Coronavirus: cautious Brisbane developers forge ahead to meet demand from overseas buyers

first_imgBruce Goddard, the director of Place Projects, said that although developers remained reasonably positive there would no doubt be a drop in inquiries. However, those they did receive were solid leads.“Any inquiries we are getting in these conditions is a quality inquiry, there’s no flippant buyers,” Mr Goddard said.“It’s an opportune time to come in, with fewer buyers in the market, low interest rates and stock market issues,” Mr Goddard said.He said Australian property was appealing to the offshore market, especially among expatriates, who consider home soil as a good place to come back to. Developers will carry on with projects under construction such as Queens Wharf where a multimillion dollar penthouse sold this week. Photo: AAP/David Clark“We are affordable for the offshore market and developers are taking advantage of that,” Mr Goddard said.Peter Chittenden, managing director of residential at Colliers International, said that on a national level the company has had a sharp increase in online inquiries, but foot traffic had dropped.He said that the appetite for investment in residential apartments remained, and people were still selling, but the employment issue was a concern for many. “The reality is that anyone who bought during the GFC and 9/11 events saw that after three years the market lifted and they were rewarded. It didn’t happen immediately.”He agreed there was renewed interest from the offshore marrket, an increase of up to 15 per cent, from buyers wanting to take advantage of the exchange rate.NGU Corp property developer Emil Juresic said he still had properties under construction.His latest development, a five-bedroom, six-bathroom home in Ascot will be launched to the market in April, priced at more than $3.5 million.Mr Juresic said: “A lot of developers are full-steam ahead with projects, but they see a three to five-month hurdle in front of them. We hope by that time coronavirus will be gone.“You don’t build in one month, it takes time,” he said. “I don’t think (COVID-19) will have a massive impact on development at this stage. “But yes, developers will be more cautious because we don’t know how long these times of uncertainty will last. We don’t know what we are dealing with.”Despite this, Mr Juresic said he was about to kick off two new development schemes.More from newsCOVID-19 renovation boom: How much Aussies are spending to give their houses a facelift during the pandemic3 days agoWhizzkid buys almost one property a month during COVID-197 days ago“We will keep building and selling, but how much we expose ourselves in borrowing and the risks we take is still unfolding.”Tony Pennisi, the owner of Hub Projects Beenleigh, said he has received a growing number of inquiries for acreage blocks over the past couple of weeks. There has been a spike is in interest in acreages such as those at Evergreen Ridge in Jimboomba by the developer Terry McKinnon.Mr Pennisi, who is marketing lots at Evergreen Ridge in Jimboomba, attributed the spike of inquiries to COVID-19, saying people were keen to find either vacant land or a house on a large block of land. “People are definitely keen to put space between themselves and their neighbours. Self-isolation makes people think about the important things in life and being confined in suburbia is not their focus now,” Mr Pennisi said.“Acreage gives people more options for a self-sufficient lifestyle, where families can live in larger homes. They can grow food and have space to park their boat or caravans on the block or build a bigger shed.”He said a lot of the inquiries were from the greater Brisbane area and mostly via Facebook and their website. Destination Brisbane Consortium project director Simon Crooks said their contractors were onsite and working safely and tirelessly to progress the construction of Queen’s Wharf Brisbane. “Our workforce is strictly following government guidelines, but otherwise its business as usual as concrete continues to be poured onsite to build the basements of the integrated resort,” Mr Crooks said.“Interest in the residences remains strong and following government guidelines we have introduced additional measures such as adopting a one appointment only at a time at our display suite.” QLD property industry adapts to new ways of buying and selling amid COVID-19 crisis NGU Corp’s new-build project, a five-bedroom, six-bathroom home in Ascot, will launch to the market in April, priced at more than $3.5 million.Brisbane developers are lapping up opportunities to sell new homes and off-the-plan apartments, particularly to offshore buyers, before the COVID-19 crisis takes full effect.A multimillion-dollar penthouse was sold last week at Queens Wharf Residences and inquiries have been strong from multi-generational families looking to build a “family compound”. MORE CORONAVIRUS NEWS: Millions in home sales as virtual reality auctions kick offcenter_img What next for our housing market?last_img read more

Badgers land touted Ohio recruit

first_imgThere was once a time when the idea of Wisconsin going into Ohio State’s back yard and signing a hot basketball recruit who had been offered a scholarship by the two-time defending national champion, Florida, would’ve been met with laughter. But Bo Ryan and the Badgers did just that this week, as Garfield, Ohio, prep star Robert Wilson declared at a press conference Wednesday that he will be attending the University of Wisconsin.”Wisconsin has been recruiting me for the past year. They have good coaching there and I know I can fit into their organization, so I felt more comfortable choosing Wisconsin,” Wilson told the Capital Times.Wilson, a junior at Garfield Heights High School, located just outside of Cleveland, had been pursued by Wisconsin for more than a year after being noticed by UW assistant Greg Gard. Wilson is now the third member of the Badgers’ 2008-09 recruiting class, joining forward Jared Berggren and guard Jordan Taylor, both from Minnesota. At 6-foot-4, Wilson averaged 17 points, six rebounds and 3.5 assists during his junior season and has attracted much attention, with more sure to come. Along with Wisconsin and Florida, Wilson reportedly has been offered scholarships from Cincinnati, Virginia Tech, Xavier and Iowa, while also receiving attention from Penn State.The Badgers still have one open scholarship remaining, which could either be used for next season or to add a fourth recruit to the incoming 2007-08 class, which includes Madison native Keaton Nankivil (forward), Oshkosh product Tim Jarmusz (guard), and Jon Leuer, a forward from Orono, Minn.Burke makes tourneyDespite a disappointing season that didn’t include a single conference win for the UW women’s tennis team, senior Caitlin Burke earned an at-large bid for singles competition in the 2007 NCAA Division I Women’s Tennis Championships Wednesday.With a 16-7 overall record this season, including a 10-2 mark this spring season, Burke was one of 45 at-large players selected. The competition consists of 64 players, 19 of which earned automatic qualifications. Northwestern’s Georgia Rose earned the automatic bid for the Big Ten Conference.Even with an injury that kept her out of the singles lineup for almost two-months, Burke played well for the Badgers this season. She continually represented the team in the Fila Collegiate Tennis Rankings and achieved the highest ranking of her career at No. 14 during the Feb. 21 poll. Burke currently sits at No. 31 in the latest poll released April 30.Of the top 16 seeded singles players, Burke has faced five of them, including the No. 1 seeded Audra Cohen from Miami. Burke played Cohen back on Feb. 1 at the USTA/ITA National Team Indoor Championships in Madison, and put up a fight, but could not knock off the No. 1 ranked player in a 6-4, 6-3 loss. That was the last match Burke played before returning to the singles lineup March 31. It was also just one of two losses this spring season for Burke.–UWBadgers.com contributed to this report.last_img read more