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Vol 12. No.13

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	99.52	-0.92
Cash Rate	4.75	Steady
90 Day Bill	4.92	-0.02
10 Year Bond	5.537	-0.080
ASX 200	4783.7	-50.9

New South Wales Property

• NSW experienced a shortage of rental accommodation in 2010, according to new figures.
• Figures released by the Real Estate Institute of NSW found Sydney’s vacancy rate increased by 0.1 percentage points to 1.4% in December.
• Vacancy rates fell 0.3 percentage points in Wollongong to 1.3% and by 0.1 percentage point to 1.7% in Newcastle.

Queensland Property

• The Australand Property Group informed the market yesterday its Kangaroo Point project, Yungaba, would be delayed because of the flooding.
• The flooding has hampered progress on the project and the full impact is yet to be determined.
• First settlements are said to be expected in the first half of 2012 instead of the forecast second half of 2011.
• Australand also said two industrial assets had been hit by the flood in the devastated suburb of Rocklea.

South Australia Property

• Aspen Group has sold its Adelaide MTAA Super House building to syndicators Chris Redmond and David Schultz for about $80 million.
• Aspen bought 55 Currie Street 3 and a half years ago for $66.98 million.
• The short lease terms for the building’s tenants is understood to have resulted in a yield of 10% for the sale.
• The 12-level, 25,726 square metre complex is occupied almst entirely by federal government departments that include Immigration and Citizenship; Foreign Affairs and Trade; Infrastructure, Transport and Regional Development; and Australian Federal Police.
• MTAA House, Adelaide’s fourth-largest office building, was initially on the market for $84 million, but Aspen is understood to have accepted $81 million, which was the building’s December 2009 book value.