Short-term rentals and rising unemployment push vacancy rates higher

first_imgRental vacancy rates are rising.Rental market vacancy rates rose last month, hitting properties in inner-city areas and holiday localities hardest.According to SQM Research, a market analyst, the national rental vacancy rate recorded a large jump from 2 per cent in March to 2.6 per cent in April.In Brisbane, vacancies rose from 2.1 per cent in March to 2.8 per cent in April, with the total number of vacancies reaching 9,555, up from 7,299. Property analysts say rising unemployment combined with a drop-off in international students and overseas migrants in the wake of COVID-19 restrictions have contributed to the rise.The shutdown of Australia’s tourism industry has led to a surge of short-term holiday rentals onto the long-term rental market, also impacting vacancy rates. However, economists maintain the rental market is strong enough to withstand short-term fluctuations. Economic stimulus combined with an easing of restrictions will also allow Queenslanders to book overnight accommodation from June 12, which will help to keep the rental market stable. Real Estate Institute of Queensland CEO Antonia Mercorella said there was more movement in areas reliant on tourism lettings.Year-on-year an upward trend on vacancy rates continues, with the national average coming in 3 per cent higher in April than at the same time last year.Louis Christopher, the managing director at SQM Research, said the one-month jump as one of the largest rises ever recorded. “The blowout in rental vacancy rates for the major CBDs suggests a mass exodus of tenants occurred over the course of March and April. This may be attributed to the significant loss in employment in these areas plus the drop-off in international students.” Real Estate Institute of Queensland director Antonia Mercorella said Brisbane’s rental market was in a fairly healthy state but some regional areas were hurting more than others. “Beyond Brisbane there has been movement within those regions more dependent on tourism letting, such as the Gold Coast and Noosa, where vacancy rates have had a more pronounced increase,” Ms Mercorella said. “This was to be expected with short-term rentals shifting onto the long-term rental market, creating higher rental inventory.”Meanwhile, Simon Pressley, the head of research at Propertyology, a market analyst, said landlords were suffering in areas of Brisbane reliant on student accommodation and tourism. More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoPRD Realty chief economist Asti Mardiasmo says a resilient market should see it through the fluctuations.Mr Christopher said that if the trend for vacancy rate rises continued, a drop in asking rents could follow, which was good news for tenants, but not for landlords.National combined rents are recording a 12 month decrease of 3.1 per cent. The average rental asking price on a house in Brisbane this week is down by 0.2 per cent on the same time last year, however, asking prices for units are up 1 per cent.While some anticipate this will lead to a mass exodus of investors from the market, Ms Mercorella said there were little signs of it at present.“The Brisbane market isn’t showing any indications of properties hitting the market en masse, particularly rental properties. While individual investor’s circumstances may see some making the decision to sell based on their financial and/or personal circumstances, with the market exhibiting relative stability as we navigate this pandemic, we anticipate a stable rental sector.”PRD Realty chief economist, Dr Asti Mardiasmo, said the rental market’s strength pre-COVID-19 would help it withstand the current short-term fluctuations, but areas reliant on tourism and education would feel the impact more strongly.last_img read more

Burnley down and Hull set to follow

first_img Results elsewhere conspired to doom the Clarets, who had gone into the KC Stadium clash knowing they needed a win to stand any chance of staying up, and that even that might not be enough. Sean Dyche’s men kept their side of the bargain with a gutsy display capped by Ings’ 62nd-minute strike which ended a run of more than 10 hours without a goal. Press Association Danny Ings’ second-half winner was not enough to save Burnley from relegation out of the Barclays Premier League – and opponents Hull are now favourites to follow after this perilous defeat. Brady himself had his first chance to become Hull’s hero in the 37th minute when he clattered the top of Tom Heaton’s bar with the first of his free-kicks. Burnley boss Sean Dyche clearly took the decision to start to stretch the game at the start of the second half – although the way other results stood at the interval, even a winner would not have been enough to save them. Ashley Barnes sent an overhead free-kick crawling just wide of Steve Harper’s right-hand post and Matt Taylor also came close before the visitors had a penalty appeal turned down when Ings tumbled under McShane’s challenge in the box. Hull boss Steve Bruce threw on Nikica Jelavic on the hour and played three up front but two minutes later Burnley snatched a shock opener when the home defence failed to deal with Ben Mee’s ball into the box and Ings rifled home. Hernandez, introduced moments earlier for the ineffective Sone Aluko, came close with a neat back-heel which was held well by Heaton then Brady rattled the bar for the second time from a long-range free-kick. Bruce’s side launched a series of increasingly desperate attacks as the minutes ticked by but the Tigers were frustrated and will now have everything to do in their last two games if they are to avoid joining their opponents in relegation to the Championship. But it proved a dismal afternoon for the Tigers, who now look in serious danger of joining Burnley in the Championship as they languish in the drop zone with games against Tottenham and Manchester United to come. Robbie Brady twice slammed the woodwork from long-range free-kicks and substitute Abel Hernandez came close with a back-heel but the Tigers’ performance lacked the buzz with which they had set about beating Liverpool less than two weeks ago. Knowledge of Sunderland’s lunchtime win at Everton – which ensured Hull would start the game in the drop zone – can hardly have helped the atmosphere of tension as Steve Bruce’s side were largely frustrated during a tight first half. The visitors, for whom the mathematics of survival meant a win was the very least they required, were roared on by a defiant contingent of travelling fans but they too appeared short on ideas. Despite Stephen Quinn’s third-minute cross narrowly evading Ahmed Elmohamady in front of goal, most of City’s early play lacked the necessary sharpness. James Chester had to be alert to deny Ings a shooting opportunity after a clever through-ball from Ashley Barnes, but the Clarets showed few signs of grabbing the goal they needed to prolong their survival fight. Brady consistently posed problems down the left and in the 19th minute he got behind the Burnley defence and sent in a low cross which was cleared off the line by Jason Shackell. As the half went on Hull gained the ascendency, with Elmohamady heading just over from a Brady cross and Paul McShane also inches away with a header from a Brady corner from the left. last_img read more

