First home buyers to be big winners from apartment fire sale: BIS Oxford Economics

first_imgHigh-density dwelling commencements will plummet in Queensland this financial year, according to BIS Oxford Economics.The latest housing finance figures for January reveal more than 20 per cent of the loans taken out in Queensland during the month were by first home buyers.And nationally, demand for interest-only loans — usually taken out by investors — has dropped to a new historic low of 15 per cent of new lending, according to new figures released by the Australian Prudential Regulation Authority. RateCity.com.au money editor Sally Tindall said the results confirmed APRA’s interventions were having a marked effect on new borrowing. BIS Oxford Economics predicts Brisbane’s inner-city apartment oversupply will be absorbed.Mr Mellor is optimistic Brisbane’s inner-city apartment oversupply — set to peak at 14,000 excess dwellings — will be absorbed as buyers look to take advantage of the bargains on offer, resulting in a shift in demand away from houses.“We will get through this oversupply,” Mr Mellor said.“While we thought the damage would be restricted to inner Brisbane, some people, particularly young people may be attracted to the cheaper prices of apartments offered by developers.“It depends how big a fire sale it is.” HOUSE PRICES ON THE UP AFTER GAMES BRISBANE’S REAL ESTATE YOUNG GUNS INTEREST-ONLY LOANS HIT HISTORIC LOW Some developers have already slashed the prices of apartments in their projects to attract buyers and get rid of remaining stock.More from newsParks and wildlife the new lust-haves post coronavirus20 hours agoNoosa’s best beachfront penthouse is about to hit the market20 hours agoLast year, some units in the The Hudson on the former Albion Flour Mill site were discounted by up to 25 per cent. The Hudson in Albion reduced the prices of some of its units. Photo: Adam Armstrong.BIS Oxford Economics is forecasting a huge 25 per cent drop in high-density dwelling approvals this financial year, but expects the decline to be less pronounced in 2018/19.“The downturn has been heavily driven by apartment construction in Brisbane’s inner-city market,” Mr Mellor said.He said high-density dwelling construction had hit an unsustainable level, surging from around 3000 commencements to around 15,000 at one point. Cranes dot the Brisbane CBD skyline. Picture: Darren England.A MASS apartment fire sale could be set to swamp Brisbane in the next 12 months — allowing would-be first home buyers to finally get a foot on the property ladder. The inner city housing market is in the grip of an apartment glut thanks to a “record boom” in high-density dwelling construction, according to economic forecaster BIS Oxford Economics.But it means now could be the best time to bag a bargain.Managing director Robert Mellor is predicting a frenzy of discounting by developers to take hold for at least another year, with prices for remaining stock in some projects to be slashed by at least 10 per cent to 15 per cent. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Construction underway in Fortitude Valley and Brisbane City. Picture: Richard Walker.Mr Mellor said developers had since reported a notable drop-off in demand from local and foreign investors, with Queensland “taking a bit hit”.“The good news is first home buyers are taking up some of the slack,” he said.When it comes to house prices, Mr Mellor predicts modest growth of 3 per cent in Brisbane this financial year, followed by another 3 per cent in fiscal 2019.“I’m sorry to tell you you’re not about to see a boom,” he said.There has been a significant shift in demand for home loans in Queensland, with investor loans down 2.5 per cent in the state from their peak two years ago and a 17 per cent increase in demand from first home buyers in that period.last_img read more

