Apartment slowdown ‘a good thing’ for Brisbane: Developer Tim Gurner

first_imgFlatiron building in FV project, Fortitude Valley, developed by Tim Gurner.“The only way prices jump down is supply, where supply is higher than demand or at least at an equilibrium,” he said. “Housing affordability is simply based on supply and demand.”Mr Gurner said of the three councils he’d dealt with (Sydney, Melbourne and Brisbane), “Brisbane is the one that’s trying (the most)”.The FV project – which has 651 apartments, 1,860sq m of retail space and 2,000sq m of luxury communal amenity including four pools, a moonlight cinema, VIP areas and a commercial size gym – began construction in April 2015.“Strategically Brisbane remains a strong component of our portfolio and we have a number of future landholdings here with the view to develop further projects in the short to medium term,” Mr Gurner said. Property developer Tim Gurner in a wet Fortitude Valley Wednesday evening, outside his $600m “FV” development. Picture: Lyndon Mechielsen/The AustralianBRISBANE apartment supply is expected to dry up in the next two to three years – and that’s “a good thing”, according to the man behind a $600 million Brisbane inner-city residential development.Melburnian Tim Gurner, founder of development firm Gurner was in Brisbane Wednesday night to “top out” his FV project’s Flatiron and Valley House buildings.“We did the project expecting the market to change … The market dictates itself. Last year Brisbane decided it was time and developers pulled back. There were 200 apartments sold in 2017. I think that’s a really good thing for the market,” he told The Courier-Mail. Artist’s impression of the view from Flatiron building in FV project, Fortitude Valley, developed by Tim Gurner.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours ago The building can also be accessed off Alfred Street in Fortitude Valley.He said the Brisbane market had matured in the last year to 18 months, with apartments “a real affordable option for first home buyers” now.“When we first came up here the market was dead, nothing was happening at all. People were surprised we were going in for a big project but we brought product to market quickly and sold out quickly. It was an incredible response.”He said the First Home Buyers grant was “a positive thing”, helping put first-timers in the same playing field as others. But he warned that much more was needed to really help get more young people on the property ladder. Artist’s impression of the FV Private Club in the Flatiron building, Fortitude Valley, developed by Tim Gurner.last_img

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