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Vol 12. No.1

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	100.95	-1.09
Cash Rate	4.75	Steady
90 Day Bill	4.96	-0.06
10 Year Bond	5.503	-0.012
ASX 200	4742.5	-2.7

New South Wales Property

• Five Bondi Beach apartments owned by Hermes managing director and socialite Karin Upton Baker and her property developer husband have sold for a combined $7.8 million under instructions from receivers and managers.
• Located on Notts Avenue overlooking the beach, the apartments were bought by a local investor.
• The five apartments were reportedly bought for more than $8 million, at least three years ago.
• Each apartment includes two bedrooms, a sun room and bathroom over 100 square metres.
• The couple reportedly invested more than $10 million in the apartments in an effort to buy the remaining dwellings in the same building and create a luxury complex. However the existing owner of the remaining two apartments refused to sell.
• One of the apartments owned by the couple sold for $1.5 million in November last year, $2 million less than its 2008 purchase price.
• Sources said the same Sydney-based investor purchased that property as well, which means the investor owns six of the eight apartments in the complex.

• Industry insiders expect Sydney’s housing market to perform better than the other states in 2011.
• House price growth early last year was Sydney’s first positive run in about five years, after a period in which the nation’s economic capital stagnated while the major cities in the other states boomed.
• Prices in Sydney haven’t risen as far as they have in other capitals with industry insiders believing they now have more room to rise.
• Sydney’s median house price grew by 10% over the year ending in September 2010, but all the growth happened in the first half.
• Median prices fell 0.5% in the September quarter, to $627,124 – meaning Sydney is well place for price growth in 2011, extending the price gap between other state capitals.