New Condamine Street Manley Vale Apartment Development latest to be handed Orders by Building Commissioner

ATLAS CAPITAL & EQUITIES, the developer of the building on Condamine Street in Manly Vale, was handed orders on Monday to rectify defects in the complex’s waterproofing and car-stacking system.

issued a prohibition order that prevents it from settling with buyers of off-the-plan apartments

– Inspectors found that serious defects could arise from waterproofing of balconies and the installation of a system that stacks cars

-and determined that a lack of safety measures for the stacker could result in serious injuries

From a Commentator:

‘NEVER, no matter what the inducement, buy an apartment off the plan. Wait until construction is completed and an occupation certificate has been issued, and get a defect inspection done as well. It’s a small cost compared to the potential disaster if defects are cleverly concealed.’

READ MORE!

https://www.smh.com.au/national/nsw/apartment-complex-in-sydney-s-north-latest-to-fall-foul-of-watchdog-20210720-p58bap.html#comments

Academics reveal how Public Universities have been Ransacked under Covid

SOME OF THE MANY KEY POINTS!!

Scomo Govt denied Public Universities the JobKeeper subsidy; a key role in undermining them

-by February 2021 more than 17,000 university staff lost their employment

-Scomo Govt passed the JOB-READY BILL to CUT FUNDING FOR DEGREES; and increased fees for Humanities and The Arts

-Scomo Govt gave JobKeeper payments to PRIVATE SCHOOLS and PRIVATE HIGHER EDUCATION PROVIDERS

private and Catholic schools propped up; another Howard-era practice cont’d by Abbot, Turnbull and Morrison

-ANU vice chancellor Brian P Schmidt pointed out that this lack of investment has implications for the entire nation going into the future

-with universities forced to prop up the research they undertake via student fees

**- the sector’s reliance on students from overseas is itself a symptom of the government’s failure to support universities

READ MORE!

Morrison Has Gutted Public Universities Under Cover of COVID

https://www.sydneycriminallawyers.com.au/blog/morrison-has-gutted-public-universities-under-cover-of-covid/

RELATED ARTICLE: https://www.australianunions.org.au/2021/07/12/australian-universities-intellectual-sweatshops-must-end/?utm_source=onesignal&utm_medium=browser_alert

Why wouldn’t 82% of Survey Respondents blame Buyers from China for our High House Prices?

May be an image of 3 people, people standing and outdoors

APART from the very low interest rates, the Morrison Government Grants, and the short supply of housing, pushing up house prices, Australians have witnessed the high immigration from China that arose in the 2000s, and many Australians have been outbid at auctions

WITH more than 80% of Australians knowing that foreign buyer competition particularly from China has driven up house prices … does ‘the Truth hurt’? Namely, those who benefit most?

WHY would Naaman Zhou write in Guardian Australia that ‘More than 80% of Australians mistakenly believe Chinese investors are driving up house prices’?

We suggest the survey and data Naaman Zhou is basing his report in Guardian Australia is now out of date!

Because Monika Tufounder and director of Black Diamondz Property whose clients are mainly Chinese citizens with Australian residency working and living abroad predicts that when the borders open they will flood back in … some are seeking $10M plus homes, but will they be seeking our detached homes with large land lots in green suburbs too?  Hm … .

Not only will they continue to come from China but Singapore, Hong Kong, the United States (Canada too?) and the United Kingdom. 27 of the 29 Sydney properties listed by Black Diamondz sold recently.

Once again the ‘exchange rate’ is in their favour!  With Australian housing more reasonably priced than Japan, London, New York, Beijing and Shanghai!

These $20 – $30M buyers having made their offers are holding off to exchange when they can return to see the property.

The pattern is repeated in Melbourne’s eastern suburb of Box Hill, where sales and marketing director, CBD Development, Ricky Chen is seeing enquiries pick up again for a mixed-use high-rise development with hotels and retail space. 

They are seeking larger apartments to live in, to retire in Australia or to send their children to study.

Martin North, principal of property research firm Digital Finance Analytics, also notes ‘there’s been a swing away from foreigners looking to invest to people wanting to move here.’  And that they are more interested in buying land and larger properties! 

Read more!

https://www.abc.net.au/news/2021-07-02/chinese-overseas-buyers-australia-property-housing-investors/100259470

Have our politicians including Premier Berejiklian been promoting our success in fighting Covid-19, and our beautiful country to entice foreign investment with its many added benefits of a Permanent Resident Visa following purchase?