GiG completes B2C unit offload to Betsson

first_img Share StumbleUpon Related Articles GiG ups code security oversight with Checkmarx July 10, 2020 GiG lauds its ‘B2B makeover’ delivering Q2 growth August 11, 2020 Share Betsson outrides pandemic challenges as regulatory dramas loom July 21, 2020 Submit Gaming Innovation Group (GiG) has maintained its 2020 corporate agenda, confirming that it intends to fully divest its entire B2C unit to Stockholm counterpart Betsson AB by mid-April.Last February, GiG accepted a €31 million cash and shares deal offered by Betsson to divest its entire B2C unit, including control of its flagship properties Rizk, Guts, Kaboo and Thrills. Agreeing to the transaction, GiG will use the proceeds from its divestment to repay its SEK 300 million (€27m) corporate bond, strengthening the firm’s balance sheets.As previously communicated to investors, GiG has chosen to divest its entire B2C unit, focusing future growth plans on the development of its B2B services and technologies.  Further deal terms stipulated that Betsson must commit to maintaining all GIG B2C brands on the GIG platforms for a minimum term of 24 months, with Betsson paying platform fees based on net gaming revenue (NGR) performance.Richard Brown, CEO of GiG, previously commented on the transaction: “I am very excited about this transaction as it provides multiple upsides to GiG. While putting the company in a financially sustainable position, it gives us the ability to focus on where we see real long term shareholder value. This transaction serves as a strategic focusing of the company’s efforts towards the B2B segment.“Offering both B2C and B2B services had synergies in the past, however, the current conflicting priorities of the two business areas, and increased complexity in the market, have lessened the potential offering on both fronts”.last_img read more

Dubai Parks and Resorts visits India to promote new theme park destination

first_imgDubai Parks and Resorts (set to open on October 31, 2016) has successfully concluded its first three-city trade roadshow in India. The last leg of the event in Mumbai was also personally attended by the Minister of Tourism of the State of Maharashtra, Jaykumar Jitendrasinh Rawal. Dubai Parks and Resorts organised this roadshow with the objective of officially introducing the destination and highlighting its distinctive offerings.The three-day roadshow targeted the top Indian trade agents in New Delhi, Bangalore, Mumbai and focused on asserting Dubai Parks and Resorts position in the Indian tourist market as the next ultimate family entertainment destination that is only a three to four-hour flight away.Vinit Shah, Chief Destination Management Officer, Dubai Parks and Resorts, said, “We’re extremely pleased to have introduced the region’s largest integrated entertainment destination to India. With the expertise of hundreds of professionals all over the world, Dubai Parks Resorts will be one of the region’s biggest entertainment destinations.”Nevil D’Souza, Head of Sales, Dubai Parks and Resorts, said, “It has been an absolute pleasure to have opened up the world of Dubai Parks and Resorts to our potential partners in India. We look forward to welcoming our guests to the largest multi-themed leisure and entertainment destination in the region.”Dubai Parks and Resorts will feature MOTIONGATE Dubai– a movie based theme park showcasing some of Hollywood’s most beloved characters from DreamWorks Animation, Sony Pictures Studios and Lionsgate as well as the region’s first LEGOLAND Park and a LEGOLAND Water Park. Dubai Parks and Resorts will also feature Bollywood Parks Dubai, the first theme park based on the sights and sounds of Bollywood. The entire destination will be connected by Riverland Dubai– a uniquely themed retail and dining destination at the heart of Dubai Parks and Resorts and guests can stay at the Lapita Hotel, a Polynesian-themed resort catering to families as part of the Autograph Collection of Marriott Hotels.last_img read more