How Meriton moves will benefit them from increasing Building Costs

CAAN Photo: Meriton ‘Destination’ Macquarie Park; further development underway for a 63 storey tower

DESPITE increasing building costs Triguboff remains upbeat about the apartment market … why wouldn’t he? The * Gatekeepers in Australia remain exempt from Anti-money laundering laws … with the Australian Housing Market opening up to Singapore, Malaysia, India …

THE latest from Meriton … it has lodged plans for a 30 storey apartment tower comprising 211 apartments above six levels of basement parking in Oxford Street EPPING close to the business area and Metro station. It will rise above its neighbours of 15 and 22 storeys.

Following the scandal of the Opal Tower, the Mascot Towers and the release of reports concerning the thousands of defective developments there was buyer resistance.

But with the housing boom a large cohort were priced out of detached housing, and had to resort to apartments reducing supply.

For those developers remaining in the market aside from Meriton, and following all the bad press, they are concentrating on smaller-scale, high-quality projects.

However MERITON is maintaining its high-rise developments to capture not only overseas investors (buyers), local investors, and the growing rental market for Australians locked out …

Storey upon storey Meriton makes a motza!

Did Harry lead the way through the Urban Taskforce for high immigration to boost sales in the  apartment market?  Cough … cough …

Harry has said:

“China has more than 1 billion people, and they love Australia. I think they love Australia as much as we love Australia. So there will always be enough of them that will buy.”

“The problem with Australians is they are very slow. They ask their lawyer, they ask their financial adviser, they ask their family, they ask everybody. The Chinese don’t ask anybody, they come off the plane, buy their unit and go.”

IN fact many stayed having gained a Permanent Resident Visa with benefits …

From early 2022 MERITON has experienced 50% of its sales from returning investors with a 10% growth in its rental market over the past 12 months to grow even more with the return of students and migrants …

MEANWHILE Meriton has massive projects currently proceeding in Macquarie Park (two), Sydney Olympic Park, Parramatta (66 STOREYS)  and …. in the Gold Coast Queensland … Melbourne …

WITH international borders opening increases the competition and prices of these dwellings for Australians especially when competing with ‘hot money’ …

Triguboff said he expected unit prices to rise considerably in 2022 as construction costs continue to surge across the country and international borders reopen to migrants and students, placing pressure on the already low supply of apartments.

With Meriton occupying a large share of the apartment market it takes a proportionate large slice of the imported fittings and fixtures locking out other builders and clients …

Triguboff said: “at the same time the demand for units from owner occupiers and tenants, while already very strong, will be boosted by the return of international students and workers, so we can expect the prices to go up considerably.”

A win/win for Meriton Property Services which offers up to 90% of the contract purchase price … AND offers a low cost mortgage loan whether a resident or non-resident, investor or owner!

SO that the real question is

What has happened so that Meriton has won more than anyone else?

IT would appear this can be revealed from the disclosed political donations for the most recent elections in NSW and the Nation …

MERITON Properties Pty Ltd donated $260,000 to the Liberal Party of Australia and $10,000 to the NSW Division of the Liberal Party of Australia AND $5,000 to the CDP (Fred Nile Group) … which party is well-known for doing deals with the Libs …

COMPARE that to a mere $10,000 to the Australian Labor Party (NSW Branch) and $50,000 to the ALP (Queensland).

WHAT this means is NOT GOOD FOR US … that Meriton holds more sway with this Government like that indicated previously:

“Then I will bring in more migrants”.
Harry Triguboff in the AFR in response to a question about oversupply of apartments.

http://www.afr.com/real-estate/phil-lowe-he-worries-me-a-bit-says-triguboff-20161019-gs5vg8

AND our Taxes are stretched further to fund an ever increasing demand for infrastructure lagging behind the population growth … and services (Health and Education especially) … since 2013 low wages growth from increased competition of Visa workers … our Families locked out of Home Ownership … facing life-long tenancy … with the loss of Australian communities, urban bushlands, heritage, and quality of life!

READ MORE!~

Meriton Unveils 30-Storey Tower for Sydney’s West

https://www.theurbandeveloper.com/articles/meriton-oxford-street-epping-development-application?utm_source=TUD+-+Daily+Briefing&utm_campaign=67ee52923f-EMAIL_CAMPAIGN_2021_08_11_01_49_COPY_01&utm_medium=email&utm_term=0_982c36d415-67ee52923f-195692726

The Greenfield Housing Code … Do you remember that? And now a ‘New Tax’!!

