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“We are seeing an abundant supply of new apartments aimed at the entry-level market. These properties typically have poor fundamentals for investors and homebuyers with high owner corporation charges and small floor spaces, which affect resale prices.
Among the planned projects are Inpex’s proposal for a huge LNG processing facility in Darwin, Methanol Australia’s proposed $1.3bn Timor Sea LNG project, and the $1.2bn Tassie shoal methanol project.
The nascent recovery is borne out in the figures, too: APM records house price growth in Hobart as 2.6% for the final quarter of 2010 – the most robust in Australia – and suggests that with employment growth and rising incomes, the steady performance of the housing market should be maintained throughout the coming year.
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