Many Chinese have previously purchased an apartment as a ‘new home’ through which purchase they gained a ‘Permanent Resident Visa’, and this Visa has allowed them to buy our established housing.  Which explains how they can overcome the FIRB restriction of only being able to buy a ‘new home’!

They can ‘lay-buy’ these homes through Juwai until the borders open, and fly in as ‘Permanent Residents’.

OBVIOUSLY these overseas buyers have led to even more competition for our housing, and further reducing the supply!

The property industry, and the Law Council backed by the Morrison Government exemption for the Real Estate Gatekeepers to the second tranche of the Anti-Money Laundering Laws in October 2018 has meant ‘black money’ continues to be awash in our real estate.

Many properties, we have learnt, do not reach the real estate websites, but are sold online to these overseas buyers sight unseen!

It is not only First Home Buyers but all Australian Buyers have been impacted as prices escalate daily!

CONTRARY to Eliza Owen from CoreLogic, and Elena Collinson these reports reveal the return of Chinese property buyers to our housing market:

From the ABC The Business: ‘Chinese Property Buyers Return’ as recently as 1 July 2021.

And ‘US Buyers lead a 15.5% surge in Foreign Investment in Aussie Houses’

‘ … trailed by Singapore with $9.5 billion and mainland China in third place with $7.1 billion. However, China’s overall value rose to just shy of Singapore’s when combined with that of Hong Kong.’

And ‘Cashed-up Chinese Buyers swarm Australia’s Housing Market with their sights set on major East Coast suburbs’!

‘Interest in real estate from China has skyrocketed by 51 per cent over the past year, according to a study by Chinese investment website Juwai – identifying Melbourne as the best market for buyers.’

In Australia previously we have lost many of our Heritage Homes because wealthy foreign buyers bought them while on a temporary visa to then demolish them for a ‘new home’, and gain a PR Visa.

Are they able to increase Australia’s housing stock by adding a granny flat, and enticing family members through any number of other visas e.g. Family, Guardian, Parent, Grandparent … ?  Cough … cough …

AUSTRALIANS, it appears, are aware now of what has been happening having witnessed enormous housing development in their midst along with a huge influx of Visa holders particularly from China.  Their concerns have been confirmed not only by these changes, but Geopolitical Strategist David Lee confirms why:

‘If you get on the hill, and you film down into Chatswood – it’s like this city in the middle of nowhere called Chatswood … it is just northwest of the Sydney CBD.

It is being built by the Chinese Communist Party.

All the money has come from China. It’s not from Hong Kong people … they speak Mandarin (in Chatswood; previously it was Cantonese)

A lot of money comes into Chatswood, and it’s effectively the Shenzhen/Hong Kong to Sydney CBD of Australia.

This is the most wealthiest couple of kilometres in the entire of Australia! … This city has happened out of nowhere … massive high-rises … it looks like Hong Kong … it’s a city being built ostensibly with China’s money … ‘

Read more!

A GEOPOLITICAL STRATEGIST ON THE MK, HONG KONG, THE U.S. and AUSTRALIA …

It is indeed surprising that as much as 33% of those surveyed would believe that Chinese investment in our real estate market would benefit Australians when 100% of the dwellings in these precincts are sold to Chinese buyers, and are constructed by largely overseas workers particularly from China!

Analysis on How the Unemployed are being Used to Control Inflation!

HERE it is in black and white … it’s spelt out clearly what has been done to our own by our pollies, they:

-have NO regard for their own people 

-will do whatever it takes to achieve their ideology-based objectives

Gareth Hutchens covers in this report …

-Who controls the levers

-Net overseas migration vs natural increase in population (‘000s)

-About the natural level of ‘unemployment’

-It’s the same thing with the economy

-Introducing the ‘output gap’ … and what they mean

READ MORE!

‘We should thank the unemployed for their service. They’ve been used to control inflation’

https://www.abc.net.au/news/2021-07-04/the-unemployed-have-been-used-to-control-inflation/100259072?fbclid=IwAR2LUSQToELQTI_Ft5l1reXjMTUpXM3mF-08h8b8HoUNSZHMwP21VdFEAVk

7600 ‘New Homes’ Reserved for Macquarie Park

Ryde’s Labor Mayor, Jerome Laxale, acknowledged the considerable work in the draft strategy but said he was wary of assurances about new infrastructure, accusing successive governments of failing to live up to promises for new schools and transport.