THIS CODE with lots as tiny as 200M2 x 6M wide was introduced by NSW INC when Anthony Roberts was Planning Minister …

A third of the size of traditional land lots in Australia … obviously better with more freedom than an apartment … but still very expensive for buyers …

NOW … are you aware that Greenfield landowners are to be hit with VALUE CAPTURE? This cost is being taken away from deve-lopers and dumped on landowners! As if deve-lopers don’t make enough …

READ MORE!

Local contributions and land value contributions’

https://www.planning.nsw.gov.au/Policy-and-Legislation/Infrastructure/Infrastructure-Funding/Improving-the-infrastructure-contributions-system/Local-contributions-and-land-value-contributions?fbclid=IwAR18xAQXakx09tecVKRr4VCVDvNGmSVxyn2qeEsyJmXKXIIGVKS-XBxgKNI

It’s a value capture they want to introduce now for landowners; not developers.

AND it is up to 20% of the Valuer General valuation NOW but the planning minister can change it at any time without consultation . Who knows how high it can go?

WHO in the government tried to slip it in? .. In the budget papers? …

NOW they have come back and are trying to push it through. Hardly anyone knows about it … this is what NSW INC do in the lead-up to CHRISTMAS!

AND submissions have to be written!

There needs to be a BACKLASH as the Real Estate Institute said this will push up the prices of land and houses.

THIS is what they are trying to push through:

https://www.planning.nsw.gov.au/Policy-and-Legislation/Infrastructure/Infrastructure-Funding/Improving-the-infrastructure-contributions-system/Local-contributions-and-land-value-contributions?fbclid=IwAR3ml0ynjSctluz-d6WySGQxmJIPCs5ZAfxUhL3Kul5hwXHevMgV8-wM4j8

New Regulations for Infrastructure Contributions Released for Public Consultation’ | Lindsay Taylor Lawyers

Public consultation is now open for new instruments relating to infrastructure contributions reforms. Find out more from the experts.

lindsaytaylorlawyers.com.au*

This is an explanation by a solicitor about the tax but it will AFFECT SUBURBIA not just rural areas. *

This section is disturbing as the NSW Government can also push up the price of up to 20% at any time, and they don’t even have to let people know!

Clause 32 will allow more types of amendments to be made to contributions plans without re-exhibition, including changes to the cost of public amenities and public services and local infrastructure contribution rates set out in the plan as a result of adjustments made in accordance with proposed Division 1B.

ONE of the reasons it was also knocked back in the inquiry … BECAUSE of the powers the Planning Minister will have!

NOW they are trying to push it through again!

HOW good’s this a matter of a few weeks before Christmas … THIS is what they (NSW INC) do!

URGENTLY WRITE YOUR SUBMISSION AND SHARE THIS TO LET OTHERS KNOW!

Even a few lines may well suffice!

AND ensure others know so you can each contribute!

PLEASE SHARE!

An Uphill Battle for the Southern Highlands with NSW INC onside with Deve-lopers  … unless …

Related … the LIBERAL COALITON has introduced its religious discrimination bill yet have no conviction to instigate a Federal Integrity Commission!

WHY is this so?

The 7th Commandment:  Thou shalt not steal.

The 10th Commandment:  Thou shalt not covet thy neighbor’s goods

The Prime Minister has strong personal ties to the Federal development lobby group the Property Council of Australia … having written their policy before entering politics!

IT would appear that development is all about riding roughshod over thy neighbours … it is even happening in the Southern Highlands! Revealed in this SMH report:

Developers hiding in plain sight: Battle for the future of Southern Highlands

“Karingal” built by the locally renowned Alf Stephens in 1927.  “Karingal” occupied more than 3000 square metres close to the centre of Moss Vale

AND long into the 12 month settlement the vendors learnt of the buyer’s plans included a subdivision and 8 townhouses cheek by jowl with the original home.  And that the buyer worked for an international property developer!

Planning law changes have long been underway in NSW in concert with the Federal Liberal Coalition policies of high immigration to feed the need for development … pushing up house prices … and creating another market for alleged ‘affordable housing’ without placing ‘undue demand’ for more infrastructure …

These deve-lopers benefit from having it both ways having conspicuously moved into the Southern Highlands alongside SydneySiders moving in during the Pandemic.

