Meriton Apartments builds more than 1,000 units a year – recently it has shifted its attention to serviced apartments, holding back nearly half of the apartments in its 81-storey Infinity tower in the Brisbane CBD to be offered as serviced apartments.
Meriton boss Harry Triguboff says Chinese buyers are retreating from the market due to the high Australian dollar and uncertainty in China as its economy cools. Triguboff says that in the last three months Chinese buying has subsided, replaced (in Sydney) by first-home buyers taking advantage of new state government handouts.
No one is sure why Brisbane did not immediately respond but it would seem that the severity of the state government cuts and the fears about what will happen to coal mining would have played a role. Again it is early days and addition a large part of the Brisbane building skills base is employed constructing the mines.
See Property Observer and Business Spectator