{"id":4927,"date":"2015-07-09T01:00:41","date_gmt":"2015-07-08T15:00:41","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4927"},"modified":"2015-07-09T01:00:41","modified_gmt":"2015-07-08T15:00:41","slug":"australia-has-not-got-an-oversupply-of-apartments","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/australia-has-not-got-an-oversupply-of-apartments\/","title":{"rendered":"Australia has not got an oversupply of apartments! – Greville Pabst"},"content":{"rendered":"

 
\nIn today’s show Greville Pabst<\/strong>, from\u00a0WBP Property Group, joins us to say that he is not concerned about the potential for an oversupply of units in Australia. He argues that we need to grow up and realise that we are \u201cworld cities\u201d and the dynamic is changing.
\n <\/p>\n

Transcript:<\/span><\/h4>\n

Kevin<\/b>:\u00a0 Whether or not there is an oversupply of stock around Australia, particularly in the Melbourne market, which we have been hearing a lot \u2013 a lot of concern expressed about the number of units on the way through under construction or on the planning stages in Melbourne and also in Sydney.
\nGreville Pabst from WBP Property Group, who has joined us on the show on a number of occasions, isn\u2019t that concerned. He sells out of the Melbourne market. I\u2019m interested to get his take on this, too.
\nGreville, thanks for your time.
\nGreville<\/b>:\u00a0 Thanks, Kevin.
\nKevin<\/b>:\u00a0 Now, let\u2019s have a look at the number of units coming through. You don\u2019t think that\u2019s a problem in terms of oversupply and what it may do to the market?
\nGreville<\/b>:\u00a0 Look, Kevin. I\u2019d argue that Australia has not got an oversupply of apartments. I think it\u2019s more of a cultural change and difference that has some people concerned.
\nIf we look at Melbourne and Sydney, they\u2019re now global cities, and if we compare Melbourne, for example, only about less than 10% of all dwelling stocks in Melbourne is apartments and units. Now if we compare that to New York, or London, or Hong Kong, up to 40% of all property in those cities are apartments, so I really think that in the major cities in Australia, we do still have some way to go.
\nKevin<\/b>:\u00a0 It\u2019s a bit of a cultural change, this move to apartment-style living, which \u2013 you\u2019re quite right is \u2013 in New York is fairly well ingrained. But in Australia, we still like to have that patch of dirt. We still like to have that bit of land that we can call home. That\u2019s led us to probably less apartments and more homes, Greville.
\nGreville<\/b>:\u00a0 That\u2019s right. But there is a gravitation to the big village. Everybody now wants to live close to those inner-city areas of the capital cities, like Melbourne, Sydney, or Brisbane. That\u2019s because lifestyle is now the big driver \u2013 it\u2019s like a magnet \u2013 so accommodation needs to change to meet that demand.
\nOf course, the concern is about the supply, and there needs to be a balance. Developers want to create smaller living spaces and get as many apartments onto a site as they possibly can because that maximizes profit. But if you\u2019re an investor, you know that if the apartment is too small, you know that the land is what appreciates and buildings, especially new ones depreciate. It\u2019s important to have a balance in terms of the size.
\nKevin<\/b>:\u00a0 Listening to what you said earlier about how in Australia, we don\u2019t have an oversupply, generally, across Australia, that could be the case. But I think if you look market to market, there could be some concerns. We\u2019ve seen this in some markets.
\nLet\u2019s take, for instance, the Gold Coast, where probably eight to ten years ago, we had a huge number of units coming through \u2013 so much so that developers stopped building. The market went into a slight decline, but we\u2019re now finding that we need that stock to come back on.
\nIt really does change from market to market and time to time, Greville.
\nGreville<\/b>:\u00a0 Yes, it does. As you suggest, markets do tend to self-correct. But I\u2019m concerned not so much about supply; I\u2019m more concerned about the quality of the apartment and the design of the apartment. They\u2019re the things that worry me more than supply.
\nI think if the quality and design are there, they\u2019re more attractive to both investors and to owner occupiers. But if they\u2019re too small and they\u2019re cheap and nasty, then they\u2019re going to appeal to a much narrower market.
\nKevin<\/b>:\u00a0 Though, the style of unit in Sydney and Melbourne needs to be different from that in New York, do you think?
\nGreville<\/b>:\u00a0 I just think that there\u2019s a tendency on the developers\u2019 part to create smaller living spaces, and there\u2019s a motive for that in terms of maximizing profit and getting as many apartments onto the site as possible.
\nBut I think we have to understand who\u2019s buying these apartments. Size does matter to owner-occupiers, particularly to downsizers, who really are a big player in this market. Downsizers are, of course, used to space. They\u2019ve sold down their place out in the suburbs, kids have left the nest, and so they\u2019re used to size. They want to have a reasonable size apartment when they do make that move.
\nKevin<\/b>:\u00a0 Greville, thanks very much for your time. Greville Pabst there from WBP Property Group. Thanks, mate.
\nGreville<\/b>:\u00a0 Thanks, Kevin. Cheers.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show Greville Pabst, from\u00a0WBP Property Group, joins us to say that he is not concerned about the potential for an oversupply of units in Australia. He argues that we need to grow up and realise that we are \u201cworld cities\u201d and the…<\/p>\n","protected":false},"author":176692471,"featured_media":4928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-4927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nAustralia has not got an oversupply of apartments! - Greville Pabst - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/australia-has-not-got-an-oversupply-of-apartments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia has not got an oversupply of apartments! - Greville Pabst - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show Greville Pabst, from\u00a0WBP Property Group, joins us to say that he is not concerned about the potential for an oversupply of units in Australia. 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