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Vol 12. No.17

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	99.48	-0.13
Cash Rate	4.75	Steady
90 Day Bill	4.96	+0.02
10 Year Bond	5.512	+0.024
ASX 200	4806.1	-1.7

Victoria Property

• The Victorian government has brought in new planning controls that dictate maximum building heights for projects near the Shrine of Remembrance.
• The planning scheme amendment sets a maximum height of 60 metres and applies to land between Kings Way and St Kilda Road south of Dorcas Street in South Melbourne.
• The change brings at least two high-rise residential projects into question and has raised fears that the value of development sites in the area could be decimated.
• Planning documents said the amendment was required to preserve the amenity and aesthetic appeal of the Shrine and St Kilda Road boulevard.
• Projects will require a minimum setback depending on their location and architectural features such as domes and building services may not exceed the maximum height by more than four metres.
• The value of development sites in the area would take a hit as the development potential for the sites is restricted.

National Property

• Australia’s weekly rental rates rose almost 3% over 2010 and are expected to increase further by 7% this year in capital cities.
• Together with impeding interest rate increases, rising rental growth over the coming months will further impede household spending.
• Over 2010, capital city rents rose by about 4.2%. Sydney, Darwin and Canberra were the only capital cities to record no growth in house rents over the December quarter.
• Darwin has become the most expensive capital city in Australia in which to rent a house, with the median rent sitting at $520 per week.
• Canberra comes a close second, recording a median rent of $490 per week, followed by Sydney, with $450 per week.
• Adelaide is the cheapest place to rent a house, with a weekly median rent of $325, trailing Hobart, where it costs a median $335.
• For units, Darwin has the most expensive rents at a weekly median rate of $430.
• Sydney came in second at $425 per week followed by Canberra in their place at $420 per week.
• Over the past five years, growth in weekly rents for units has surpassed rental growth for houses.