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Vol 12. No.12

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	100.44	+1.07
Cash Rate	4.75	Steady
90 Day Bill	4.94	-0.02
10 Year Bond	5.617	+0.109
ASX 200	4834.6	+32.8

New South Wales Property

• Winten Property Group has gained concept plan approval from the NSW government for a $157 million office development in North Sydney.
• The 31-level project will feature a five-level garden plaza.

Queensland Property

• Defence Housing Australia has bought 100 hectares in Rasmussen in Townsville for an undisclosed price.
• The site will generate about 1,100 residential lots, with about one-third reserved for defence housing and the remainder sold to the public.

National Property

• Demand for office space in capital cities bounced back in the final quarter of 2010 as business sentiment improved.
• The national CBD office market vacancy rate dipped to 7.9% during the quarter, from the cyclical peak of 8.2% in the preceding quarter.
• Space take-up was above average in all markets during 2010 apart from Adelaide, where a lack of space hindered absorption.
• Nationally, there was positive net space absorption of 74,400 square metres during the quarter and 450,000 square metres for the year.
• After surging during the financial crisis, sub-lease space fell to less than 1% of stock at the end of 2010.
• Perth had the strongest take-up in 2010 at 103,600 square metres, fuelled by the resources sector. This was more than four times the 40-year average absorption of 22,600 square metres.
• Brisbane also experienced a spike in demand fuelled by the resources sector, with 65,300 square metres of net absorption in 2010, compared with a 38,000 square metre average.
• In Sydney, 127,500 square metre of net absorption was almost double the average of 65,300 square metres. This was fuelled by a number of leasing deals in late 2010.
• Melbourne, which is already experiencing below-average vacancy rates, witnessed 84,000 square metres of net absorption, compared with a 63,700 square metre average.
• There was 19,000 square metres of net absorption in Adelaide, in line with the 40-year average of 20,200 square metres.