Unit glut on Westpac watchlist
Settlement risk on high density unit construction is a topic closely followed by Westpac's CEO, with Brian Harzter reviewing a weekly catalogue of many projects.Yesterday's hearing of the House of Representatives Standing Committee on Economics drew out commentary from the bank's managing director in the context of debate over the states of housing prices in major cities.After praising the merit of prestigious developments in Melbourne's Docklands, Hartzer said: "You can go half a dozen blocks away and find another apartment building with a small footprint targeting overseas buyers who don't plan to live there and it's in trouble. You actually have to go building by building."Hartzer said he received a weekly email on this segment of the market that is "potentially creating a bit of a glut of supply, which may not be what local buyers want to buy."It was a rare digression into a contemporary banking topic at the third and final day of hearings with major bank CEOS, encounters dulled by predictable questioning.