Australia Property

[greengiraffe]

This is another Australian born and bred company since 1932 that is proudly owned by our luxury property tycoon Simon Cheong - delisted SC Global:

http://www.valuebuddies.com/thread-3051-...#pid122773

While the strength and extent of the recovery is still moot,  Mr Summers was confident "a more thorough analysis" showed there was plenty more of the boom to build.
Sydney has experienced increased production of both apartments and other residential products, he said.
"But the huge shortfall of housing that has been built up through a lack of supply for over a decade continues to dominate the market drivers.


"In particular, the non-apartment market has been slower to respond to this shortage due to the need for greater infrastructure such as water, power, roads.
"We strongly believe this part of the market has a sustained period of strong market conditions ahead."
In Melbourne, where the Reserve Bank of Australia and others have warned of a potential oversupply, Mr Summers agreed there had been a "significant increase" in production of apartments.
But markets excluding apartments were still well under supplied in the Victorian capital, he said.

"Even within the apartments segment, most of this rapid increase in production has been in certain pockets.
"In other areas, the demand for apartments is still solid, as shown by our research for our new project at Williamstown."
Mr Summers said there were improved conditions ahead in the Brisbane market, especially as interstate migration picks up. Adelaide, however, was a challenging market, and Perth's prospects were not bright. 
The AVJennings chief also tackled the second spectre haunting the equities market: concerns that development boom has been driven too much by investors.

Some 26 per cent of AVJennings are local investors and around 1 per cent are foreign buyers.
"Most investors in residential are not speculators but every day Australians," Mr Summers said.
"So whilst we understand the factors which have led to the recent negative sentiment towards residential markets, we do not agree with the conclusions that have been reached overall and certainly not in terms of the markets in which your company operates," he told the meeting.