Don’t let Melbourne catch the Sydney disease!!

We have a housing crisis in this country, we need as many new units as possible, especially in the city centre! No room for that Sydney NIMBY attitude.

Thanks Jemma, I wouldn’t suggest the high rise index is an infallible measure but it’s a pretty good indicator of irrational exuberance. When we see 100 storey buildings, particularly residential ones, it’s clear the numbers are out of balance.

What we should keep in mind is we’re coming to the end of the greatest period of money printing ever seen by mankind as the US finishes its Quantitative Easing and the Chinese rebalance their economy. The last six years of easy money has seen massive overinvestment in property as we’ve seen from London to Melbourne.

I’d also argue Q1 in Surfers did mark the local peak as the property market there hasn’t exactly been stellar since.

This chapter has a long way to go, but I fear Melbourne is putting way too many economic bets on a barista and builder economy.

Your high rise/economic downturn indicator is interesting. Your evidence of buildings are true & accurate examples which support your theory but may I rebut with examples of substantial hightise developments that refute your claims…

Q1 Surfers Paradise launched 2001 or 2002ish & completed 2005ish

Eureka Melbourne launched 2000ish completion (2006..?)

Vogue Melbourne launched 2008, completion 2013ish

I have enjoyed reading your comments. Looking back 12 months later, I would love to see a comment. 🙂

Whatever you say, Wayne/Gail. If you choose to re-read the post, you’ll find I didn’t care one jot whether the thing was built or not. My point was about the skyscraper index being a pretty reliable indicator too much dumb money is slushing around the economy and a downturn is looming.

BTW, the developers cancelled the project as they failed to make the numbers work out. I guess that makes them ‘loosers’ too? Maybe they moved to a tree plantation in New Zealand.

Who cares who owns it. in the US, Asia and Europe skyscrapers are mostly foreign owned or have world wide investor’s. You talk rubbish. Thing is that some sceptical morons just like this John doesn’t like the fact to see Australia kick on because it blocks the view of their favorite tree they like to stare at everyday. as my opinion to people like them go move to New Zealand and let Australia grow.