Merry Christmas MB readers and thank you for another interesting year.
Here’s our schedule over the Christmas break and January 2018:
- Tuesday 25th Dec – 1st January links only.
- Wed 2nd January to 4th January full posting by Chris Becker.
- Mon 7th January to 11th January full posting by David Llewellyn-Smith and Chris Becker.
- Mon 14th to 25 January full posting by Leith van Onselen and Chris Becker.
- Tues 29 January to 1st February, full posting by David Llewellyn-Smith and Chris Becker.
- Mon 4 February onwards, site back to normal and everyone back on deck.
Have a great and safe New Year.
Regards, the MB team
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- Links 25 February 2021 - February 25, 2021
Many thanks MB team … have a festive break …. hic
Merry Christmas to the team! May you win gas reservation in 2019!
May you have plenty of gas. . . . Reserved!
You too MB people. Have an awesome break, well-deserved. May all your investment properties sell above costs. : )
(just don’t go anywhere near the whyte zombies)
Thanks for your dedication and hard work. Enjoy the break and may your poohats fit snugly.
Merry Xmas bludgers, I’m flat out myself, I have a ham boiling in coke and a $12 blow up pool that’s nearly knee deep in the backyard and my wife thinks I look hideous laying in it with my shirt off, Bunnings hat on and glass of red in hand so I got it all to myself 🤪👍 happy days
Thanks to everyone who were a part of MB this year. I really enjoy the articles, opinion pieces and analysis. Have a great rest.
Happy Festivus
Peace on Earth and goodwill to all (but especially the Macrobusiness cognoscenti).
Have a safe and happy festive season from Gunnamatta
Merry Christmas to the MB team. Enjoy the time with your families and thanks for all the fish!
Merry Christmas MB team – may the NY bring happiness to you and the shorts!
Merry Christmas all, both to the MB team and the regular commentary team. Hope you all get through it without scoring Type II diabetes!
And keep fighting the good fight!
Well said.
Seasons greetings to all,and thanks for all the work and research.
Thanks to all here at MB, 2019 looks to be very promising on a number of fronts.
Try to remain calm if family discuss property as you can change attitudes but you can’t change beliefs.
I would encourage people to liven up their events and not be afraid to see where clashes over property lead. Test the mood. For example: if there are long time “supply and demander” types at the events, just ask at what point in the past year or so the shortage was resolved or population growth went backwards to prompt the falls? Or if they are a “it’s not a bubble” type just ask them where baseline would be before it was a bubble?
•laughs•
How to win friends and influence people!
A book for the hikikomori … 🤣
Legit just saw this headline and thought was from another country, one with less stringent building standards.
It is here, in Sydney and happening now.
https://www.dailymail.co.uk/news/article-6526255/Hundreds-flee-lives-amid-fears-30-storey-building-Sydneys-Olympic-Park-COLLAPSE.html
Insane. What a win for self-regulation of the building industry.
The building boom coming home to roost….
Hundreds evacuated from Olympic Park apartment tower after ‘cracking’ sounds
https://www.theguardian.com/australia-news/2018/dec/24/police-operation-in-sydney-olympic-park-after-cracking-heard-in-apartment-tower
I really shouldn’t laugh, but it is kinda funny.
@Gavin
Australian property crashing – fo’ real!
How symbolic would it be if that thing fell down over January. Way to ensure every punter in the country gets the message!
The building is so new that even the laughable 2 year indemnity/warranty period hasn’t passed… lol @ the developers.
Good thing property only goes up! So it’s can’t crash. Maybe what doubles every 7 years is the number of stress cracks in critical structural girders?
Who builds a building to last anymore anyway? That’s the old way of doing things. Planned obsolescence is here to stay, this way the building can have an expiry date on it. Simply knock it over and build a shiny new 1 in a few years. No more horrible maintenance costs. Just buy a new 1.
This story is going to become massive.
The timing is exquisite. Aussie property crashing in more ways than one! Merry Fartivus!
This is a positive for established property as it gives as some doubts to the supply shock in the long term. The more structural faults in new properties as much as it is a scam the better it is for older better quality established properties to the eyes of buyers. I wouldn’t touch anything built in the last 10 years unless it’s a custom build.
It’s a cracker of a building.
