Vol 11. No.35
Monday 22 February 2010
Economic Overview
|
Current |
+/- |
Movement |
| $AUS/$US |
89.94 |
+0.94 |
 |
| Cash Rate |
3.75 |
Steady |
 |
| 90 Day Bill |
4.16 |
+0.01 |
|
| 10 Year Bond |
5.560 |
+0.025 |
|
| ASX 200 |
4635.1 |
-19.8 |
 |
NSW Property
Doonside land development site (SMH 20-21 Weekend Business Pg.22)
- A 2.82 ha parcel of government land zoned 2 (a) residential at 236 Richmond Road, Doonside has been placed on the market for sale.
Sydney commercial property update (SMH 20-21 Weekend Business Pg.18)
- Net supply for Sydney CBD office space is forecast to average 58,525m² over the next 5 years, well above the historical 5-year annual average of 22,493m².
- Demand for office space is forecast to be negative over the next 6 months as employment growth is expected to slow and new office space without full pre-commitment enters the market.
- Supply is anticipated to peak in 2011 due to the completion of major CBD projects including the 56,000m² Darling Walk which is fully pre-committed by the Commonwealth Bank.
Sydney leases (SMH 20-21 Weekend Business Pg.20)
- Coface Australia has leased 1,007m² at Level 10, 68 York Street, Sydney for $725/m² gross for a 7 year term.
- BRI Ferrier has leased a 549.3m² office at Level 8, 1 Castlereagh Street, Sydney at $490/m² gross for 1 + 1 years.
- SE Shipping Lines Pty Ltd has leased a 70m² suite at G05/25 - 29 Berry Street, North Sydney for $431/m² gross for 2 years.
- Xlife Pty Ltd has leased a 151m² office at 271 Alfred Street, North Sydney for $295/m² gross for 1 year.
- The Ingredient Box has leased a 400m² commercial kitchen on the ground floor of 207 Pacific Highway, St Leonards at $288/m² gross from Eureka Funds Management for 5 + 5 years.
- Pizzuto Pty Ltd has leased a 200m² office/showroom at 60 Sophia Street, Surry Hills at $200/m² gross for 2 + 2 years.
Sydney retail property update (SMH 20-21 Weekend Business Pg.20)
- By the end of next month Fortius Funds Management and Lend Lease will launch the new retail component at Mid City Centre at 420 George Street in Sydney.
- Tenants will include Witchery, Rebel Sport, Mimco, General Pants and Diva.
- Prime retail vacancy rates for the CBD core are expected to plunge to their lowest levels in at least a decade.
- Currently, there are no vacancies in the super-prime retail space in the CBD, whilst the vacancy rate for prime space in the city core is 0.59%.
- Super prime rents rose by 5.5% during 2009 to average $7,560/m² with further increases expected over the coming year.
- Asking rents in prime areas fell by 0.9% during 2009 to average $2,598/m².
National Property
National weekend auction results (AFR Pg.5)
- In Sydney sales totalled $159.9 million with a further 72 listings not reported.
- The highest sale price was $5.1 million for 18 Delecta Avenue, Clareville. The beachfront property has 5 bedrooms.
- Auction listings in Melbourne were up by 55% compared to the same weekend in 2009.
- The highest sale price was $7 million for a 6 bedroom home at 14 Scotsburn Grove, Toorak.
Sources: As above
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