Call us today

Vol 11. No.8

Economic Overview

	Current	+/-	Movement
$AUS/$US	92.87	-0.24
Cash Rate	3.75	Steady
90 Day Bill	4.18	Steady
10 Year Bond	5.630	-0.055
ASX 200	4899.5	-51.2

NSW Property

South Coast retirement village acquisition (AFR Pg.40)

• Not-for-profit aged-care group IRT is in the process of purchasing the luxury retirement property, The Seaside Links in Wollongong from Horizon Living. The purchase price has not been disclosed.
• Adjacent to Wollongong Golf Course and constructed on 48 ha the resort-like accommodation sits 150 metres from City Beach and comprises 154 independent units, 90 aged-care places and 63 serviced apartments.
• Negotiations have been taking place since mid-2009.

National Property

First home owner update (AFR Pg.4, SMH Pg.3)

• Lending to first home buyers has dwindled as the federal government phases out the grant.
• Figures show the number of owner occupier loans issued in November 2009 decreased by 5.6%.
• The number of loans to first home buyers declined by 20% to 13,079 - the lowest result in a year.  As a proportion of total loans the number of first home buyers decreased from 26% to 22%.

Residential rental update (AFR Pg.4)

• Industry sources are predicting residential rents to steeply increase in 2010 due to rising interest rates and land tax plus a healthier economy.
• Sydney house and apartment rents rose by 2.2% and 2.4% respectively in the year to December. The figures are expected to double in 2010.
• Melbourne house rents remained stable over the year at $360/week whilst apartment rents grew by 4.7% over the year. Rents are forecast to increase by 5%-7% over the year.
• Brisbane house and apartment rents increased by 2.9% and 4.6% respectively in the year to December.