No, just pointing out that I haven't predicted 6-8% increases the last two years. Nor have I predicted Sydney house prices to approach a million within the next 22 months.
To be fair to Earthsta, house prices are probably not rising right now in Bundaberg where he lives..... It is afterall a hick town in the middle of bumf&ck mid-north QLD, that was recently mostly under-water; literally, not just figuratively......
The southern end of the Sydney city is about to get an additional 400-plus new apartments in a tower billed as the tallest residential block in Sydney.
The project will be developed by Chinese company Greenland Group, which has lodged plans for a $600 million development of 240 metre apartment building. It will be located at 115 Bathurst Street on the former Sydney Water Board site.
There is also mounting speculation that when advisory firm Ernst & Young leaves its office tower at 680 George Street, next door to the Meriton site, it may also be turned into apartments if a suitable office tenant can not be found.
The Greenland block is near to Sydney's China town district at Haymarket which is about to undergo a significant revamp as Lend Lease redevelops the Sydney Convention, Exhibition and Entertainment area.
That included plans for 1400 new apartments, 15,700 square metres of commercial and retail space and a new 900-room hotel.
Eight precincts have been earmarked for high-rise apartment blocks up to 30 storeys tall and increased commercial development as part of a state government plan to boost high-density housing and employment in Sydney.
Fairfax Media has identified the initial eight "urban activation precincts" – where development is to be intensified near transport hubs – due to be unveiled by the Premier Barry O'Farrell and Planning Minister Brad Hazzard on Saturday.
Parts of North Ryde, Macquarie Park, Epping, Wentworth Point, Homebush, Mascot, Randwick and near Anzac Parade from Maroubra to Phillip Bay are facing a raft of zoning and development control changes encompassing hundreds of homes and businesses, as well as government-owned or council land.
Mr Hazzard, said the precincts were in areas where people wanted to live that had good access to jobs and infrastructure.
“They are areas that can be renewed to provide additional housing and employment alongside new shops, cafes and parks,’’ he said.
“The rezoning of areas for appropriate commercial uses will also potentially create tens of thousands of new jobs, close to where people live.”
The effects of the highly anticipated changes, are already being felt. Chris Dunkerley from the Epping Civic Trust said developers and real estate agents were doorknocking his neighbourhood, where single-storey dwellings are facing a likely rezoning for five storeys.
More evidence that the Sydney construction boom is well underway.
The turnaround actually began late 2011 / early 2012, and this is becoming apparent in the annual figures, with February approvals now up 28% year-on-year...
New data suggests that first home buyers may be taking advantage of government subsidies.
There are early signs that the incentives for first home buyers of new homes in NSW are kicking in.
House building approvals seasonally adjusted for NSW were up by 8 per cent in February and were 28 per cent higher than a year ago, according to the Australian Bureau of Statistics.
"Such a surge in new home building does reflect the first sign that those incentives are starting to bite with first home buyers," said the senior economist at Australian Property Monitors, Andrew Wilson.
The Housing Industry Association agreed. “We have seen indicators of consumer sentiment improve over recent months and we may well be seeing an early sign that this is flowing through to activity on the ground," its economist, Geordan Murray, said.
More evidence that the Sydney construction boom is well underway.
The turnaround actually began late 2011 / early 2012, and this is becoming apparent in the annual figures, with February approvals now up 28% year-on-year...
The only thing "well underway" is your extended period of public embarrassment.
This inability to accept reslity makes you look dumber than you are and is unnecessary.
Man up, son, and cop it on the chin.
Australian housing market on a knife's edge, says industry spokesgroup
by Mackenzie McCarty | 05 Apr 2013
The number of dwelling approvals increased by 3.1% in February, according to ABS figures released yesterday, but one industry spokesgroup says this only goes to show Australia’s housing market remains on a ‘knife’s edge’.
Master Builders Australia chief economist, Peter Jones, says the headline increase in dwelling approvals gives a false picture of a housing recovery, despite the fact private sector houses rose 0.5%.
Jones, welcomes the improvement, but says he’s concerned that a negative trend has developed.
"Despite the improvement in the seasonally adjusted figures that were buoyed by an unusually high public sector housing figure, a negative trend has emerged in the 'other' dwellings sector (units and apartments). The overall negative trend in approvals is very worrying…Despite green shoots and early signs of a recovery, momentum has failed to build.”
However, HIA economist, Geordan Murray, is more optimistic.
"We have seen indicators of consumer sentiment improve over recent months and we may well be seeing an early sign that this is flowing through to activity on the ground,” says Murray. “After two consecutive months where approval numbers slipped back it is pleasing to see a material improvement in February.”
But Jones says the industry had been hoping for a much stronger recovery to take hold and that the feedback from stakeholders is that conditions are still ‘tough’.
"Time is running out for a sustained recovery in the building industry and the Reserve Bank must consider further interest rate cuts to encourage growth in the non-mining sectors of the economy.”
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