Vol 11. No.17
Wednesday 27 January 2010
Economic Overview
|
Current |
+/- |
Movement |
| $AUS/$US |
89.82 |
-0.77 |
 |
| Cash Rate |
3.75 |
Steady |
 |
| 90 Day Bill |
4.25 |
Steady |
|
| 10 Year Bond |
5.470 |
+0.045 |
 |
| ASX 200 |
4717.9 |
-32.7 |
|
NSW Property
Penrith lease (AFR Pg.50)
- The Commonwealth Government of Australia has leased 3,880m² of office space at High Street, Penrith.
- The rent is anticipated to be $320/m².
National Property
Residential property update (AFR Pg.3)
- Ray White Surfers Paradise held its annual portfolio auction over the weekend.
- More than half of the 129 properties auctioned exchanged hands and sales totalled $40.75 million. The result is up on the previous 2 years figures .
- A further $22.7 million worth of property sold prior to auction.
- In Victoria, RT Edgar Portsea sold 3 of 4 multi-million dollar properties over the weekend.
- The most notable sale was the $3.09 million ($618/m²) achieved for 34 - 36 William Buckley Way, Sorrento. The 5,000m² parcel has national park frontage.
Housing affordability survey (SMH Pg.3)
- According to a recent survey comprising 272 markets and 6 countries, Australia is the least affordable country to purchase a home.
- Sydney and Melbourne ranked second and third respectively to Vancouver .
- The average household in Sydney and Melbourne requires more than 50% of their income to service a mortgage on a median priced home.
- Adelaide was ranked fourth above London, San Francisco and New York.
- Perth was the cheapest Australian capital and was the only market to remain stable in terms of affordability.
National commercial property update (AFR Pg.50)
- Industry professionals are forecasting the commercial property market to improve over the next 12 months following a lacklustre 2009.
- Sales of commercial office buildings, hotels and retail facilities in 2009 were down $2.5 billion on 2008 figures to total $7.2 billion.
- Foreign purchasers represented 22% of all turnover in 2009, however, this trend is unlikely to continue in 2010.
- NSW suffered the greatest drop in trading with market activity down 54% last year.
Sources: As above
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