Vol 12. No.189
Wednesday 12 October 2011
|90 Day Bill
|10 Year Bond
New South Wales
Exchange Centre in Due Diligence (AFR Pg.52)
Home Building Act Update (AFR Pg.55)
- RREEF is in due diligence to acquire the Exchange Centre located at 20 Bridge Street, Sydney for approximately $190 million from Korda Mentha, receivers for Record Realty Trust.
- The property was previously acquired in 2006 for $235.7 million and currently has two vacant floors.
Campbell Parade Development Update (SMH Pg.9)
- The NSW Government will introduce legislation to amend the Home Building Act 1989 to increase the threshold at which warranty insurance is required from $12,000 to $20,000 and to increase the threshold at which written contracts for residential building work is required from $1,000 to $5,000.
- Investec has unveiled its $120 million redevelopment of the Hotel Bondi site on Campbell Parade, Bondi which comprises 40 luxury apartments and a café and retail precinct.
Merrifield Master-planned Community Development Update (AFR Pg.53)
Swanston Square Tower Update (AFR Pg.55)
- MAB Corporation and Gibson Property Corporation will develop the initial stages of the $1 billion Merrifield master-planned community which has a capacity for approximately 4,000 residential lots.
- Lend Lease was originally expected to partake in the development but could not finalise an agreement with MAB Corporation.
- It is expected the first residential stage which spans 50 hectares will commence in late 2012.
- The Merrifield project aims to provide housing and employment for 30,000 people with capacity for a university and commercial component.
- Grocon has sold over 50% of apartments in the Swanston Square Tower development in Melbourne CBD following a three month off market campaign.
- Prices for the units range from $366,500 for one bedroom apartments and $446,000 for two bedroom apartments.
Wintergarden Redevelopment Update
Eagle Farm and Doomden Racecourses Development Update (AFR Pg.56)
- It is expected that the Wintergarden retail complex will achieve a 100% occupancy rate following the $100 million redevelopment of the centre which is due for completion in six months.
- The proposed redevelopment of Brisbane’s Eagle Farm and Doomden racecourses will go on public display on October 31.
- The plans include the consolidation of Racecourse Road Centre which will comprise a commercial and retail precinct as well as the accommodation for 4,500 residents in a residential component.
- It is expected the redevelopment will take approximately 20 years to complete.
National Property Market
Housing Prices Update (AFR Pg.55)
Housing Starts Update (AFR Pg.52)
- Research indicates housing prices will increase by 19 %, 16% and 6% for Sydney, Brisbane and Melbourne respectively between 2012 and 2014.
Sources: As above
- Research indicates dwelling construction by Australia’s top 100 largest home builders has declined by 13% in the past financial year.
- 156,000 dwellings were completed last year, well below the 10 year average.
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