Sydney Olympic Park residents evacuated amid concerns building may collapse
Residents of the Opal Tower apartment building at Sydney Olympic Park have been evacuated amid “cracking noises”.
An emergency operation is now under way, with an exclusion zone set up that includes the train station.
About 2.45pm on Monday concerns were raised over the structural integrity of the 33-storey residential building on Brushbox Street.
A number of residents left the building of their accord, police said in a statement.
Fire and Rescue NSW and police are now assessing the structual integrity of the evacuated building, and exclusion zones are in place along number of nearby streets.
Trains are not running between Lidcombe and Sydney Olympic Park as a precaution.
Aerial footage shows fire crews setting up tents while police redirect traffic and pedestrians.
Opal Tower is a brand new “family friendly” high-rise development containing 392 apartments, designed by Australian architecture firm Bates Smart.
It is one of five new residential towers at Sydney Olympic Park by developer Ecove, which is also behind the One30 Hyde Park tower in the CBD.
The Sydney Morning Herald has approached Ecove and Bates Smart for comment.
More to come.
https://www.smh.com.au/national/nsw/opal-tower-residents-evacuated-after-concerns-building-may-collapse-20181224-p50o4b.html
Can we start a list of our favorite features of neo-liberal deregulation and the joys its brought us – from a completely corrupted self regulated banking sector (APRA lols) right through to jet fuel skyscrapers with exploding glass panels, spontaneously combustible wiring now with “self imploding features”.
The joys of capitalism writ large – ohhhh – the joys of free market forces using their own religious dogma of the “invisible hand” to provide housing for all – including the poor, health care, education and of course aged care.
……
Joe Hockey had it wrong with “get a better job” – he meant to say ” get a better birth rite”.
These apartments are now effectively worth zero. Who would buy one now, I wonder how many buildings this developer completed or is yet to complete?
https://www.buildsydney.com/opal-sydney-olympic-park-bold-beautiful/
The Architects are some of the biggest in Australia – they built the Exhibition buildings in Melbourne in the 1800’s – and have HUGE projects on the go across Australia.
This is our Grenfel moment.
The developer is an outfit called Ecove and their slogan is ‘for the enjoyment life’…
http://www.ecove.com.au/
A Chinese outfit.
More than three stories would not be insured either. Also out of building warranty period.
This incident alone could be the catalyst for many thousands of bankruptcies. Builders, subbies insurers, FIRE and speculators. All f*uked
Q. Who would buy 1 now?
A. I’m not sure, but if Alan Bond was still around I’m sure he would be able to help us figure out who to sell to.. maybe he putty up those cracks and give it a lick of paint. Job done.
watching on TV now. LOL lol LOL – shite quality at max price – this is what LIBS red tape cutting brought to us.
Every time we deregulate an industry we end up with this kind of shite.
Deregulation = working as intended. Will not fix.
Fyi, why I refuse to buy property in China.
https://youtu.be/_lAoTBVTTO8
This
392 appartments but only 100 residents evacuated. I guess another 100 are out shopping. Where are rest of the owners?
In China
Units cost around $1.2 Million each.
build cost per unit $400k
Chinese development alright.
From the guardian “Earlier on Monday, Wright said water and gas had been shut off and the tower was being isolated from the power grid.”
A quasi evacuation by the sounds of it. Now there are serious engineers on site and with public liability if they let people go back. The stakes are raised.
Police told by engineers building moved 1 – 2 mm.. no idea if this is significant. I guess it depends where the movement occurred?
https://mobile.twitter.com/7NewsSydney/status/1077116226579484672
Some engineers on here are speculating – https://www.reddit.com/r/sydney/comments/a91wit/opal_tower_structural_damage_sydney_olympic_park/
Nothing to worry about. Just a relations party that got out of hand on day two.
Send in the disheveled marsupial to apply some grout.
OK I laughed
Putin did it! Those darned Russians!
Yeah they used that damn Goldeneye weapon like in that Bond film from outer space. Shifted the whole thing a few mm just to ruin our property market and mess up the next election on negative gearing.
https://www.theguardian.com/australia-news/2018/dec/24/police-operation-in-sydney-olympic-park-after-cracking-heard-in-apartment-tower
Forget flammable cladding the whole tower is about to go down!
Just arrived at Olympic Park for the Big Bash, talk about cracks opening up in the Sydney housing market!
