Upturn in new housing, renovations has knock-on effect for market

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Multiple housing starts coming this year to burst the bubble
A recent boom in Victorian apartment commencements could be overheating the market and leading to “weakness over the near term,” according to the Housing Industry Association. The HIA forecasts construction of 180,000 dwellings this financial year, up 8.2 per cent over the last. Renovations also rose 8.2 per cent. Read the full story here.

Smithfield Plains shows great rental returns
Westpac’s City Versus Country Investment Snapshot showed units in Smithfield Plains offered the second best rental returns in Adelaide, coming behind Clearview. That’s due to redevelopment and its proximity to newer areas in Andrews Farm and Munno Para. “Properties in dense city areas are more likely to secure tenants and in turn steady rental returns, however the price point may be out of reach for many,” said Westpac banker Gai McGrath. Read the full story here.  

Investors have been outpointing developers and owner-occupiers in Geelong
“We certainly had developer and investor interest, mainly, with a few owner-occupier inquiries before the auction,” said Graeme Taylor Estate Agent Peter Bell, describing the sale of a 1590sq m property in Geelong in a frothy auction with 40 observers. “The investor level is stronger than the developer level at the moment.” Read the full story here.

Heritage part one: Sure you can redevelop that corner … as long as you keep this ugly building on it.
An old, derelict chemistry centre in Perth must be incorporated in whatever redevelopment occurs in the wider Riverside project revitalising East Perth as the building is heritage listed. Apartments, shops and other retail amenities at the 5335sqm site would become a new high street for the city, 1960s brick box building amid it all. Read the full story here.

Heritage part two: Renovate often enough and you may as well blow your house up … even if it’s worth $50 million
The Point Piper mansion Altona – which sold last year for $52 million – has no heritage listing. It’s more than 100 years old. But because it’s been gutted half a dozen times, converted into flats and then returned to splendour, the architecture has lost historical significance. Thus, the Victorian Italianate residence overlooking Sydney Harbour, can be knocked down to make way for a new property. Read the full story here.

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