[APP] 108 Franklin Street | ~100m | 29 Levels | Hotel and Apartments
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
Chinese investment has produced some real exciting stuff in Melbourne… where’s that energy here. It doesn’t have to be about height. Great design will always and should always prevail
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
This doesn't look like it'll retain the published arthouse either but rather reference it through podium brickwork.
Keep Adelaide Weird
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
They are struggling to sell apartments in Victoria tower. There’s no way this would go ahead with over 800 apartments it’s more than double the next biggest apartment building unless it has a significant portion that are retained as student apartments.
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[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
Great - look forward to an empty block on Grote street
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
What makes you say they are struggling to sell apartments in the Victoria Tower? It seemed to me that they marketed it pretty intensely, and have got to breaking ground much quicker than most projects.
There have been some suggestions that they might be in difficulty now, but I think we can assume this is because of broader difficulties with costs in the construction sector, rather than lack of sales per se.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
From what I’ve heard they are having trouble getting construction funding because of low sales. It’s hearsay but from a fairly reliable source.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
I find this surprising, considering the current state of the housing market (demand far outstripping supply), and the severe shortage of comparable projects at the ready to build stage.
That said, selling out a building with 800+ apartments would be another kettle of fish. To my knowledge it hasn’t happened in Adelaide before. There may well have been multi building proposals with this many units, but with multi building proposals the build can be staggered and sold in phases.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
The majority do not want to live in a tiny apartment.dbl96 wrote: ↑Sun Mar 12, 2023 10:11 amI find this surprising, considering the current state of the housing market (demand far outstripping supply), and the severe shortage of comparable projects at the ready to build stage.
That said, selling out a building with 800+ apartments would be another kettle of fish. To my knowledge it hasn’t happened in Adelaide before. There may well have been multi building proposals with this many units, but with multi building proposals the build can be staggered and sold in phases.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
In my opinion, the state govt. should bring back the policy of stamp duty being waived for off-the-plan or newly built apartments in the Adelaide CBD and make it a permanent fixture.dbl96 wrote: ↑Sun Mar 12, 2023 10:11 amI find this surprising, considering the current state of the housing market (demand far outstripping supply), and the severe shortage of comparable projects at the ready to build stage.
That said, selling out a building with 800+ apartments would be another kettle of fish. To my knowledge it hasn’t happened in Adelaide before. There may well have been multi building proposals with this many units, but with multi building proposals the build can be staggered and sold in phases.
Let's be real, our CBD could handle tens of thousands of extra residents without any problems.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
I think it has more to do with a developer that has never built anything of this magnitude before and people are skeptical about Chinese backed developments. These people have gone from 2 and 3 storey townhouses to a 35 level tower.rev wrote: ↑Sun Mar 12, 2023 4:11 pmThe majority do not want to live in a tiny apartment.dbl96 wrote: ↑Sun Mar 12, 2023 10:11 amI find this surprising, considering the current state of the housing market (demand far outstripping supply), and the severe shortage of comparable projects at the ready to build stage.
That said, selling out a building with 800+ apartments would be another kettle of fish. To my knowledge it hasn’t happened in Adelaide before. There may well have been multi building proposals with this many units, but with multi building proposals the build can be staggered and sold in phases.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
There's a huge demand for student housing in Adelaide at the moment. I'd be surprised if a large component of those apartments weren't dedicated to student accommodation.dbl96 wrote: ↑Sun Mar 12, 2023 10:11 amI find this surprising, considering the current state of the housing market (demand far outstripping supply), and the severe shortage of comparable projects at the ready to build stage.
That said, selling out a building with 800+ apartments would be another kettle of fish. To my knowledge it hasn’t happened in Adelaide before. There may well have been multi building proposals with this many units, but with multi building proposals the build can be staggered and sold in phases.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
I think, more correctly, the majority can't afford to buy anything within the CBDrev wrote: ↑Sun Mar 12, 2023 4:11 pmThe majority do not want to live in a tiny apartment.dbl96 wrote: ↑Sun Mar 12, 2023 10:11 amI find this surprising, considering the current state of the housing market (demand far outstripping supply), and the severe shortage of comparable projects at the ready to build stage.