“If we are going to cram another 7600 homes in, they need to put the infrastructure spending into the budget,” he said. “It is time for the minister to put the money where the mouth is.”

EXTRACT:

‘It also proposes making Macquarie Park more suitable for people to walk by providing a large network of pedestrian routes and reducing private parking availability. At present, about 70 per cent of people who work in Macquarie Park travel there by car.

Planning and Public Spaces Minister Rob Stokes said discussions with the local community and businesses had shaped the proposal to make the area an “economic and employment powerhouse”.

CAAN:  How realistic is this reduction of private parking?  Where is the public transport now, it cannot meet the current needs so that the 70 per cent majority drive to Macquarie Park.

Who were selected from the ‘local community and businesses’?

READ MORE including the comments from locals who have experienced the loss of what was a fantastic business park to be converted into a high-rise precinct developed for foreign buyers.

This commentator sums it up:

‘Road traffic in the area is already horrendous, not to mention under funded and undelivered schooling, water, power, health, mental health and green spaces for existing populations.

Significant infrastructure work in these areas needs to be undertaken and it’s clear from this that’s not happening.

More money for the developers…’

https://www.smh.com.au/national/nsw/7600-new-homes-earmarked-for-sydney-s-macquarie-park-20210701-p585v5.html#comments


Related Article:

NSW INC falling into Line with 7600 New Homes in Macquarie Park

Planning Minister, Rob Stokes said ‘future development would help Macquarie Park transition from a successful suburban business park to a vibrant commercial and residential centre’.

Have we missed somethin’? Already there is extensive high density, high-rise residential development there that has replaced much of what was a well-planned Business Park …

AS SUMMED UP BY GEORGE!

‘……and of course the 7600 apartments marked for Macquarie Park Precinct in the midst of a PANDEMIC these fools are counting on the INTERNATIONAL borders opening up to a FLOOD of STUDENTS who then pave the way for their parents coming as RETIREES .. …of course … buying up everything from not only APARTMENTS at the behest of old mate HARRY’s instructions but all our Prime properties in established GREEN suburbs as well…..near the best HOSPITALS to boot. …oh it’s as crook as it gets.’

CAAN: The Macquarie Park apartment precincts were predominantly sold off to foreign buyers particularly to Chinese buyers.

Now Macquarie Park is congested; its roads clogged. With a huge demographic change having taken place within Macquarie Park, who will be in the running for job opportunities?

The CCP expansion is underway from state-owned Chatswood, and the Berejiklian Government, it appears, is enabling this!

VIEW: ‘A Geopolitical Strategist on the MK, Hong Kong, the U.S. and Australia’

David Lee talks of our finance industry siding with Beijing, China contrary to our interests!

READ MORE FROM THE URBAN DEVELOPER: ‘NSW Plots 7600 New Homes in Macquarie Park’

https://www.theurbandeveloper.com/articles/macquarie-park-nsw-strategy?fbclid=IwAR1yQgGkSnRR4dpieCquGGLYNzYjs23gfYcbB1i121yAdA10bBpQOJlWdnY

Chinese Property Buyers tipped to replace Chinese Investors in Australia

Chinese property Buyers tipped to Replace Chinese Investors in Australian homes, isn’t it one and the same thing?

Having invested in an apartment, they gained a ‘Permanent Resident’ Visa which has allowed them the freedom to come … to stay or go.

Real estate agents and analysts say enquiries and sales are on the rise from Chinese and other foreign buyers. 

Despite the supply of homes not meeting the current demand and needs of Australians, why is the Morrison Government allowing overseas competition for our homes?

The property sector is no doubt loving this …

Prior to the Pandemic foreign buyers particularly from China were able to take advantage of a range of temporary visas that invited investment in our real estate to gain Permanent Residency.

They were able to buy an apartment online through, for example, Juwai, and gain a ‘Permanent Resident Visa’ which has enabled them to buy our detached homes and avoid the ‘investor taxes’!  During the Pandemic we have learnt that real estate agents have had Chinese buyers on the phone or online seeking and buying up our homes sight unseen!

In the late 1990s the Howard Government introduced the changes to our immigration policy for the Chinese middle class to embrace the offer of “flexible citizenship” in return for investing in property and education … this led to home prices rising in the early 2000s and the 2004 housing price boom.