Yep saw some of that, whats the prognosis?
Normally we would come in via Australia Ave but we saw the signs saying closed due to ‘incident’. I guess the train line passes right by the building so trains are completely shut down. Lots of choppers flying around but the cricket seems to be going ahead.
I’m looking at the building right now, not sure what I’m expecting to see though I’m too far away to know if it’s making noises still.
Investment grade apartments ….markets go up markets go down….like fall down
I hope everyone has a great time with their friends and relations over Christmas and New Year!
We all can only aspire to your greatness😜
You do whatever floats your goat, but I’m not putting my nose anywhere near his greatness.
Ah,,,goats…😎
I’m gunna have a great time with my relations and my relations. Thanks!
Never the twain shall meet. And no, I don’t care what you heard earlier.
I’m sure there is plenty of gifts in Santa’s Sack this year. Especially for naughty girls(and boys). Am I right?
Santa is emptying his load all over town right now!
https://m.youtube.com/watch?v=qz_qE925uJY
(Always need moar youtube clips!)
Comment of the year from you Reus, “Get your missus off your back and onto hers.” Merry Christmas and keep up the good work in 2019.
All the best to MBers, providers and commenters. When we look back from this point next year, I wonder what we’ll see in housing and stock markets, governments State and Federal – huge potential for chaos. Or is it still 18 months away? 😉
Yes! 👍🙃👍
It would not be Australia if foreigners were not rorting the Medicare card. So here you go:
1 hour ago
Look at the photo! Medicare cards stacked like business cards!
1700 applications. I’ll assume that they’re all going to be looked at again.
There are estimated to be more Medicare cards in circulation than there are Australians legally entitled to own a Medicare card.
https://www.smh.com.au/national/buying-counterfeit-medicare-cards-no-questions-asked-20160610-gpgj1v.html
https://www.abc.net.au/news/2015-02-26/identity-fraud-bust-sydney-afp-nsw-police/6263366
Plus of course, people from overseas visiting family and friends in Australia routinely borrow someones Medicare card to access the system for free. We had one lady recently whose attended hospital and whose blood group was found to be different to a previous time she attended – which is simply not possible. When questioned, she freely admitted she was from China visiting family in Australia, didn’t have any travel insurance, and so borrowed a relatives Medicare card.
So if you are wondering why the health system is always over-budget or wondering why the hospital system is always overloaded, now you know. Lots of international students and tourists and black economy workers all have a shiny new Medicare card and use services but don’t contribute via tax.
The only way to reign this in is to move to a new ID system with improved security features.
And really throw the book at those caught rorting the system. We won’t though. This person will probably skip the country using one of her fake passports.
That is shocking! And the fake Greens will not put photo ID on the Medicare card, so the rorts shall continue. Not to mention, the fake Greens will keep importing 200,000 “skilled” Medicare card users per year.
Exactly. Caught trying to flee the country. Known ability to manufacture false ID documents and she gets bail!! Well at least that is one foreigner guaranteed to exit the country permanently.
Jacob what good will photo ID be? To don my Reusa hat for a minute. All chinks look the same anyway.. lol.. but on a more serious note, photo iD will help, but maybe also a pin or like the bank a verified SMS code or similar when used.
It’s a shame it is happening.. I wonder if it happens in other countries with socialised health care? Such as Norway, Sweden etc.? Surely the NHS gets ripped off also?
I recall 1 chap arguing why he voted for Brexit. 1 was full schools and the other was NHS cracking under the weight of immigration.
and Merry Christmas spambot
Why thank you!
Season’s greetings to all at MacroBusiness. And don’t hesitate for a second to send any spam management queries to [email protected]
lol how could we forget
Here’s to hoping you have a wonderful white Christmas Mr Roboto! 😘
Ha! I thought so much… no white Christmas allowed!
@Ino we must first acknowledge the original custodians of this land. Then we can have any colour Christmas we like, so long as it’s not Wh1te.
Besides why wasn’t Mary gender fluid? I mean if God could make a woman pregnant like that, why not really wow people and make Jospeh pregnant instead? That would help jusity the existence of some form of miracle. Personally I think Mary made the whole thing up.
Then she realised the lie had gone a bit far after, but thought it best to let everyone keep believing it. Wallah 2000 years later and here we are.
