The cash rate could fall below 2 per cent by the end of 2009, according to industry forecasts.
Loan Market Group executive director John Kolenda’s predictions that the RBA would likely lower the cash rate by 1 per cent today were correct, with further cuts expected to follow.
“We expect the cash rate will now go under 2 per cent this year, but the question that remains is how the RBA manages the timing of these rate cuts,” he said.
It is expected that these interest rates cuts will stimulate buyer activity. Sales manager for Niecon Developments Jo Pavlovich says, “The combination of these rate cuts in addition to the low Australian dollar has seen increased buyer enquiry from the United Kingdom, Malaysia and New Caledonia”. Niecon Developments is currently building the twin tower project “The Oracle” in Broadbeach, the largest development on the Eastern Sea Board on Australia’s Gold Coast.
Niecon Developments, Gold Coast’s premium luxury developer is giving the community a great boost by contributing to Gold Coast City Council’s affordable housing initiative.
The Developer of the $850 million twin tower Oracle project in Central Broadbeach donated $550,000 to the Gold Coast City Council as a part of its planning approvals.
Councillor Eddy Sarroff said the contribution was the latest example of the Gold Coast breaking “new ground”. This is the first time a developer has contributed to this kind of a housing program.
Niecon CEO Con Nikiforidies said the company was pleased to be contibuting to the situation in Broadbeach. Niecon has had a significant impact on development in Broadbeach and the Gold Coast over the past 30 years and continues this tradition by supporting the community with employment, growth opportunities and direct financial contributions.
The council will channel the $500,000 in to the Gold Coast Housing Company.
http://www.goldcoast.com.au/article/2009/05/16/79385_gold-coast-business.html
Grocon the builder of Niecon Development’s “The Oracle Broadbeach” luxury development set for completion in later part of 2010 is defying world trends by increasing staffing over the next year. The Company is bucking the global trend by employing more staff for its construction commitments. As the luxury twin-tower Broadbeach development is progessing, more locals are being employed. Niecon’s building company, Grocon already has over 500 staff on their 2 Gold Coast Projects and expect to have a total of 870 by the end of 2009.
http://www.goldcoast.com.au/article/2009/02/12/48285_gold-coast-business.html