Ghost cities

[Memberberries]

no I'm not talking about Pyongyang this time.

The Chinese are flooded with them and the way we are putting up high rises here, we too will have the same problem one day soon? (If the problem hasn't already begun?)

We need to find the equilibrium between supply and demand or we will be in bigger trouble than we are already in!

 

[Mr Invisible]

Seth Effrikan Ekkcents irk me... yaa yaaa Biltong!

There are already areas in Sydney which are land banked (Chinese buy new property and sink their money into it to keep it away from their governments prying eyes, and then don't live in the homes, rather keep them vacant).

The new laws around vacant housing though *may* change that here (a bit), in that you get taxed WAY higher if the house is not being used x months a year.

https://www.smh.com.au/business/com...-to-be-hit-with-more-tax-20170922-gymo2m.html

But this will die down a bit now (not because the property market has cooled) but because the Chinese government have massively cracked down on (what effectively is) laundering money out of the country.

Apartments in most areas are already in over supply.

@doggieaaron interesting to hear your thoughts on this topic, given your industry.

 

[Wahesh]

1/4 apartments in these new shitholes are left empty because people simply can't afford them. There is too much supply and not enough demand. If it's costing developers money because they can't sell them, then GOOD! Make them stop FFS.

@Armchair critic we won't have the ghost cities problem though because most of this country is arid. Not many people will be too keen to move inland in this country as it's too hot and there will be constant resourcing problems - ie water, public transport etc... - the Chinese are doing this because they have nearly 1.4 billion people and they will eventually have no choice but to move, and the corporations and Government are getting all this done now while it's cheaper and planning for the future. Australia doesn't have that problem as our population is no where near that amount.

This 60 minutes video explains it all perfectly:

 

[Shanked]

wasn't there a top gear episode where they stayed in a ghost town in Spain?

 

[south of heaven]

wasn't there a top gear episode where they stayed in a ghost town in Spain?

Yeah i remember that id be taking a shit in every toilet in that joint

 

[Memberberries]

Seth Effrikan Ekkcents irk me... yaa yaaa Biltong!

There are already areas in Sydney which are land banked (Chinese buy new property and sink their money into it to keep it away from their governments prying eyes, and then don't live in the homes, rather keep them vacant).

The new laws around vacant housing though *may* change that here (a bit), in that you get taxed WAY higher if the house is not being used x months a year.

https://www.smh.com.au/business/com...-to-be-hit-with-more-tax-20170922-gymo2m.html

But this will die down a bit now (not because the property market has cooled) but because the Chinese government have massively cracked down on (what effectively is) laundering money out of the country.

Apartments in most areas are already in over supply.

@doggieaaron interesting to hear your thoughts on this topic, given your industry.

There's a spot on the old northern road I think? Leading up to Windsor road that has an apartment which looks 6 months old and looks vacant.

Got banners all over it like a used car yard stating they have units for sale.
I think it's as Wahash is saying?
Too overpriced.

Eventually something has got to give and prices have to come down?
Surely some greedy bastard somewhere is going to crack and think of how they can cut their loses?

 

[Memberberries]

Also do strata fees have an influence on people's decisions for where they buy/invest?

 

[Mr Invisible]

There's a spot on the old northern road I think? Leading up to Windsor road that has an apartment which looks 6 months old and looks vacant.

Is that the PIA/Dyldam development near Stockland Mall @ Baulkham Hills?

PIA/Dyldam have done a few around that area.

Check our the rather vacant ones on James Ruse Drive at Northmead too.

There is much more to the story of that devlopment and those companies (if that's the one you are talking about), but it's not really good for public discussion if you catch my drift .

What I can say about Dyldam is this: https://www.afr.com/real-estate/dev...nd-portfolio-as-banks-tighten-20180718-h12u0t

Dyldam is offering to sell 75 per cent of the portfolio to joint venture partners, including:
- The Parklea Markets' 21.6-hectare site in north-west Sydney.
- The mega 1000-unit residential and commercial precinct The Opera in Merrylands in Sydney's west.
- The prized Parramatta apartment project South Quarter on what was one of the most contested sites in Sydney in 2015, Parramatta's Auto Alley.