The area was projected to grow by a mere 5 per cent between 2016 and 2041. Now forecasted for a 27 per cent population growth by 2041. Not that long ago elderly people remained in their family homes … what is it with so many people now falling into line with ‘retirement villages’ and ‘community housing’ and the negative fine print … paving the way for developers?

A 109 hectare Burradoo property sold for almost $50M with buyer plans to redevelop this rural land into residential.

The first 80 blocks of property south of Moss Vale sold in under 3 hours for $40M …

This influx of SydneySiders has led to subdividing large town blocks. And just like Sydney suburbs Bowral with its $2 – $2.5M homes are now threatened with deve-lopers buying up neighbouring homes to build apartments. 

Some life-long locals have taken objection to these high profile Sydney buyers exerting authority in local politics.  Yet other high profile SydneySiders who have said “ … it’s not saying ‘no development’, it’s saying, Just do it well.” 

Are they naïve, or is it again about what’s in it for them?  Afterall deve-lopers are about covering every spot of land …

Sadly it is up to NSW INC whether it extends the heritage order on ‘Karingal’ …

IT has now come to light that the original buyer of ‘Karingal’ sold his option to a former business partner a month before the property exchanged!  And has denied Mr Manning’s account of what happened!  And has declined to comment further! 

There seems to be a pattern here … with nasty politics and excessive desire, or inordinate love, for wealth, status and power.

READ MORE! 

Developers hiding in plain sight: Battle for the future of Southern Highlands

https://www.smh.com.au/national/nsw/developers-hiding-in-plain-sight-battle-for-the-future-of-southern-highlands-20211124-p59bo7.html

MERITON sets itself apart from ‘The Rest’ with its ‘Viciniti’

IS Old Harry seeking to set his apartment developments apart from ‘the rest’?

With ‘Viciniti’ in Cottonwood Crescent, Macquarie Park?

THERE have been so many negative headline print and television media reports across the country and overseas about Australia’s defective residential apartment developments could Meriton now be seeking to capitalize, and exploit such an opportunity?

AND it will cost less in not having to deal with the Building Commissioner … having to redress the Mess … and the unfavourable PRESS!

AS with this sample lot here!

Toplace Group (incl. Parramatta Rise, Riviera Apartments, Skyview Apartments Castle Hill, Vicinity in Canterbury) … Ecove (Opal Tower) … Ganellan … 82-84 Belmore Street Pty Ltd, a subsidiary of Holdmark GroupMerhis Group …  Four of the five developer companies were deregistered … BBC Developments (Station Road; by former Clr. Ronney Oueik; with fire safety issues and the roof blew off!)

JB Elias Pty Ltd owned by Hanna and Susie Elias continue with Sydney projects (Mascot Towers) … Brookfield Multiplex (Chelsea tower) 16-30 Bunn Street, Pyrmont  (original builder: BJ Metro Pty Ltd, was deregistered in 2008) … Palermo, Baywater and Savona Drive, Hill Road and Nuvolari Place, Wentworth Point, Sydney …

Payce Consolidated (Palermo) …  Raad Groupalso known as Lansari (Centenary Park) …  Meriton* (World Tower; Regis Towers in Castlereagh Street, the Summit in George Street and the Mirage in Bunn Street, Pyrmont) … DeiCorp (Star Printery)

In its Promo with ‘Viciniti’ Meriton has the pick of locations in Cottonwood Crescent beside Wilga Park, the Cottonwood Reserve and Shrimptons Creek.  Two 12 storey luxury suites, and a state of the art childcare centre!  Unlike Meriton’s ‘Destination’ with its view of the M2!

‘Viciniti’ is close to Macquarie Shopping Centre, the Metro, University and a private hospital! In the midst of a business and commercial park, and traffic too!

How many walk-ups have MERITON now eyed-off, and bought-up in and around Cottonwood Crescent?

