Toyota builds apartments instead of cars

AFR:

Toyota Australia has hitched its wagon to Melbourne’s boom in high-rise living with plans for a massive four-tower apartment project over its dealership just outside the CBD.

The proposed development – with more than 1000 apartments earmarked for residents and student accommodation – has taken a step forward, winning endorsement from Melbourne’s city council this week.

That backing will add weight to the plan which now goes to the state government for a final decision.

This has nice symbolism on two fronts: the substitution of manufacturing by specufesting and the simple contrarian observation that when vehicle assembly firms turn to specufesting then you are indeed at the top.

Comments

    • second laugh of the day. I love the comments on this site and love you all people. hahahaha

      also comes to mind – if you can’t beat them..

      just noticed – student accommodation – so shoe box style and quality then. perfect.

      • Nobody will want to touch them after the bust or slow deflation or whatever, but they’ll make great pigeon lofts; must be why the Greens are so on-side with these high density developments, surely they are not for human habitation. Surely nobody could be that mean….oh wait….

      • just noticed – student accommodation – so shoe box style and quality then. perfect

        Don’t worry little Chinamen can buy them, and get a free pint sized Toyota Yaris’ to go with it. Harldous can write a song about it, it will be the B-side of Country House by Blur.

        https://www.youtube.com/watch?v=HXqYajt67J4

  1. billriskasMEMBER

    Students, that’s funny!!! They will be manufacturing cars in those apartments, students on a new visa, 10 cents a day minus rent $350 a week. Student by day car assembler by night 🙂

  2. CornflakesMEMBER

    That is the car yard on Elizabeth St. It has been a bit out of place for about two decades.
    Next will be the Bob Jane T-mart on the Roundabout itself.

  3. With the Melbourne VR falling to an 11yr low of 1.5%, at least Toyota are doing something about rather than claiming there is a glut.
    Build baby build

  4. Love the story about the sardine market gone crazy in Monterey, California. The price of a can of sardine was bid up. One day a trader opened a can of the now expensive sardine and ate it. He got ill. He complained and his colleague advised that “that is not a eating sardine, it is a trading sardine”.

  5. That’s it I want in on it too.

    Everyone should be able to take their shitty house in the suburbs, knock it down, stick up a block of units, and fill them with immigrants and indebt them. Chinese labour? What’s going on with this Chafta thing? Fuck Aussie tradies they’ve had it awesome for so long.

    This is just a return to our slave driving roots.

    • FiftiesFibroShack

      Nah, buy a commercial block with dodgy rental history in a council area with the right reputation (read corrupt) and convert it to student accommodation. Then pile 10 of them into rooms rated for four – rental goldmine. Then start a labor intensive business and have them all working for well below minimum wage.

  6. simpeltonMEMBER

    We should be celebrating development and construction considering the massive addition to the population ( which I dont condone, think it’s short sighted policy) but regardless of the coming crash, which we are going to have, everyone will need a job so expect alot more development even as prices crash and the government to provide packages (tax subsidies I guess) for developers and not first home buyers etc. There is very little other industry after mining, education, tourism/hospitality – agriculture will be automated so will create no new net jobs and the service industry (finance) will be largely automated (At an accelerating pace over the next nine years) as will retail so that leaves construction! You watch, there will be building after building and infrastructure galore – even if that drowns the federal budget and rates are cut to zero by the RBA. Jobs first, they will abandon the housing value, trickle down, sentiment ponzi for jobs. Not saying this is going to change the structural issues. To the contrary, it’s just going to follow the existing poor policy decisions – jobs are required to make sure that all those that are underwater on their mortgages (after the crash or slow, painful continued slide in prices over the coming decade which i think is more probable) keep jobs as they have full recourse loans and the banks, APRA, ASIC, RBA, fed. treasury (Govt.) will want to make sure people aren’t selling in panic and as the prices fall slowly, they will be sold a story of a price resurgence the following year and then again the following and so on. This is how this is all going to play out. Magic!

    • This. The Liberal smaller government and build like crazy is the best of the majors imo. Trying to preserve the old style 1/4 acre block suburbs and strong local government nimby screechers is madness and infantile.

  7. Jumping jack flash

    “This has nice symbolism on two fronts: the substitution of manufacturing by specufesting and the simple contrarian observation that when vehicle assembly firms turn to specufesting then you are indeed at the top.”

    Couldn’t have said it better.
    At least they’re getting with the times. No future for anything else except houses.
    Furthermore, no bank will give you substantial quantities of debt money for spending on anything else except houses these days.

    The more I think of it, it makes the whole super decision really very strange.
    Maybe they all have friends in the super game?

  8. [email protected]

    Eventually those sky kennels will not be worth much more than those in Miami, Spain, Ireland or Japan. I can already see them wishing they had stuck to building cars, trust me!

  9. [email protected]MEMBER

    good news is the apartments handle better on the road

  10. [email protected]

    If they were built by Toyota, they’d be probably worth buying…… if there weren’t so many hundreds of thousands of them. Unfortunately, their resale values will be same as cars if you manage to get a bigger fool buyer and/or lender

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