Call us today

Vol 13. No.9

Economic Overview

	Current	+/-	Movement
$AUS/$US	103.89	+0.03
Cash Rate	4.25	Steady
90 Day Bill	4.40	+0.01
10 Year Bond	3.872	-0.030
ASX 200	4217.9	+2.30

New South Wales

• Blackstone is in due diligence to acquire a 13 level office tower at 149 Castlereagh Street, Sydney for $43 million.
• The vacant tower has recently undergone a $34 million refurbishment.

Queensland

• Brookfield Multiplex’s construction of the $450 million Indooroopilly Shopping Centre redevelopment in Brisbane is due to commence in March and will take approximately 30 months to complete.
• The redevelopment will include an expansion of 30,000m², increasing the centre’s size by 30% to accommodate an additional 120 speciality stores, a Coles supermarket, a David Jones and 900 new car spaces.
• David Jones has signed a 20 year lease for 14,200m² which will form part of a new wing in the centre.

National

• Research indicates the national vacancy level for commercial property declined by 0.2% to 7.2% in the three months to December.
• Net absorption for 2011 was 337,000m², 20% above the ten year average.
• Sydney achieved a net absorption of 123,100m² for top graded buildings but experienced a negative net absorption of 35,000m² for offices in the secondary market for 2011.

• The national median weekly asking rents for houses and units increased by 1.1% and 1.4% respectively in the December quarter.