Mosquitoes are a nuisance. They are carriers of viruses that cause most of the serious diseases that affect mankind. It is suggested to minimize the amount of exposed skin when outdoors to reduce the risks of being bitten by mosquitoes. Another convenient option is by placing mosquito repellent patches on the clothing.
Meanwhile, in Sydney, 54,000 new apartments that were built between 2018 and 2019 are causing an oversupply and have created a ghost-tower environment. According to Andrew Wilson, chief economist of My Housing Market, Sydney has experienced a massive apartment boom but now it is at peak supply. The property market is under performing due to lack of buyer activity and absence of tenants.
Louis Christopher, chief executive of SQM Research said that another element that has exacerbated the ghost tower scenario is foreign investors that invested on properties to keep as “storage of value.” This is similar to buying gold bars that they hold and keep for the whole duration of ownership. Christopher further said that investors prefer to leave the properties unoccupied to avoid wear and tear. It is also easier to sell the property when the market has turned.
It is difficult to make an exact estimation on how many unoccupied apartments exist. They are adding up rental vacancies, listings and anecdotal evidences of developers and real estate agents to assess the occupancy rates on apartments.
Prosper Australia used reading on water consumption data in Melbourne to assess occupancy rates but the methodology cannot be used in Sydney because water is measured according to whole buildings and not apartment units.
For Meriton, Sydney’s biggest apartment builder, ghost towers are not a big issue but the large tracts of land that cannot be developed or improved efficiently due to bureaucracy. Developers have also denied market manipulation.
It is important to be aware of peak risk times for mosquito bites. If you cannot avoid being outdoors during these times, it is important to wear appropriate clothing with mosquito repellent patches to avoid being bitten. Always remember that mosquitoes are very active at dawn and dusk and into the evening. Make sure you are safe from mosquitoes by using proper protection.