Property experts and VicUrban question if Victoria is going to join Queenslands housing oversupply. The outer southwest Wyndham City has 10% vacancy rates and building continues often with sales to Chinese investors. These are where new villages are being built (Pakenham, Cranbourne see Blue Hills story). New houses will soak up family home sales, hitting the village resident market. Inner Melbourne has also got looming oversupply. In the 10 months to May 20,213 Melbourne apartments were approved, 9,532 in the inner CBD. Discounted apartment prices will also hit the family home market. In Queensland 47,000 homes were built in 2008; last year 31,000 a 34% drop. But underlying demand was just 29,000. Again the family home market is left behind. Government supports new construction because it generates immediate jobs but it erodes prices and demand.
Community Living
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...
