, rental guarantees and furniture packages to entice buyers, with a backlog of more than 2200 new units still waiting to be sold in some projects.Two-bedroom apartments in The Marc Apartments project in Kangaroo Point are being marketed for sale through online property agency iBuyNew Group with a free furniture package, a one-year rental guarantee and a $5000 rebate for buyers who sign up before the end of September.Inside one of the apartments in The Marc Apartments residential apartment at Kangaroo Point.last_img read more

Walters not ruled out of France clash

first_imgThe forward missed the last two games, including last night’s win over Italy, due to his achillies injury but speaking today but O’Neill says Walters may be able to play some part on Sunday.The squad were due to have a light session this afternoon but that has been cancelled.Striker Daryl Murphy strated his first game of the Championship last night and is looking forward to the next game.last_img

Man linked to Costa Rica murder case sentenced to 3 years for

first_imgRelated posts:Canadian longtime expat goes missing in Costa Rica under ‘strange’ circumstances Family of US hiker disappeared in Costa Rica passes another dark anniversary US man missing since May, last seen in San José Update: Missing US tourist found dead in Costa Rica A U.S. man wanted by Costa Rican police for questioning in the suspected murder of a Czech woman here in 2010 wassentenced to three years in prison by a North Carolina court Wednesday for traveling with a stolen passport and aggravated identity theft.Costa Rican police have wanted to question William “Bill” Ulmer regarding the disappearance and suspected murder of Barbara Struncova, his then live-in girlfriend, since December 2010. Ulmer traveled back to the U.S. using the stolen passport of his brother, Wayne Jacob Ulmer, Jr., just days before Judicial Investigation Police (OIJ) began to treat Struncova’s disappearance as suspicious.The Tico Times previously reported that the 31-year-old Struncova went missing after returning to her home in the Pacific beach town of Tamarindo from a party. Struncova’s friends told police they last saw her entering the apartment, which she shared with Ulmer and four others, around 1:00 a.m. on Dec. 5, 2010.Ulmer told friends that Struncova left that same night to travel to Limón, but they said they were unaware of any planned trip to the Caribbean.On Dec. 6, 2010, Ulmer asked his roommates to borrow a 9-foot long surfboard bag. Later that day he borrowed a car, supposedly to “drop off some things of Barbara [Struncova]’s” in Playa Hermosa. When Ulmer returned the car on Dec. 7, the car’s owner noted that the interior of the vehicle was “very clean.”Ulmer flew out of Costa Rica using his brother’s stolen passport the following Dec. 23. Struncova had been missing for 18 days when Ulmer left Costa Rica.On Dec. 30, 2010, an OIJ forensic team found “traces of apparent blood” in the room of the apartment that Ulmer and Struncova shared. The same luminol test showed signs of dragging between the bed and the room’s closet and then from the closet to the apartment’s door and then out to the garage. Investigators also found traces of blood in the car Ulmer drove.Laura Monge Cantero, international relations coordinator for Costa Rica’s Attorney General, told a U.S. investigator on July 1, 2016 that Ulmer was wanted for questioning in the case, according to court documents. Cantero admitted investigators did not have enough evidence to charge Ulmer with the crime and therefore have not requested his extradition.At this writing, Struncova’s body has yet to be found.U.S. police arrested Ulmer at the Denver International Airport in June 2015, reportedly as he was on his way to Hawaii on a honeymoon with his newlywed wife. On Sept. 25, 2015, he pleaded guilty to traveling with a stolen passport and aggravated identity theft.Diana Zimmerman, a friend of Struncova who wrote a blog about her disappearance, told The Tico Times Struncova was kind, smart and an animal lover.Zimmerman said the sentence was the best that could be hoped for considering the charges filed. Still, she said, “We were all hoping for a miracle and he’d be charged with something more than passport fraud.”Request for upward variance of Ulmer’s sentence: Facebook Commentslast_img read more