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Conjecturer
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That is correct. Forge is set back from Yarra more-so than previous YE towers. Both low-rise and parkland sit below adjacent the water.
 

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Lord Melbourne
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Yes, it is the latest tower as part of the Yarras Edge development, although they are calling it some other precinct, Bolte or whatever, because it is separated from the other towers by the low rise.
 
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Discussion Starter · #43 ·

ALBERT Park Labor MP Martin Foley has vowed to tear up the Fishermans Bend strategic plan and go back to the drawing board if his party triumphs at the polls in November. Speaking at last night’s Montague Community Alliance meeting, Mr Foley called for a moratorium on all development applications in the urban renewal precinct. He said Labor’s starting point for appropriate development in the area would be the Draft Vision released by Planning Minister Matthew Guy last September. At the time he dismissed the document as Mr Guy’s “Kowloon Nightmare by the Bay”, referring to the high-density precinct of Hong Kong. The Draft Vision included staggered maximum height limits of four, eight and 18 storeys, but these were replaced by discretionary height limits of up to 30 storeys in the Strategic Framework Plan released on July 28. Mr Foley declared this plan to be nothing more than a “marketing document” and promised to put forward a comprehensive alternative plan” before the election.

Greens candidate David Collis said the council’s original Montague Structure Plan should be restored, along with residents’ notice and appeal rights. “The Planning Minister should not have God-like powers to call in developments,” Mr Collis said. Liberal candidate Shannon Eeles was absent from the event, telling the Leader she felt its outcome was a “fait accompli” after seeing Labor’s press release slamming the State Government’s “botched planning process”. Ms Eeles said she was happy to meet with people separately to talk about the precinct. Residents at the meeting said their tops concerns were height limits, schools and public transport. Port Phillip Council program manager Jacqui Banks said the council was working closely with the State Government on development in Fishermans Bend in the hopes of influencing planning decisions.

Mr Guy currently has 13 planning applications on his desk for 24 towers of up to 40 storeys, having already approved three medium-density applications. He will pass authority for the precinct to the Metropolitan Planning Authority on October 1. Ms Banks said the council had secured a commitment from the MPA “that we’ll be involved from the outset on proposed developments, attending pre-application meetings with developers”. While the council will not have authority over the outcomes, it would lobby for community infrastructure to be included in developments, and try to limit building heights. Mr Guy declared Fishermans Bend a capital city zone in July 2012, taking planning authority from the council. The project, touted as the biggest urban infill development in the Southern Hemisphere, will bring an extra 80,000 residents and 40,000 workers to the area.
 

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Optimist
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Love the comments...

Peoples idea of a slum is vastly different from the reality.
 

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Let's face it many inner city residents like their suburb to stay just as it has been for the last 50 years. They have no idea that Melbourne is growing and all that new stuff should be done somewhere else. We have to accept we have a bigger sprawl around the edges of Greater Melbourne or densify the inner areas. I am for saving many places of heritage and character but Fishermans Bend is predominately light industrial or warehouses. Land this close to the city needs to be developed for the good of all.
But then...some that live close can't see past their cafe...
 

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Love the comments...

Peoples idea of a slum is vastly different from the reality.
I was waiting at the corner of Exhibition and Collins St a few weeks back and saw a 60-something woman remark to her husband: *points at 101 Collins St* "awful isn't? Those buildings are the slums of the future! slums!"

I nearly interjected by realised I'd look more insane than she did.
 

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I can' t remember if Alan Davies said it, but I will: units in towers that cost $900k new are not going to be slums. But can't be so sure with generic housing estate in Pakenham.

People don't know what slum really means.


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$900K can become a slum if it's value plummets to $200K due to oversupply causing a housing bubble burst.
I live in (and own property in) London. Believe me when I say that Australia's property market is woefully overpriced. Something's gotta give sooner or later. I say this because I'm looking to buy in Melbourne next year....:-(
 

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I can' t remember if Alan Davies said it, but I will: units in towers that cost $900k new are not going to be slums. ...
The problem could come down the line when owners can't afford/won't pay the Owners Corp levy, especially if issues with the building force them up sharply. The OC's ultimate remedy is to force a sale with it having first claim on the proceeds, but do this a few times and values start will spiralling downwards, vicious circle.
 

