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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Doughboy who wrote (30918)	5/9/2005 3:32:59 AM
From: Elroy Jetson	Read Replies (1) \| Respond to of 306849

The Olympics left Sydney enormously over-built with stratas. You can see the impact of residential over-building for the 2000 Sydney Olympics by: - looking at the number of waivers granted by the Foreign Investment Review Board (FIRB); - comparing Sydney home sales with condos; - by comparing Melbourne sales and pricing with Sydney. To prevent foreigners pricing Australians out of desirable locations, sales cannot be made to those without a valid Australian residency visa or citizenship. But sales to foreigners can be can be made if the building has been granted a waiver certificate from the FIRB. Australian politics being what they are, waivers are usually granted only when a developer is going, or has gone, under from lack of sales. Almost every new high-rise strata in Sydney was waivered after the Olympics, sold primarily to those from Hong Kong, Singapore and Indonesia. While the sales of single family homes continued white-hot in Sydney, condo units were slow to dead after the 2000 Olympics with sagging prices. This turned into a blessing as it halted further residential construction in the CBD and allowed the real estate sales boom to slowly work off the excess. Meanwhile, Melbourne experienced a phenomenal boom in both single family homes and condos, which finally became over-built in 2004. As a consequence a number of high-rise buildings waivered. Advertisements for Melbourne properties, like the one on this link, are unavoidable anywhere you go in Australia. This link was from the Sydney Morning Herald. centralequity.com.au The Australian national press hooted and laughed over property seminars, touting the benefits of apartment ownership in Melbourne, being held in Mumbai India. A recent cartoon in "The Australian" featured an estate agent in the top floor of a strata asking an alien in a passing UFO is he had considered the benefits of owning. Worries like this . . . home.pacbell.net home.pacbell.net . . . led the Australian Reserve Bank to stomp the life out of the property bubble. Although quite unpopular, this is their job. home.pacbell.net home.pacbell.net I'll let someone familiar with Salt Lake City discuss the over-hang there. .