Hobart City Council officers have recommended two apartment block proposals that have been re-submitted to the council be approved with conditions. The Burnett St proposal is for a four-storey residential and visitor accommodation development that includes 70 apartments — down from 89 in the original application — and space for a cafe, bar or restaurant. Developer Qapital Investments has also re-submitted its plans for a $9 million 10-storey apartment block, with two retail spaces, in Bathurst St. Qapital Investments director Quinten Villanueva has said the internal layout of the building and the removal of glazing were the main changes in the new designs. The Mercury
The timeline for the opening of Hobart’s first Crowne Plaza hotel has been pushed out to 2020, the Mercury can reveal. The $45 million project was delayed in July 2016 when a Hobart Rivulet wall collapsed and flooded the basement of the Myer store. The 235-room plaza was then expected to be completed in the first quarter of this year, but it has now been confirmed that the timeline has been pushed back another year. Daily Telegraph
Australia’s new home building sector is expected to face its toughest year in a decade largely thanks to declining house prices and the fallout from the royal commission, reveals Master Builders Australia. The peak body for the nation’s $200 billion building and construction industry expects the number of new houses and units built in Australia to decline by 25 per cent from a construction peak three years ago through to 2022-2023. Urban Developer
Plans for a floating hotel on Hobart’s waterfront have been abandoned by the University of Tasmania, but the organisation will repurpose an existing building at the Sandy Bay campus as it searches for accommodation solutions in the wake of Hobart’s housing crisis. The university is now planning to refit the old commerce building off French Street in Sandy Bay to house 170 students after being forced to delay plans to install prefabricated shipping container accommodation for 180 students at the Christ College precinct. ABC
NAB anticipates house prices to decline further over the next year or so, with peak-to-trough declines of around 15 per cent in Melbourne and Sydney, but adds that falls in the harbour city could potentially be slightly higher. NAB chief economist Alan Oster said property professionals are now anticipating much sharper house price falls in NSW and Victoria over the next one to two years, with prices for the remainder of the country expected to remain flat. Urban Developer
Surging demand for prime office space and limited supply has seen the national vacancy drop to the lowest levels since 2012. JLL’s latest quarterly vacancy figures show positive net absorption of 84,300sq m over the quarter and 373,700sq m for 2018, the highest annual result since 2010. Australia’s CBD office market vacancy rate compressed in last year’s forth quarter to 8.6 percent, which sees vacancy now at the lowest level since 2012. Urban Developer
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