How humongous is the amount of real estate owned by foreign buyers? Do they – meaning the Australian Government – know the level of assets in foreign ownership?

There is now a ‘Register of Foreign Ownership of Australian Assets’ … but is it retrospective?

Read more!

https://www.lavan.com.au/advice/property_leasing/the-register-of-foreign-ownership-of-australian-assets

AND … Australia now has the ‘Foreign Investment Reform (Protecting Australia’s National Security) Act 2020 (Cth) …  amended the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA) to (among other things) give the Treasurer powers to address new and emerging national security risks.

Read more!

https://www.lavan.com.au/advice/property_leasing/national-security

Oh, good, but what of the security of home ownership for the Australian people not only being confronted by huge price hikes during 2021 which were said to be a consequence of very low interest rates, a housing supply shortage but …

SQM research managing director Louis Christopher said it had been an “extraordinarily” strong quarter.

“It was … driven by a multitude of factors, particularly government stimulus,” he said.

As with the First Home Buyer Grants which led to house price increases!  It seems that once again such offers benefit the property sector, and NSW Government stamp duty coffers.

“This has been the most rapid acceleration of house prices over a single quarter since Domain records began in 1993.” (reported 29 April 2021)

Read more!

https://www.abc.net.au/news/2021-04-29/nsw-house-price-growth-rockets-to-new-median-high/100102492

So with the government spin particularly in NSW until now and the Delta strain of Covid-19 … its much-lauded contact tracing system that we had *controlled the Pandemic, was this perhaps to entice more overseas buyers to buy up our large homes and land creating even more competition for this limited housing stock?

And as the Real Estate Gatekeepers are exempt from the second tranche of the Anti-Money Laundering Laws (Morrison Government October 2018) it looks like Australians will readily be outbid again!  

Some homes may not even appear advertised on the real estate websites

It is now mooted that ‘Australian property is likely to be a more attractive option for overseas buyers’ but what is not conveyed is that they can buy online to gain the PR Visa to fly in when the borders reopen.

The peak of Chinese investment of almost $32Bn was in 2015-16 which led to a house price rise with suburban homes selling for $1.5M which happened to coincide with a visa and $1.5M investment.

Monika Tufounder and director of Black Diamondz Property whose clients are mainly Chinese citizens with Australian residency working and living abroad predicts that when the borders open they will flood back in … some are seeking $10M plus homes, but will they be seeking our detached homes with large land lots in green suburbs too? Hm … . Not only will they continue to come from China but Singapore, Hong Kong, the United States (Canada too?) and the United Kingdom. 27 of the 29 Sydney properties listed by Black Diamondz sold recently.

Once again the ‘exchange rate’ is in their favour!  With Australian housing more reasonably priced than Japan, London, New York, Beijing and Shanghai!

These $20 – $30M buyers having made their offers are holding off to exchange when they can return to see the property.

The pattern is repeated in Melbourne’s eastern suburb of Box Hill, where sales and marketing director, CBD Development, Ricky Chen is seeing enquiries pick up again for a mixed-use high-rise development with hotels and retail space. They are seeking larger apartments to live in, to retire in Australia or to send their children to study.

Martin North, principal of property research firm Digital Finance Analytics, also notes ‘there’s been a swing away from foreigners looking to invest to people wanting to move here.’  And that they are more interested in buying land and larger properties!

Read more!

https://www.abc.net.au/news/2021-07-02/chinese-overseas-buyers-australia-property-housing-investors/100259470

And as CAAN has previously shared with you they are accompanied by parents, grandparents, guardians or a group of people buying together … in some suburban apartment developments for instance in Asquith they buy a whole floor!

There are a range of Visas facilitating this including Parent, Grandparent, Family, Student, PhD Student, Guardian …

This time Martin North predicts more competition for standalone houses, the top end of the market and large properties with land.

WHAT A FRIGHTENING PROSPECT … the competition for homes this year has been staggering with 100 or more people lining up for Open Home Inspections … Auctions held within two or three weeks … or Pre/Off Market Sales where buyers on one inspection have to make an offer or miss out!

WHERE IS THE DUTY OF CARE BY THE MORRISON GOVERNMENT? 

IN VIEW OF THE HOUSING SUPPLY SHORTAGE WHY IS THIS GOVERNMENT ALLOWING FOREIGNERS TO BUY UP OUR HOUSING STOCK?

HOW is this government on your side?