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Vol 11. No.30

Economic Overview

	Current	+/-	Movement
$AUS/$US	88.77	+0.04
Cash Rate	3.75	Steady
90 Day Bill	4.24	Steady
10 Year Bond	5.515	+0.010
ASX 200	4562.1	+7.8

NSW Property

Sydney residential update (SMH 13-14 Pg.9)

• Auction clearance rates across Sydney were 78% in February.
• The north shore had 13 properties go to auction and a 100% clearance rate.
• The inner west and eastern suburbs had an 84% clearance rate.
• Private treaty sale results are also strong.
• A suburb record was broken with the $9.5+ million sale of a Bower Street, Manly property.
• The house has a lease to 2031 plus 2 x 17 year options negotiable with the Catholic archdiocese.

Sydney commercial sales (SMH Weekend Business 13-14 Pg.14)

• Abacus Property has sold a 1,370m² site at 198 – 206 St Johns Road, Glebe to a private investor for $5.7 million ($4,161/m²).
• FT Property Trusts has sold a 1,233m² office building at 454 – 456 Pacific Highway, St Leonards to CSF Developments for $5.15 million ($4,177m²).
• Towo Pty Ltd has sold a 635m², 3 level freehold building at 354 Military Road, Cremorne to a private investor for $2.57 million ($4,047/m²).
• A 3 level 488m² commercial building at 172 – 174 Liverpool Street, Darlinghurst has sold for $2.35 million ($4,816/m²) to a private syndicate.

Sydney industrial sales (SMH Weekend Business 13-14 Pg.14)

• J.A.M Investments Australia Pty Ltd has sold a 2,932.5m² freestanding industrial property at 13 – 15 Waltham Street, Artarmon for $3.78 million ($1,289/m²) to an undisclosed buyer.
• Mars Road Pty Ltd has sold an 1,807m² office/warehouse at 5/27 Mars Road, Lane Cove to AIT Pty Ltd for $2.4 million ($1,328m²).
• Ombak Pty Ltd has sold a 320m² office/warehouse at 4 Boronia Street, Redfern to a private investor for $1.61 million ($5,031/m²).
• Leighton Properties has sold a 411m² industrial strata unit at 7/133 – 149 Beauchamp Road, Matraville to Ashcroft Packaging for $1.2 million ($2,920/m²).

Queensland Property

Brookwater Urban Village update (AFR Pg.54)

• Ispwich City Council has approved the $1.1 billion Brookwater Urban Village in Greater Springfield.
• The development will include 514 residential dwellings (including more than 400 apartments), 150 hotel rooms, 20,000m² of commercial space and 15,000m² of retail space.

National Property

Auction clearance rates (AFR Pg.56)

• Sydney had more than 240 properties up for auction on the weekend, up 22% from last year.  The preliminary clearance rate was approximately 70%.
• The highest priced property which sold on the weekend was $3.425 million.  The deep waterfront home at Boorroo Street, Kangaroo Point has 4 bedrooms.
• Brisbane had 55 properties auctioned over the weekend, 30% more than the same time last year, and achieved a 32% clearance rate.
• The highest sale price was $1.15 million for a property in Howard Street, Grange.
• Melbourne had more than 390 properties go to auction over the weekend, 60% more than the same time last year.
• The preliminary clearance rate of 63% is on par with the result achieved on the same weekend last year.
• The highest sale price was $2.56 million for an 1882 home in Millswyn Street, South Yarra.