Big Four bank warns shock to unit prices will spill over to houses

first_imgA Big Four bank has expressed concern over “strong risks” in Brisbane’s concentrated new unit market, warning a major fall in prices will spill over to houses.ONE of Australia’s Big Four banks has warned that a shock to unit prices will spill over to houses — and Brisbane is in the crosshairs.ANZ has run the numbers on Brisbane’s unit oversupply and warned there were “strong risks” arising out of the concentration of unit supply in the inner city which could see any price shock spill over to the housing market. ANZ bank has warned that Brisbane was already seeing unit prices fall.In latest Economic Insight report, ANZ Research revealed analysis on the spillover effect of a 10 per cent drop in Brisbane unit prices on other parts of the market, concluding there would be a “direct negative impact” on local house prices that could last for over a year.It said such a shock would see a 4 per cent fall in Brisbane house prices three months after the shock, while a similar drop in Sydney and Melbourne would see much higher levels of price cuts.“A sharp drop in unit prices has a direct negative impact on local house prices in all three cities, with the negative effect lasting around four to five quarters,” ANZ Research said.More from newsMould, age, not enough to stop 17 bidders fighting for this home1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor7 hours agoThe Big Four bank said the “sheer number of apartments set to come to market over the next 18 to 24 months is raising fears of oversupply and the possibility of corresponding price falls.” “Indeed, Brisbane unit prices are already falling.”Nationally the backlog of work was sitting at 220,000 dwellings worth $35 billion, but it was the concentration of units in Brisbane’s inner city that raised the alarm. While a major unit price drop in Sydney would impact Brisbane, the same could not be said for the reverse, according to ANZ. Picture: Destination NSWANZ Research warned that while Sydney and Melbourne saw a wide geographic spread in apartment supply, Brisbane’s construction boom was “heavily focused” in the inner city.“The concentration of building in such a small geographical area is likely to raise the risk of oversupply emerging, in our view. At the same time, Queensland’s population growth sits around historical lows in the post-mining boom period, which exacerbates the risks in this market.”The Big Four bank said it was “potentially seeing the start of this development right now” with Brisbane unit prices sitting 2.1 per cent lower than a year ago. “On the other hand, Melbourne prices are still rising (3.2 per cent year on year), and units in Sydney are experiencing strong growth (15 per cent year on year).”“With the additions to supply set to keep coming in Brisbane, there is a strong risk that we will see this trend persist for some time.”The bank analysis found that while any price falls in Sydney would have repercussions for Brisbane and Melbourne, a price correction in Brisbane “has no spill-over effect on the other cities”.last_img read more

Explosion and fire injures two in Petronas’ Pengerang complex

first_imgA fire and explosion took place at on Friday, April 12, at the oil and gas Pengerang Integrated Petroleum Complex (PIPC) in Johor, Malaysia.According to media reports, two men were injured after a fire and explosion occurred in the early hours of the morning at Petronas’ Pengarang complex.The Pengerang Integrated Petroleum Complex (PIPC) is a megaproject development in Pengerang, Malaysia, which spans over an area of 80 square kilometers and houses oil refineries, petrochemical plants, LNG terminal, and a regasification plant.The incident occurred at 1:25 AM at the complex but was contained within 30 minutes. The Star reported that the two injured men worked as security guards at the site. Media reports suggested that the explosion was started by a leaking gas tank while Malaysian news agency Bernama stated that more than ten houses near Pengerang were damaged.Petronas confirmed that the incident occurred via social media later in the day and stated that the situation was under control and that all relevant authorities were informed.Local police added in a statement that Petronas’ emergency response team doused the fire at 2:15 AM using five Fire and Rescue Department vehicles and 30 officers.last_img read more

Women’s tennis gears up for crosstown rivalry match

first_imgFollowing a 7-0 sweep of San Diego State, the No. 22 USC women’s tennis team prepares for a matchup with its crosstown rival, No. 20 UCLA. The Bruins will come to Marks Stadium on Saturday for a noon tilt with the Trojans. The match, however, will not count toward Pac-12 play.But despite the fact that it doesn’t have direct conference implications, pride will be at stake, as is the case with any matchup between the Trojans and Bruins. The match has significant weight towards the annual Crosstown Cup, with the winner of Saturday’s match taking home 5 points (out of 10 allotted for the sport) for their school. USC has won the Crosstown Cup 10 out of the past 15 years, but the Trojans are currently trailing 45-35 to the Bruins. A win this weekend against their historic rival would help the Trojans’ cause significantly.The Bruins are led by freshman Ena Shibahara, currently ranked No. 3 in the ITA rankings, and No. 91 redshirt freshman Jada Hart. Both women have been selected as Pac-12 Player of the Week recently, with Hart getting the honor on Jan. 30 and Shibahara a week later on Feb. 6. The doubles team of Hart and Shibahara is currently ranked No. 12 in the country. The doubles team of Hart and junior Terry Fleming is also ranked at No. 38. Before their match with USC, UCLA will host Pepperdine on Friday in Westwood.The Trojans have time to wait and prepare for the Bruins. With a 7-0 sweep of San Diego State nearly two weeks ago, the Trojans improved their record to 3-1 on the season. Despite its win over the Aztecs, USC slipped from No. 18 to No. 22 in the ITA rankings. Junior Gabby Smith, went from unranked to the No. 25 singles player in the country. Smith, currently riding a nine-match win streak will look to keep the train rolling. Smith’s impressive run has included beating five ranked opponents. Other Trojans in the ITA top 100 include sophomore Jessica Failla (No. 61), senior Zoë Katz (No. 62) and junior Madison Westby (No. 82). In the ITA doubles rankings, the pair of Katz and Westby rose from the No. 27 to the No. 14 ranking. USC has two other ranked doubles teams including Katz and Smith (No. 47) and Failla and sophomore Rianna Valdes (No. 55).In a historically close matchup, USC has a slight lead over their rival Bruins with a 50-44 all-time record. In their last matchup with UCLA in April 2016, the Trojans defended their home court with a 4-1 win that sent USC to the Pac-12 Championship.Weather conditions on Friday led to a cancellation of USC’s matchup against No. 1 Florida, and the match will not be rescheduled. With 17 days between their win against San Diego State and their match against their rival from Westwood, the Trojans will be well rested, while the Bruins will have to recover quickly from their match on Friday.last_img read more