I wished mr Roboto a whìte Christmas… the message still got banned! 🤣
does anyone in fact send spam management queries to that address?
Are you for real? I get a lot of fan mail each weekend I am on. All sending their spam management queries to [email protected]
Dear
PenthouseSpambot,I never thought I’d write this letter to you until this weekend….
I don’t know if the picture at the head of this story will last in the link but I found it somehow extraordinary that the pic of these unattractive little joints should feature at all, given that one of them (No 99 Hill St, West Hobart) was where lunatic scientist Dr Rory Jack Thompson murdered his wife, cut/sawed her into little bits and flushed her down the toilet. This was in the early 80s. Google him and read the story – it’s almost beyond belief.
https://www.domain.com.au/news/the-party-is-almost-over-will-tasmanias-good-property-fortunes-last-792877/?utm_campaign=strap-masthead&utm_source=smh&utm_medium=link&utm_content=pos5&ref=pos1
My bet is Hobart prices will have fallen 5% by Christmas next year. Anyone else wanna take a punt?
I reckon you’re on the money.
Merry Christmas Folks. Have a big and safe one!
Reusa doesn’t do ‘safe’… he goes bare-back … always as forever!
Reusa is so potent he can get condoms pregnant. 😁
This seems to be a thing.
https://www.abc.net.au/news/2018-12-24/shoppers-rush-for-baby-formula-in-sydney-coles/10666496
Always someone on hand to take a video these days. There’s been an awakening.
One wonders how much newsworthy stuff was missed in the days before basically everyone was walking around with a video camera in their pocket.
Comment on smh.com from someone who seems to know what he is talking about
“This is a very worrying development. Reports of cracking noises and inability to close doors and windows and jamming of doors mean permanent deformation. Being a structural engineer, I know that it takes only about 1-2 mm permanent deformation before the 1st sign of window / door deformation happens.
The issue now is on a 35 story building damage on 10th floor means, the building is not suitable to live. I really don’t think any reasonable building authority will be brave enough to provide a revised occupancy permit without really understanding what the problem is and then implementing remediation.
My hunch is that this building will be rendered unsuitable to live.”
Heres the thing – nothing REALLY happened after Grenfel and the whole cladding thing with Lacrose in Melbourne. I know people who went out and BOUGHT apartments afterwards with absolutely no checks on anything – one owes $100k not even for cladding issues. The other just found out about cladding.
You can’t really say anything – just what is wrong with you ?
This however I feel could be a wake up call. This will be ALL OVER the news and everyone will go wow – apartments have issues. If enough people start asking “what else can go wrong” – and I am seeing some of it – then this could really sink the ship.
Interesting.
Then again I thought have kero drenched hay bails strapped to your home might give people pause for thought – neigh.
Lacrosse are still in court.
Australian’s are a bunch of big compliant sheep, who seriously think our Big Dumb Goverments job is keeping them safe from harm. That’s why they put so much trust in Big Brother and institutions etc..
This is why nobody thinks there is issues with all the new buildings. But we all know building booms produce cowboy developers, like night follows day. Just look at any other housing market.
I always look at Ireland’s because I saw it all unfold in front of me and none of this is a surprise. Actually, I’m surprised the problems have taken this long to show up. I know of several small apartment blocks in Ireland that were condemned as uninhabitable and forced to be pulled down.
Owners lost out because… Developer pheonixed the company etc.. what’s that saying? Don’t buy shit developments now.
Biggest story on 7 this morning …. “The Royal Xmas” and how important the tiara the women wear is …. there will be no awakening till the place burns or falls down around them, then it will be whocouldaknowed and the government must do something to fix this so I am not out of pocket !
Ho! Ho! Ho!…. merry everyone!
In all seriousness, merry Christmas guys and girls – and to a better new year, may all your lowballs be the lowest and accepted begrudgingly, with tears in their eyes and butthurt in their hearts!
Haven’t seen Santa yet.
Must be outagas 😉
Happy Xmas MB 🙂
Thank you to the MB Team. This blog is my daily read. Have a fab Christmas and a cracking 2019.
Brexit means Brexit:
https://twitter.com/thediyora/status/1076943238336897024
NNT’s IQ thread for IYIs
https://twitter.com/nntaleb/status/1076845397795065856
Thanks for another year of streetwise reading, MB.