For those not in the know … MERITON can advertise it won the Property Council of Australia’s  (the PCA) Best Mixed-use Development for 2020!  That is the Federal Property Developer Lobby Group where they’re all Mates, and Sc.mmo wrote their policy before he entered politics …

WHAT has prompted MERITON to push its 100% Australian owned?  Could it be a ‘pang of conscience’? Throughout this deve-loper Building Boom in residential apartments thousands of home buyers have been left bereft indebted far beyond their mortgage, and unable to on-sell their homes due to not only structural issues but defective materials …

THERE maybe a cost saving here for Meriton to build with ‘Australian Made’ with shipping delays due to the Pandemic, the likelihood of more of them, and Scomo’s War with China … and with Australia having imported for decades now … inferior and defective overseas made inflammable cladding, fixtures, fittings, electricals, plumbing that do not meet Australian Standards or the Building Code.  Has this finally proven to be a false economy?

WHAT $$ does it come down to for ‘The Buyer’?

For a one bedroom apartment a range from $670,000 to $755,000 … Off the Plan one bedroom one bathroom, air conditioning, gym, indoor spa and more!

one bed with parking from $875,000 to $910,000 with a study, secure parking, air conditioning and more

Two bedroom apartment from $990,000 to $1,220,000 with two ensuite bathrooms and more

Three bedroom apartment from $1,340,000 to $1,670,000

Four bedroom apartment from $2,150,000 to $2,205,000

Where will the Buyers come from? Will HT bring in more migrants from Hong Kong … Singapore and …

AUSTRALIA NEEDS A PAY RISE!

NSW Government and Deve-loper Lobby Groups Confrontation over Green Space

Key Points

criteria for apartment towers nine storeys or higher to have a maximum floor space of 700 square metres, as “slender towers

to allow for greater surrounding public spaces, more solar access, better views and less bulk

-deep soil zones for tree planting to increase the canopy and reduce urban heat

greater air circulation between apartment blocks to remove stored heat; for a better microclimate

despite government extending max floorspace for towers to 750 m2 UDIA alleges higher costs

WHAT is not revealed is why deve-lopers like high rise development … it’s because storey upon storey they make a motza!

Each apartment can cost as little as $200,000 or less to construct using job lots of fittings and fixtures; cladding; and visa workers

NOR do deve-lopers live in these dwellings that in too many instances lack cross-ventilation, with inadequate light, some so small a space is allocated for a washing machine with improvised electrical connection in a tiny bathroom

With water leaks … many are mould holes …

AS deve-lopers reside in harbourside mansions at the expense of unfortunate Australians and visa holders

READ MORE!

https://www.smh.com.au/national/nsw/arbitrary-metrics-government-and-developers-face-off-over-green-space-20210924-p58ukc.html

Campsie under Lockdown faced with Density Push!

‘A COVID-19-struck community with severely limited open space has been asked to review a plan to increase the number of homes by more than 70 per cent while enduring the strictest lockdown the city has seen.’

Mayor Khal Asfour:

‘As Mayor, I am dedicated to building stronger ties between Council and the community; …   I intend to continue to lead the advocacy on important matters, such as sustainable development and infrastructure support, to make our City an even better place to live, work in and enjoy. ‘​

https://www.cbcity.nsw.gov.au/council/mayor-councillors/councillor-khal-asfour

HOW are these fine words reflected in what is proposed for Campsie? 

WHEN Campsie residents are faced with a density increase from 24,500 to almost 40,000 dwellings by 2036

With little increase in public space under a Masterplan that will be put to a planning panel in a week’s time in a blueprint:

-allegedly to make Campsie more environmentally sustainable, affordable and connected to the Cooks River

-Beirut’s 2021 population is now estimated at 2,434,609

https://worldpopulationreview.com/world-cities/beirut-population

Sydney’s 2021 population is now estimated at 4,991,654. In 1950, the population of Sydney was 1,689,935.

Greater Sydney population

In 2019 the Estimated Resident Population for Greater Sydney was 5,312,163.

As with the established pattern of NSW INC residents were only given days’ notice to provide feedback on the draft at the same time as outdoor recreation is heavily policed, and children limited to playing at the front of apartment blocks, and in driveways!

Campsie is already overcrowded with the Council having to resort to the Belmore Sports Ground to account for a third of the open space in the plan!

It is proposed to upgrade existing parks, create small pockets of open space and improve street amenity.

Will the river foreshore escape redevelopment?

Campsie will remain stuck with the overhead high-tension power lines as their removal is not a given.

ICAC previously investigated attempts by Daryl Maguire to increase the height of buildings for a developer friend, and NSW government’s 2017 plan for Campsie was shelved following community backlash.