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$900K can become a slum if it's value plummets to $200K due to oversupply causing a housing bubble burst.
I live in (and own property in) London. Believe me when I say that Australia's property market is woefully overpriced. Something's gotta give sooner or later. I say this because I'm looking to buy in Melbourne next year....:-(
over priced by 30 to 40 %
 

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How does it become a slum if prices plummet ? Bricks and mortar will stay the same whatever the starting price...If it cost a million and drops to 200,000 bucks the sink still works, the doors still swing and the toilet still flushes.
 

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Agree with the baron. It's one thing to prick a bubble. Slum implies that all value is gone from the market. Detroit. That makes no sense. Like saying that the 1987 stock market crash destroyed BHP shares for ever. No it didn't. Took some overvaluation off, that's all.

Same with property. Apartments exist within a ’pecking order' all properties, whether broadacre housing or apartments, are ranked by the market for desirability.

Docklands apartments with gyms, pools, etc are not going to be priced below some pieceashit delfin in Craigieburn so unless the value of them tumbles to Ohio levels, not gonna see apartment prices fall to the level that would make them worth bulldozing Cleveland style.

Geez, if we can't come onto this forum to get away from the doom prophets!



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Let's go back to economics 101. Assets are a) source of growth b) source of income c) hedge against risk.

Chinese buyers not particularly worried about a) and b) because c) is enough reason to be buying apartments in a common law country right now. They have 'elected' Xi Jinping, a Maoist, to lead them, who is explicitly talking their economy down, and they know the government can expropriate their properties any time, or jail them for 'corruption' ie any business transaction that Xi himself is not benefitting from.

So beating the prevailing low interest rates, or even inflation, is not a consideration, even losing a bit is possible providing the underlying asset is sound.

Melbourne's population is growing. The sprawl is being limited and the government can no longer afford to service its unlimited growth. Most private sector productivity measures, real productivity ie input v output, are down and below other developed countries. Some, like sales per sqm of retail floor space, can only be boosted by getting population density up.

So I do not see any real attack on the fundamentals of apartment building, only transitory price speculation which was always there and always will be.

Partly I see the adverse impacts as being because of the lumpy nature of the investment. Unit trusts or reits could allow large lumps of property value to be broken into small parcels, listed on a exchange and serve as a replacement for the mortgaged owner occupier model. You could 'rent' from a body corporate you yourself have a share of, creep towards total control, but equally sell shares if you need cash. Just a suggestion of how to get away from this 'all or nothing' fire sale mentality that mortgaged freehold generates.


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...and maybe a few more first home buyers may get into the market instead of paying off speculators mortgages ?
 

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How does it become a slum if prices plummet ? Bricks and mortar will stay the same whatever the starting price
But many of the new apartments are not built with bricks and mortar. They are prefabricated concrete and aluminum cladding. Bricks and mortar implies that the building will last. These buildings age very badly and become eyesores and the value does not appreciate.
 

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But many of the new apartments are not built with bricks and mortar. They are prefabricated concrete and aluminum cladding. Bricks and mortar implies that the building will last. These buildings age very badly and become eyesores and the value does not appreciate.

Their appreciation has nothing to do with the building material...wait a minute why am I replying to this idiot?

Anyway for the rest of you, plenty of decaying brick buildings round town that need replacement.

The problem isn't the longevity of the building as such, but the hundreds of little virtual cubes of air, the strata titling, which means securing consensus to replace the building when its time comes.

Seeing as I'm wanting Melbourne to look like Coruscant at some point, then it is good the existing stock has a finite life.


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....as mentioned 'Bricks and Mortar' is a generic term for something on the land that is not a shrub or a rock or a bent tree waving in the prevailing wind when humans came to stay in that particular spot.
 

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Their appreciation has nothing to do with the building material
'Bricks and Mortar' is a generic term
It is a generic term. But Bricks and mortar in real estate refers to the quality of the building and that it is a long term investment and its land. I see that with many homes and apartments built today they use cheap steel reinforced concrete that is not of a high quality and would develop concrete cancer except it is masked by aluminum cladding. Also they do not occupy land in old sense of the quarter acre block. There is a built in obsolescence with this type of building in opinion. I do not believe these pre-fab buildings will hold their value and could well become slums.
 
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