Thomas Stevens Crabtree, 81

first_imgMr. Thomas Stevens “Tom” Crabtree, age 81, of Vevay, Indiana, entered this life on May 8, 1934, in Imboden, Arkansas, the loving son of the late, Marshall Dexter and Jennie Sue (Holobaugh) Crabtree. He was a 1952 graduate of the Sloan-Hendrix Academy in Imboden, Arkansas. Tom was united in marriage on December 11, 1954, at the First Baptist Church in Biggers, Arkansas, to Theresa Ann Smith and to this union arrived two sons, Thomas Stevens and Marshall Eugene to bless their home. Tom and Theresa shared nearly 61 years of marriage together until Theresa passed away on March 24, 2015. He was employed for Brown Shoe Factory in Pocahontas, Arkansas, from 1952 to 1969. Tom was employed for the US Shoe Factory from 1969 to 1998. Tom was a Plant Manager for the US Shoe Factory in Vevay, Indiana, from 1978 to 1998. Tom was a member of the Switzerland Masonic Lodge #122 and the Kiwanis Club of Vevay. Tom was also a Kentucky Colonel and a Sagamore of the Wabash. He served on the Switzerland County Gas Board and the Switzerland County Sheriff’s Merit Board. He was a former Vice President of the Vevay Switzerland County Foundation. Tom resided in the Switzerland County community since 1978. Tom enjoyed watching UK basketball, college baseball, farming, his cattle and spending time with his grandkids and his great-granddaughter. Tom passed away with his loving family by his side at 2:47 pm, Monday, March 7, 2016, at the Swiss Villa Nursing & Rehabilitation Center in Vevay, Indiana.Tom will be dearly missed by his sons: Thomas Stevens “Steve” Crabtree, II. & his wife: Mona of Vevay, IN & Marshall Eugene “Gene” Crabtree & his wife: Donna of Pleasant, IN; his grandchildren: Eric Crabtree & his wife: Lindsey of Lexington, KY, Marshall Thomas Crabtree of Pleasant, IN & James Dexter Crabtree of Pleasant, IN; his great-granddaughter: Abigail Dawn Crabtree of Lexington, KY; his sisters: Paula Bookout & her husband: Simon of Little Rock, AR & Martha Kicklighter & her husband: Bill of Glennville, GA; his half-sister: Georgia Sallee of Rector, AR; his brothers: W.C. Bud Crabtree & his wife: Roline of Columbus, OH & Billy Gene Crabtree of Jonesboro, AR; his sister-in-law: Sandra Mundorff & her husband: Larry of Kerney, MO & his several nieces & nephews.He was preceded in death by his parents: Marshall Dexter & Jennie Sue (Holobaugh) Crabtree; his wife of nearly 61 years: Theresa Ann (Smith) Crabtree, died March 24, 2015; his half-sisters: Lucille Harkey, Lorene Lawyer, Halleen Barbarine & Dolores McCauley; his half-brother: Marshall Dexter Crabtree, Jr.Funeral services will be conducted Saturday, March 12, 2016, at 11:00 am, by Chaplain Simon Bookout, at the Cox Funeral Home, 3280 Highway 67 B North Walnut Ridge, Arkansas 72476.Interment will follow in the Hope Cemetery, Imboden, Arkansas.Friends may call 4:00 pm – 8:00 pm, Wednesday, March 9, 2016, at the Haskell & Morrison Funeral Home 208 Ferry Street Vevay, Indiana 47043 & 10:00 am – 11:00 am, Saturday, March 12, 2016, Cox Funeral Home, 3280 Highway 67 B North Walnut Ridge, Arkansas 72476.Masonic Services will be conducted by the Switzerland Masonic Lodge #122 at 7:30 pm, Wednesday, March 9, 2016, at the Haskell & Morrison Funeral Home.Memorial contributions may be made to Crabtree Family Endowment Fund % Community Foundation of Switzerland County. Cards are available at the funeral homes.last_img read more

X Factor’s Matt Terry hot favourite for Christmas Number One

first_imgShare Related Articles Gamesys tops list for GambleAware Q1 donations July 10, 2020 SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Submit StumbleUpon William Hill accelerates transformation agenda to overcome COVID realities August 5, 2020 Share After his X Factor win on Sunday night, Matt Terry is the bookmakers’ favourite to bag this year’s Christmas number one. The single, ‘When Christmas Comes Around’, written by Ed Sheeran, is at 6/4 with William Hill to win the festive race, ahead of closest competitor Friends of Jo Cox at 5/1 and Louis Tomlinson and Steve Aoki at 7/1.Sheeran has also written songs for the likes of One Direction, Olly Murs and Taylor Swift but has himself been relatively out of the spotlight some time.William Hill Spokesman Joe Crilly commented: “The race for Christmas number one has had so many twists and turns this year with four favourites in the space of the last three weeks but with less than two weeks to go until the festive chart is announced, it looks as though Matt will have something else to celebrate”.Others reportedly in the running are Cruz Beckham for whom Will Hill stated there was a reasonable spurt of betting last week but odds have since stretched to 20/1.The X Factor, which has been running since 2004, is just 1/50 to return in 2017 and will have a new friend on ITV in the shape of The Voice.last_img read more