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The decision to knock down a five year old apartment building in North Melbourne, just highlights Australia's disposable culture. It is to be replaced by student accommodation. Most likely another less than substantial build (?) having been judged to bring far better returns than simple living apartments.
In a time of construction worker shortages, increased overall building costs resulting in many companies going to the wall , not forgetting a lack of rentals at record levels, it would appear a more profitable market in the international student housing market (running at record levels) has been discovered to be the more profitable option . Perth has over recent years built a number of student inner city apartments as well, but to knock down a building with such a limited shelf life , surely points to the need for further debate in the housing industry and the mess we find ourselves in around this?
Student accommodation: smaller studio style appartments + communal kitchens @ similar (or higher) rental prices = way higher return on investment.
Those sorts of $ driven decisions have been made before, and will be made in the future. Not too different than the impact of platforms like Airbnb on the rental market.
Student accommodation: smaller studio style appartments + communal kitchens @ similar (or higher) rental prices = way higher return on investment.
Those sorts of $ driven decisions have been made before, and will be made in the future. Not too different than the impact of platforms like Airbnb on the rental market.
Obviously it is about the money. Some difference to Airbnb though. Here is a twelve story building being removed from the rental market in one hit.
I suppose you could say much that is going down is $ driven. Legal or not.
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