Darwin One Mile Dam town camp residents fear redevelopment plans
Residents at One Mile Dam, the Indigenous town camp on the edge of Darwin’s CBD, are fighting to save their homes as demolition plans loom over the community's future.The town camp's leader Mindy Timber and her daughter Rosemary said they were told by the NT Government's town camp housing maintenance contractor, Yilli Housing, about plans to demolish eight of the 10 houses and buildings at One Mile Dam because of safety concerns about the structures.
Mirvac , one of the country's biggest residential communities and high-rise developers, has declared the housing market slump has passed and is planning for a busy Mirvac CEO Susan Lloyd-Hurwitz. Credit:James Alcock. "Our residential business is well-placed to take advantage of this upswing.
Housing slump is over , declares Mirvac CEO . Mirvac calls the bottom of residential housing market. Mirvac , the country's biggest apartment developer, says there has been a rise in inquiries from buyers.
Mirvac, one of the country's biggest residential communities and high-rise developers, has declared the housing market slump has passed and is planning for a busy new year.
Speaking at the group's annual general shareholder meeting in Brisbane on Tuesday, chief executive Susan Lloyd-Hurwitz said there has been an increase in sales enquiries across the residential portfolio, "which we expect to translate to sales in due course".
"Our residential business is well-placed to take advantage of this upswing. Already 86 per cent of residential earnings before interest and tax (EBIT) for the 2020 financial year is secured, and we will have a first-half residential earnings skew with an approximate 65-35 split," Ms Lloyd-Hurwitz said.
Robbed from the most vulnerable: money swindled in WA corruption scandal could have put a roof over thousands
The agency charged with advocating for homeless people and social housing needs is outraged at the "breathtaking" corruption scandal unfolding at the Department of Communities. Last week it emerged that while Western Australia was in the thick of a social housing crisis, with more than 9000 people homeless each night and more than 14,000 on the social housing wait list, up to $25 million in public funds may have been stolen by one of the department's bosses.
Housing slump is over , declares Mirvac CEO WA Today04:57 19-Nov-19. Rate cuts prompt 'sharp upswing in home buying' but modest improvement in retail ABC Online01:04 19-Nov-19. Boomers unlikely to willingly give up entrenched privileges The Sydney Morning Herald13:07 18-Nov-19.
Housing slump is over , declares Mirvac CEO . The CEO of Mirvac , one of the country's biggest residential developers, believes the housing market slump has passed.
CommSec's senior economist Ryan Felsman confirmed the rebound in home prices.
Mr Felsman said the CoreLogic 5-Capital City Daily Home Value Index is up by 1.2 per cent so far in November, led by gains in Sydney up 1.8 per cent, Melbourne up 1.2 per cent and Brisbane/Gold Coast up 0.5 per cent.
"The lift in housing demand, supply constraints, and record-low borrowing costs are pushing-up home prices," Mr Felsman said.
Mirvac, which tipped the market bottom a few months ago, has shown its confidence in the sector through a series of acquisitions to boost its land bank development pipeline.
These include a capital-efficient joint venture with Boral at Wantirna South in Melbourne, which is a 171-hectare quarry site to be developed into a 1700-lot housing community with an end value nearing $1 billion.
Vandals cause $400,000 damage bill to housing estate
Vandals have racked up a $400,000 damage bill after trashing dozens of units in a new housing estate in small town in Victoria. Twenty-five of the 27 units in Longwarry, 83kms south-east of Melbourne, were ransacked just weeks from completion."With the bench, with the toilet, with the vanity, it's probably about $10,000 just in this unit," building supervisor Joseph Tortorella told 9News."Unit by unit there was just more and more and it's quite deflating."Young mum Stephanie had planned to move into her new home in time to celebrate Christmas.
“We see Mirvac as most at risk followed by Lendlease and Stockland,” analysts Grant McCasker and James Druce said. Australia is in the midst of a property slump with apartment Apartment sales make up a significant chunk of earnings for Mirvac , in particular, over the next three financial years.
Klas Danielsson, the chief executive officer of state-owned mortgage lender SBAB said in a “Also, housing investments would certainly decline in such a scenario.” Grahn said history suggests that a 10 percent drop in home prices means a 30-40 percent decline in residential construction over two years.
In Sydney, Mirvac entered into an agreement to acquire an 18-hectare site at Milperra with the opportunity to develop about 350 homes, and also a partnership with Western Sydney University. It will also look for more build-to-rent opportunities.
Mirvac is also said to be on the short-list of contenders for the purchase of the $220 million home of the Nine Entertainment studios in Willoughby on Sydney's north shore.
The current owners, Michael Jiang's Lotus Capital and Hong Kong-based Euro Properties, bought the site for $147 million in 2015 and are looking to sell. After a drawn-out process, there is an approved masterplan for the site for 460 apartments across 10 mid-rise buildings with a forecast end value of $1 billion.
Nine Entertainment, which owns this publication, is relocating to the new Winton tower at 1 Denison Street, North Sydney from mid-2020.
But in boosting the land banks Ms Lloyd-Hurwitz said Mirvac was working with government and industry bodies to improve building standards following a number of high-profile residential tower issues.
"It is unacceptable that families who have bought or leased apartments in good faith, with the reasonable expectation that those apartments will be built to an appropriate standard, can suddenly find themselves without a home to live in, facing years of legal battles, and substantial cost to rectify buildings that should have been properly constructed in the first place," Ms Lloyd-Hurwitz said.
Mirvac reaffirmed its full-year guidance earning growth of 3-4 per cent, and distribution guidance growth of 5 per cent.
Mirvac securities are up 0.6 per cent to $3.28.
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