Call us today

Vol 11. No.21

Economic Overview

	Current	+/-	Movement
$AUS/$US	88.31	-0.60
Cash Rate	3.75	Steady
90 Day Bill	4.22	-0.06
10 Year Bond	5.375	Steady
ASX 200	4524.1	-45.5

Victoria Property

Rowville sale (AFR Pg.55)

• Australand has acquired approximately 9 ha of land zoned serviced business from St Hilliers on Stud Road, Rowville for $11.9 million ($1,322,222/ha).

Sandringham industrial sale (AFR Pg.55) 

• A Melbourne based property syndicate has purchased an industrial property at 13 – 19 Wangara Road, Sandringham for an undisclosed price. The vendor was Becton.
• The 1.68 ha property comprises a 10,224m² office/warehouse.
• The property was sold subject to new 10 year lease to Laserlite Australia for $1.13 million p.a. ($111/m²). 

National Property

Residential property update (AFR Pg.5)

• According to the Australian Bureau of Statistics House Price Index, Australia’s capital cities weighted average price for established houses rose 5.2% in the December quarter and 13.6% over the year.
• The largest growth for the quarter was recorded in Melbourne (6.8%) whilst Sydney and Perth grew 5% and 5.7% respectively.
• A survey released by the Housing Industry Association shows home sales fell by 4.6% in December 2009.

Hotel sales (AFR Pg.56)

• Redcape Property Group (formerly the Hedley Leisure & Gaming Property Fund) has sold 6 of their freehold hotels in NSW and Queensland for a total $57.3 million.
• The Cabramatta Inn sold for $21.5 million, Mount Druitt Cedars Tavern in Emerton ($12+ million), The Plantation Hotel in Coffs Harbour ($6.6 million), Kooringal Hotel in Wagga Wagga ($7.5+ million), The Bushland Beach Hotel in Townsville ($7.2 million) and the Barrier Reef Hotel in Cairns ($2.5 million).
• Sale proceeds equated to a 5% increase on the hotels book value as at 30 June 2009.