Vol 11. No.42
Wednesday 03 March 2010
Economic Overview
| |
Current |
+/- |
Movement |
| $AUS/$US |
89.78 |
+0.02 |
 |
| Cash Rate |
4.00 |
+0.25 |
|
| 90 Day Bill |
4.19 |
+0.01 |
|
| 10 Year Bond |
5.390 |
-0.050 |
 |
| ASX 200 |
4701.9 |
+15.4 |
|
NSW Property
Salt Village update (AFR Pg.57)
- Receivers have been appointed for the remaining parcels of land at the $1 billion Salt Village development on the Tweed Coast.
- The remaining stages comprise completed projects and vacant land.
- Salt Village is a 73 ha master-planned subdivision which is approximately 90% complete.
York Fairmont Resort on the market (AFR Pg.58)
- The 210 room York Fairmont Resort in Leura has been placed on the market by receivers.
- The resort has deferred development consent for 80 apartments.
- The property last sold in 2006 for just over $45 million.
National Property
Housing approval update (AFR Pg.55)
- Figures released by the ABS show approvals for home and units declined by 7% in January, the first fall in 5 months. Over the year building approvals were 47.6% higher.
- The result is due to a 29.1% fall in private unit approvals.
- Building approvals in NSW increased by 3.5% whilst Victorian approvals decreased by 15.9%.
- The total value of building approvals fell by 24.6% to $6.1 billion over the month.
- The value of non-residential approvals, including commercial and public sector buildings, declined by 41.9% to $2.4 billion.
National hotel update (AFR Pg.57)
- Across-the-board room rates for hotels declined by 16% along the east coast.
- Sydney and Melbourne hoteliers suffered more than other capital cities.
- Gold Coast room rates fell 14% last year due to the decrease of New Zealand and Japanese tourists.
- Cairns had the cheapest average room rate ($117/night) and Perth the most expensive ($154/night).
- Perth was 1 of 4 global cities that recorded an increase in hotel prices.
- Sydney hotels averaged $145/night in comparison to Melbourne’s $148/night.
Sources: As above
Disclaimer: All representations and information contained herein are made in good faith. The Information in this report contains material from other sources. Landsburys
Property Pty Ltd has not checked those sources and accepts no responsibility for the accuracy for that information. The information contained in this communication is
strictly confidential and intended solely for the use of the recipient/s. If you are not the intended recipient of this information, please delete and notify Landsburys
Property Pty Ltd. Intended recipients should not copy or distribute this material without the authority of Landsburys Property Pty Ltd.