Thursday, February 18, 2016

Apartment lawyer in trouble

Well known lawyer, Michael Teys, has been banned by ASIC from being a director.  Mr Teys often advises body corporate committees in relation to issues with onsite managers.  For example, he advised the committee of Admiralty Towers Two not to accept the assignment of the management rights from bank receivers to a professional manager due to the honesty and business skills of the proposed manager.  Very strange.  The pot calling the kettle black.

I suspect many committees have been unduly influenced by Mr Teys' almost religious like views of management rights. 

Monday, February 8, 2016

Brisbane Vacancy Rate Increases

According to the REIQ, the rental vacancy rate in the inner city of Brisbane is almost double that of the middle ring:

The REIQ Rental Report has revealed a higher vacancy rate in inner Brisbane as the supply of new apartments edges the 0-5km ring into weak territory for the December quarter.
The inner Brisbane vacancy rate reached 3.8%, up from 3.4% in the September quarter.
In contrast, the more affordable middle ring of 5-20kms tightened as the more affordable dwellings attracted residents, going from 2.4% to 2.1%.

Sunday, February 7, 2016

Brisbane Prediction

"Brisbane Avoid: High density apartments in the CBD, West End and Fortitude Valley. Recommend: Character houses in low density, established areas with good schools, transport and lots of renovation activity."

See Property Observer