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1.Market Observations, 8.Was Sticky

5 Jan 2017 (AFR) – A third of apartment building cranes in bank blacklisted areas

(5 January 2017, AFR, p1, by: Michael Bleby Matthew Cranston)

‘Over one-third of the cranes building Australia’s next wave of apartments due for completion in the coming two years sit in postcodes “blacklisted” by lenders, raising concerns about settlement failures across the country. New analysis of RLB’s crane index shows that about 38 per cent of cranes counted across Australia’s skylines in the September quarter were located inside areas flagged by lenders as problem spots in which they are seeking to reduce or restrict lending. Of the 625 cranes in Sydney, Melbourne, Brisbane, Perth, Gold Coast and Adelaide 239 are within city postcodes singled out by National Australia Bank and AMP for measures such as lower loan-to-value ratios.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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