This Week in Real Estate – 8th April 2023
Duo To Deliver $70M Tower
A developer duo on the Gold Coast have launched their own construction company to insulate against the volatility of the building sector while delivering their luxury residential unit tower. Melbourne-based Glenvill Developments and local Gold Coast developer QNY Group have launched Glen Q to give people buying within their $70m boutique Sunset Residences at Broadbeach certainty that it will be delivered on time. Glenvill Developments and QNY Group have launched Glen Q, a construction company to deliver their luxury residential unit tower at the Gold Coast. The $70m development, Sunset Residences at Broadbeach, will provide 11 full-floor beach residences, one half-floor residence and a tri-level penthouse with a private rooftop terrace. Construction will begin in August, and the Glenvill brand’s reliability, coupled with QNY’s local knowledge, will ensure the project meets and exceeds buyers’ expectations, despite the volatility of the building sector and recent builder collapses dominating the news headlines over the past 12 months.
RBA Hits Pause
The RBA on Tuesday left its cash rate target at 3.60%. The RBA said that, while the recent rate hikes had put some pressure on the economy, they were necessary to contain inflation, adding that further increases may be needed in the future. “The Reserve Bank Board judged that, with inflation likely to be consistent with the target over time, it was prudent to leave the cash rate unchanged for the time being,” Governor Philip Lowe said in a statement. “The Board will continue to monitor developments in the labour market and inflation, and is prepared to adjust policy if needed to support sustainable growth and the achievement of the inflation target over time.” The central bank has lifted the cash rate by 150 basis points since May, its longest period of consecutive hikes in a decade. The moves have been made in response to the strong economic growth and tightening labour market, which have pushed up wages and inflation.
Quote Of The Week
“If the RBA does pause in this coming meeting or the one in May, I have no doubt the housing market will go into firm recovery for the remainder of the year”. Louis Christopher – SQM Managing Director
Home Prices Rise in March
CoreLogic’s Home Value Index reported a 0.6% monthly rise in March, the first month-on-month rise since April 2022. Low advertised stock levels, tight rental conditions and overseas migration have been cited as factors placing upwards pressure on home prices. Since September of last year, the number of new listings has remained below the average. Every capital city, with the exception of Hobart, has seen a total advertised listing count lower than the five-year average. All five of the largest capitals have also seen a total listing count lower than the same time