Hit Rock Bottom?
Yes. Mixed emotions on site this week as the bulk excavation has been completed with detailed excavation finishing off. We're well and truly into shale now and can say we've hit rock bottom. The excavation crew are a bit lost, unsure of their next job. APRA's policy tightening throughout 2017 and 2018 has hit developers and builders much harder than personal home loans. Combined with recent and coming regulation to building certification, there are very few residential projects getting started. Changes in regulation will see costs increase. A significant increase in apartment sale prices will be needed before any further new stock is even contemplated being brought to market. Our excavation crew will need to try their luck on a Government project, there's still a lot more of train and road tunnels to dig. The pit they are standing around is the bottom of the main lift shaft.