Vol 11. No.143
Friday 30 July 2010
Economic Overview
|
Current |
+/- |
Movement |
| $AUS/$US |
89.91 |
+0.44 |
 |
| Cash Rate |
4.50 |
Steady |
 |
| 90 Day Bill |
4.79 |
-0.04 |
 |
| 10 Year Bond |
5.240 |
+0.020 |
|
| ASX 200 |
4524.1 |
-5.8 |
|
Victoria Property
Melbourne’s urban growth boundary expands (AFR Pg.53)
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Yesterday the Victorian parliament approved the expansion of the Melbourne urban growth boundary (UGB).
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The additional 24,500 ha of development land could accommodate up to 134,000 new homes.
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The level of density per hectare has increased from 10 to 15.
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The developments that fall under the UGB include Mirvac’s and Jayaland $2 billion Rockbank project which comprises 750 ha equivalent to a maximum 7,500 homes.
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MAB Corporation's remaining half of the Merrifield project also falls under the UGB. The 1,500 ha mixed use development could accommodate 30,000 people.
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Villawood Properties land parcel at Sunbury will provide 2,000 new homes and pending rezoning Stockland has 650 lots at Mernda.
National Property
Residential survey results (AFR Pg.53)
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According to a July survey the respondents expect house price growth over the year will only be 1.4% nationally. In the March survey respondents anticipated prices to increase by 5% over the next year.
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Currently the respondents expect house price growth to be strongest in Canberra and weakest in Melbourne.
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Growth is also anticipated to be strongest over the next year in the detached house and semi market and in the middle to outer suburbs. The weakest growth is expected in middle to outer ring apartments.
ING update (AFR Pg.52)
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Yesterday the Goodman Group announced they would be interested in becoming the manager of the ING Industrial Fund. The fund would remain as a standalone listed vehicle.
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It is believed Goodman and an unknown partner who is an office specialist are putting a proposal together for the ING business.
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The office specialist would manage the $2.7 billion ING Office Fund portfolio and run or take over the smaller trusts that specialise in retirement, healthcare and pubs.
Sources: As above
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