Real Estate

Australian property developer Bensons Property Group (BPG) has entered voluntary administration, citing challenging conditions in the construction industry, including rising interest rates and construction costs. However, the company assures that its ongoing projects will not be affected. KordaMentha has been appointed as voluntary administrators, while McGrath Nicol will act as receivers and managers, overseeing the company's operations during this period. BPG intends to continue trading throughout the administration and receivership, with a proposal to be presented to creditors. The company emphasizes its commitment to protecting its employees, trade creditors, and apartment buyers, ensuring the delivery of its $1.5 billion development pipeline, which includes over 1,000 new homes. BPG clarified that this action only involves BPG itself and not other entities within its broader group. All projects currently under BPG management, many already under construction, will proceed as planned. Managing Director […]

Hundreds of people in Nairobi are now homeless after their homes were demolished. Early Monday morning, residents of Nyama Villa Estate in Kayole were woken by bulldozers and police. Despite some initial resistance, the demolitions went ahead, forcing people to quickly move their belongings. The reason for the demolitions isn't immediately clear, and local groups are criticizing the government. The Kayole Community Justice Centre said that some bulldozers arrived in the middle of the night without any warning. They condemned the action, saying people deserve to be treated with respect. Demolitions in Nyama Villa have been a problem for years, even going back to when Uhuru Kenyatta was president. These demolitions also reportedly caused tension between current President William Ruto and his deputy, Rigathi Gachagua. In 2018, President Kenyatta actually stopped a demolition in the same area. It was discovered […]

A recent TikTok video has highlighted the stark reality of Sydney's housing crisis, leaving young Australians feeling increasingly discouraged about their prospects of entering the property market. The video, posted by 19-year-old Matt Van Biljon, showcases a real estate pamphlet displaying recent house sales in suburbs located an hour outside of Sydney's CBD, with most properties exceeding the $1 million mark. Van Biljon expressed his dismay at the exorbitant prices, questioning how young people are expected to afford a home in the current market. He voiced concerns about being priced out of his own neighborhood and the prospect of having to move far from his family to find affordable housing. "If I am ready to buy a house, even at 30, looking at the trajectory, I am going to be buying a carbon copy house, in a suburb that's 50C […]