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An Economic Realist Practitioners Blog with an Australian
Slant.
Delusional Economics
FRIDAY, DECEMBER 17, 2010
The GC moves to the next level
We have said previously, as credit issuance falls the market
collapses, this in turns
takes down businesses , which takes down the economy and then
the banks.
As we showed last week credit issuance in Queensland has been
trending downwards
since the GFC. Now that the short-lived government supported
debt bubble caused by
the first home buyers grant boost has dissipated the trend
continues.
So today it is with little surprise that we note that the Gold
Coast is moving to the next
level.
'
economicdelusion[at]g
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It has all happened before
to happen again. Get the
why.
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Posted by Economic Delusion at 7:39 AM
,
Oracle Broadbeach complex on the Gold Coast, is in receivership.
The 505-
apartment complex at Broadbeach was being developed by
Niecon
subsidiary South Sky Investments.
South Sky Investment director Michael Nikiforides placed the
company into
receivership.
It is the second Niecon-related business to fail.
This month the Nirvana by the Sea residential Gold Coast project
was also
handed over to its financier.
It is understood that the completed Oracle project collapsed
because of
problems with settlements of up to 400 apartments within the
towers that
had been pre-sold before the global financial crisis.
After the crisis hit, many were unable to come up with the
cash.
The apartments had been in the process of settling since
October, sources
said.
This is no "two-bit" apartment complex; this is a massive twin
tower complex that takes
up an entire block at Broadbeach. We actually spoke about this
complex previously
where we noted the large hit the banks are taking and also that
there are a number of
other large developments in the same area in the same
predicament. These were all
funded in the boom times on a promise of payment by money that
is no longer
available. Everyone wants out as the Gold Coast market
collapses, this isn't going to
help.
Once again we repeat. It has only just begun, without further
government intervention
the Queensland economy is in deep trouble. We have little doubt
that a recession is
coming.
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1 comments:
Thirra said...
Shades of Schadenfreude I know but I would love to see the Gold
Coast abominationfall flat on its ugly face.
December (31)
Regional Queenslaof oversupply...
Anecdotes of debtin retail.
"Return to normalrevisit
Something that seignored by othe
The GC moves to
Goodbye and Gooblogger
The flog just can't
The circus so far.
Is Victoria going f
It's not the price,global...
More on Queenslatroubles.
Meanwhile.. back
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Oh what a surprisagain.
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Looking for a cleamortgage issua
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Deep T - Is Securiof the Devil?...
They're still not li
Self fulfilling propcredit ma...
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property November (55)
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It is certainly not the only example of crass developer greed
and stupidity in
Queensland but it sure takes a prominent lead in that race to
waste and destruction.
December 18, 2010 7:36 AM
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