That said, selling out a building with 800+ apartments would be another kettle of fish. To my knowledge it hasn’t happened in Adelaide before. There may well have been multi building proposals with this many units, but with multi building proposals the build can be staggered and sold in phases.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
Developers don't build - builders build.Ben wrote: ↑Sun Mar 12, 2023 5:00 pmI think it has more to do with a developer that has never built anything of this magnitude before and people are skeptical about Chinese backed developments. These people have gone from 2 and 3 storey townhouses to a 35 level tower.rev wrote: ↑Sun Mar 12, 2023 4:11 pmThe majority do not want to live in a tiny apartment.dbl96 wrote: ↑Sun Mar 12, 2023 10:11 am
I find this surprising, considering the current state of the housing market (demand far outstripping supply), and the severe shortage of comparable projects at the ready to build stage.
That said, selling out a building with 800+ apartments would be another kettle of fish. To my knowledge it hasn’t happened in Adelaide before. There may well have been multi building proposals with this many units, but with multi building proposals the build can be staggered and sold in phases.
Next?
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
Doubt it.NTRabbit wrote: ↑Wed Mar 15, 2023 11:48 pmI think, more correctly, the majority can't afford to buy anything within the CBDrev wrote: ↑Sun Mar 12, 2023 4:11 pmThe majority do not want to live in a tiny apartment.dbl96 wrote: ↑Sun Mar 12, 2023 10:11 am
I find this surprising, considering the current state of the housing market (demand far outstripping supply), and the severe shortage of comparable projects at the ready to build stage.
That said, selling out a building with 800+ apartments would be another kettle of fish. To my knowledge it hasn’t happened in Adelaide before. There may well have been multi building proposals with this many units, but with multi building proposals the build can be staggered and sold in phases.
It's cheaper to buy an apartment. But the majority still choose to buy a detached dwelling.
The majority of active members of this forum might prefer to live in a shoebox apartment because it suits their life style choices, but the majority of society has different wants it appears.
[APP] Re: 108 Franklin Street | 68m | 2 x 19 Levels | Hotel and Apartments
Last year's massive increase in Adelaide property prices will push people towards apartments, even though it is not their first preference, because detached houses, especially those in the core Adelaide region (south of Grand Junction Rd, north of O'Halloran's Hill) have risen well above the average worker's purchasing power. Higher interest rates will also push people towards cheaper purchases (including apartments), because their capacity to borrow will be reduced. Thirdly, migration is back after COVID, and this is driving strong demand for well-located rentals, with most new migrants used to apartment living anyway.rev wrote: ↑Thu Mar 16, 2023 10:09 pmDoubt it.
It's cheaper to buy an apartment. But the majority still choose to buy a detached dwelling.
The majority of active members of this forum might prefer to live in a shoebox apartment because it suits their life style choices, but the majority of society has different wants it appears.
I expect all three of these trends to increase demand for apartments in the short term, although construction of new apartments is currently facing strong headwinds because of issues in the construction industry.
CBD apartments are actually quite expensive though, which might partly explain why apartments in the inner suburbs seem to have more success getting off the ground. Further, even with the price increase we have seen, there is still not a big enough price differential between the cost of a detached house and the cost of an apartment for most people to be prepared to forgo the benefits of living in a detached house. This is perpetuated by most new apartment projects targeting the top end of the market - I think they would sell a lot more apartments if they targeted the bottom end of the market, because those are the people who would be happy just to get a roof over their heads. Whereas if you have plenty of money to throw around, I'm not sure what the attraction is of buying a luxury apartment (some costing multiple millions) rather than a detached house in a nice suburb, which in many cases is cheaper than the luxury apartments.
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