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Vol 13. No.83

Economic Overview

	Current	+/-	Movement
$AUS/$US	100.76	-0.92
Cash Rate	3.75	Steady
90 Day Bill	3.76	Steady
10 Year Bond	3.362	-0.036
ASX 200	4275.1	-39.2

New South Wales

• Receivers in control of Top Ryde City Shopping Centre, McGrathNicol, have called on submissions from agents to market the property.
• The centre comprises 78,215m² of retail space and undercover car parking for approximately 3,000 vehicles.

• The Motor Traders’ Association of NSW has acquired a 1,310m² commercial property comprising 43 car spaces at 214 Parramatta Road, Burwood for $5.35 million ($4,083/m²).

• A block of 18 fully leased residential apartments and two medical suites at Darling Street, Balmain has sold at auction for $6.4 million, reflecting a yield of approximately 4%.

• A 3,517m² warehouse on Wetherill Street in Silverwater leased to LJ Wallace Group until December 2014 has sold for $3.8 million ($1,080/m²), reflecting a yield of 11.8%.

Victoria

• A private investor has acquired a three storey retail property with a net lettable area of 730m² at 184-186 Brunswick Street, Fitzroy for $3.77 million ($5,164/m²), reflecting a yield of approximately 4.43%.

Queensland

• Anthony John Group’s proposed $360 million office tower development Southpoint in south Brisbane remains uncertain following the developer’s inability to seek finance for the project which spans 18 storeys and forms the first stage of a $570 million mixed use development.
• Suncorp were to lease 30,000m² of the tower under a 15 year term however the developer's delays in obtaining finance has exceeded Suncorp’s timeframe requirements in establishing new headquarters.

National

• Perth and Sydney CBD’s have ranked seventh and ninth in the world for the highest monthly car parking fees at $US717.43 and $US695.31 respectively.
• Melbourne and Sydney CBD’s ranked third and fourth in the world respectively for daily car parking fees.

• The median price for land in Melbourne declined approximately 3% in the March quarter.
• Median lot sizes across Brisbane, the Sunshine Coast and the Gold Coast remain the largest in Australia at 609m², whilst the national median lot size for the March quarter was 506m², down from 514m² from the previous quarter.