The developer's outgoing chief executive Sam Fayad says the move is part of a capital recycling, and to ease funding pressures as local bank lending dries up. He is keen on Chinese partners who will bring in their offshore funders to the projects.

That's about where I'll zip it...

 

[The DoggFather]

Id turn them into the best paintball courses. It will be like a real life counter strike game lol

 

[Memberberries]

Is that the PIA/Dyldam development near Stockland Mall @ Baulkham Hills?

PIA/Dyldam have done a few around that area.

Check our the rather vacant ones on James Ruse Drive at Northmead too.

There is much more to the story of that devlopment and those companies (if that's the one you are talking about), but it's not really good for public discussion if you catch my drift .

What I can say about Dyldam is this: https://www.afr.com/real-estate/dev...nd-portfolio-as-banks-tighten-20180718-h12u0t

Dyldam is offering to sell 75 per cent of the portfolio to joint venture partners, including:
- The Parklea Markets' 21.6-hectare site in north-west Sydney.
- The mega 1000-unit residential and commercial precinct The Opera in Merrylands in Sydney's west.
- The prized Parramatta apartment project South Quarter on what was one of the most contested sites in Sydney in 2015, Parramatta's Auto Alley.

The developer's outgoing chief executive Sam Fayad says the move is part of a capital recycling, and to ease funding pressures as local bank lending dries up. He is keen on Chinese partners who will bring in their offshore funders to the projects.

That's about where I'll zip it...

Yes I believe that's the one?
And I think I do get your drift about these development companies.
I'm pretty sure there's some dodgy shit going on like in lethal weapon 3?

I wonder how many people are unknowingly living on an apartment block which has become someone's tomb?

 

[Wahesh]

Id turn them into the best paintball courses. It will be like a real life counter strike game lol

I can see you, @Mr Invisible @south of heaven @Armchair critic @MatstaDogg and myself forming an unbeatable dream team in that game with @Mr 95% being our coach

 

[south of heaven]

I can see you, @Mr Invisible @south of heaven @Armchair critic @MatstaDogg and myself forming an unbeatable dream team in that game with @Mr 95% being our coach

Fuck that mr 95 can lead us into battle , we will pimp his chair out with multiple paint ball guns and make side winder missiles paint bombs he will be the tank of doom an unstoppable force

 

[Mr 95%]

I can see you, @Mr Invisible @south of heaven @Armchair critic @MatstaDogg and myself forming an unbeatable dream team in that game with @Mr 95% being our coach

Bring it on!

 

[Mr 95%]

Fuck that mr 95 can lead us into battle , we will pimp his chair out with multiple paint ball guns and make side winder missiles paint bombs he will be the tank of doom an unstoppable force

Love it Southy.. my only problem is..if the opposition has a step around them with no ramp I’m stuffed!

 

[MatstaDogg]

I can see you, @Mr Invisible @south of heaven @Armchair critic @MatstaDogg and myself forming an unbeatable dream team in that game with @Mr 95% being our coach

Finally all those years of playing First Person Shooter games pays off!!

I got ya backs brothers.

 

[The DoggFather]

Love it Southy.. my only problem is..if the opposition has a step around them with no ramp I’m stuffed!

I can get a harness to carry you on my back so you can have my 6.

 

[MatstaDogg]

I can get a harness to carry you on my back so you can have my 6.

I thought I seen you guys before.

 

[south of heaven]

Love it Southy.. my only problem is..if the opposition has a step around them with no ramp I’m stuffed!

There is no problem only solutions we put tank treads on your chair bingo we fuck the enemies shit up

 

[Mr 95%]

There is no problem only solutions we put tank treads on your chair bingo we fuck the enemies shit up

No doubting you’re an ideas man..CHARGE!!

 

[Mr 95%]

I can get a harness to carry you on my back so you can have my 6.

Very nice!!