Channel 9 news on the looming apartment supply glut as 80,000 vacant homes already exist in Melbourne. Prosper President Catherine Cashmore on why we are building the wrong type of stock.
Catherine Cashmore appeared on Channel 9 news last night to discuss the fact we are building the wrong type of stock to meet our growing community. The report compared the 80,000 apartments due to come onto the market over the next few years with the 80,000 vacant properties we identified in the Speculative Vacancies report.
As the Channel 9 segment alludes, the concern over foreign investment continues. We suspect the recent Victorian government populism in increasing land taxes and stamp duties on foreign investors will lead to a number of recent citizens with strong family networks to become very large property owners, very quickly. ie the foreign land tax will be avoided by Australian citizens acting as buying agents for international interests.