Renovations Finally Starting at Camp Woodlands After 60 Years of Serving Local Girl Scouts

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisIt’s been the home to many for the summer, and even winters, the historic Camp Woodlands is finally receiving a makeover. The camp has served over 75,000 girl scouts, families, and boy scouts.Dreaming about this day, Donna Precord said she remembers when the girls scout first opened its doors back in 1958. There will be three phases to complete before Camp Woodlands will be back in shape, phase one is replacing the roof.Brian Heldt too has memories of camping out at the historical site, and said that’s why he stepped up to the plate to help rebuild something for future generations to enjoy.The total Camp Woodlands project is expected to cost over $200,000. Fundraising efforts will continue until the goal is reached.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Locals Remember the ‘Diva’ and ‘Queen of Soul’ Aretha FranklinNext Sunrise 45 Film Festival a Huge Success: Winners Revealedlast_img read more

Brown Signs Professional Contract To Play Volleyball Overseas

first_imgRebecca Brown, a recent Drake University graduate and four-year letter winner in volleyball has signed a professional contract in Denmark and will continue her athletic career overseas starting in August.Brown will join Amager Volleyball Club, located in the capital city of Copenhagen as the team’s setter in the first division of Denmark’s Volleyliagaen. A native of Bentonville, Ark., Brown recently received her Drake degree in public relations after leading the Bulldogs in assists in 2015 and 2013. “I’m very excited, and nervous, but excited for this opportunity and the doors it will open for me,” Brown said of beginning her professional career.However, playing overseas was not something Brown had considered prior to a trip to Thailand in the summer of 2015 as part of Athletes in Action. “Before that, I had never thought about playing overseas,” Brown said. “But in talking with some of the other girls there, I realized it was a possibility. I’m so thankful for that trip. If [Drake head coach] Darrin [McBroom] hadn’t mentioned it, I never would have been a part of that experience. It opened my eyes and gave me confidence. That opened the biggest door for me, and I’m thankful Darrin gave me that opportunity.”McBroom also participated in that two-week trip that included a match against the Thai national team.Once Brown returned to campus, she began to consider the possibility of continuing to play volleyball professionally overseas following graduation. At the end of her senior season, she began to more seriously pursue those opportunities and took part in an exposure tour through Europe in January that gave her insight into the demands and needs of European clubs and the necessary skills to thrive overseas while showcasing her abilities to coaches and scouts. Despite making numerous contacts during those weeks, her path to a professional contract was actually on the Drake campus.Jacob Enevold, a member of the men’s basketball team and native of Denmark, knew of a few contacts in his homeland and quickly arranged to introduce Brown to the staff at Amager.”It’s amazing I traveled all that way and it turned out I’m joining a team that Jacob put me in contact with,” Brown said. “A lot of pieces had to fall into place and I feel very blessed.”Once united with her new teammates, Brown expects to face her biggest challenge, competing as the only American on a team full of Danes at a position where communication is paramount. While English is spoken commonly in Denmark, Brown is prepared for the challenges that competing outside of her native tongue may present.”I know the language will be a barrier, but I talked to their previous setter and she said the girls are great,” Brown said. “I have to be open and I can’t get frustrated when I don’t know what’s going on or don’t understand what the coach is saying. I need to stay patient and open. The biggest challenge will be not being overwhelmed by that.”To aid in that transition Brown plans to live with a host family in Copenhagen. In doing so, she’ll experience Danish family life and culture on a daily basis to help her adapt to the language and life in a foreign country. Having that type of experience and full immersion into the culture was important to Brown during the process of identifying professional clubs and opportunities.”You come here [Drake]  for four years and get in a little bubble where you’re comfortable,” Brown said. “I’m excited to take this new path and it’s time to just put myself out there and see where this takes me.”Where this opportunity may take her is a mystery to Brown. Her current contract runs from August 2016 to April 2017 and during that time she will also have to chance to gain additional exposure and contacts on the professional circuit to further her professional opportunities if she desires. All of those options are being approached by Brown with an open mind.”I think eight months is perfect and gives me time to figure out if playing overseas is for me,” Brown said. “I’m at a point where I don’t have any responsibilities right now and thanks to volleyball I’m debt free. So I’m going to ride this train and have the rest of my life to worry about those things. I’m going to experience everything I can while I’m there. I’m still healthy, I can still play, so why not?”Print Friendly Versionlast_img read more