So under the Cover of Covid, it appears, that NSW INC and the Council are proposing this huge redevelopment knowing full well that the community is too stretched to cope with this!

Canterbury MP Sophie Cotsis said:

“I’ve made representations to the council and the NSW Planning Minister to withdraw this proposal, which will have a significant, adverse impact on residents and their properties.”

Contrary to the council spokeswoman a pattern has been established under the Cover of Covid with the push for high immigration, and increased development already underway!  And to fill the carriages of the Metro

-from Singapore … China … India …

There is a disconnect with Australian home buyers currently faced with a housing shortage, and priced out of their communities!

Since 2012 thousands of alleged sets of engagement and community consultations have proved meaningless for many Sydney communities.  Especially when one hears the buzzwords :  ‘ …. To become a strategic centre, a cultural and lifestyle centre’

Read more!

https://www.smh.com.au/national/nsw/campsie-residents-feel-the-pain-over-their-locked-down-suburb-s-density-push-20210903-p58ofs.html#comments

Boarding Houses rebadged as Co Living boosting the allocation of ‘Affordable Housing’

NSW INC so far has been very generous with its allocation of 10 percent ‘affordable housing’ (sarcasm intended) so in order to meet this need, and enhance deve-loper and investor wealth …

… Under the cover of Covid … NSW INC, it appears, has been plotting with their deve-loper mates for more end-users for apartments.

With what is known now as ‘affordable housing’ in the form of ‘co-living’ rather than the lable of ‘boarding houses’ they are:

-to be constructed within apartment precincts

-seniors housed in ‘vertical villages’

This is amid a housing shortage and affordability crisis of their creation!

Reported that home ownership for those aged under 35 has halved since 1995!

AUSTRALIA used to have 70 percent home ownership!

WHAT has happened to the Australian Dream? This article seems to infer that co living (the modern day boarding house) is being sought after by Millennials!

That it is desirable … but who in their 30s aspires to a bedroom and sharing common living areas with others at $400 p.w.?

What will be next?  Like that perhaps in Hong Kong, a cage home?

Will you be voting for this at the next NSW and Federal Elections? 

Read more!

https://www.smh.com.au/national/nsw/housing-for-hippies-now-for-hipsters-alternative-plan-to-boost-affordability-20210729-p58e5d.html

Jack Mundey’s Legacy Lives on Today in Parramatta!

Former BLF boss and green ban man Jack Mundey being carried from a protest at The Rocks in the early 1970s. Robert Pearce

The fight continues with the Green Ban to save ‘Willow Grove’, Parramatta!

The man who reshaped Australia

The green ban movement is long past, but Jack Mundey’s legacy lives on.

READ MORE!

https://www.afr.com/life-and-luxury/arts-and-culture/the-man-who-reshaped-australia-20200514-p54sxt

NSW Inc Sydney Rezoning Blitzkrieg

SYDNEY REZONING BLITZ for more than 16,000 homes, and a new industrial precinct including:

-2400 new homes for Leppington Precinct stages two and five

-7000 homes for Lowes Creek Maryland

-7000 homes in Glenfield around Hurlstone Agricultural High School

AND …  NSW government endorsed Camden’s Local Housing Strategy to enable the council to meet the future housing needs of the community

The NSW Government has accelerated the rezonings for the next BOOM for deve-lopers … the Greenfield Housing Sites released allegedly, a result of the Pandemic!

How convenient for deve-lopers feeling the heat from the Building Commissioner, and loss of insurance coverage perhaps?

Greenfield Sites’ sounds good, doesn’t it? But will it mean under the Greenfield Housing Code … lots as tiny as 200M2 X 6M wide, and with a maximum gross floor area 78% of the lot size … ?

Perhaps street trees may grow?  Will any surrounding bushlands remain? 

This Code commenced on 6 July 2018 … introduced by then Planning Minister, Anthony Roberts

HOW have we come to this land and housing supply shortage?

Was it due to the deve-loper led FIRB ruling allowing them to sell 100% of ‘new homes’ overseas particularly in China?

With our housing now awash with ‘Black Money’ … because the Real Estate Gatekeepers were made exempt from the second tranche of the Anti-Money Laundering Laws in October 2018 by the Morrison Government.

READ MORE!

https://bit.ly/3x1OEix

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


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