Vol 11. No.89
Friday 14 May 2010
Economic Overview
|
Current |
+/- |
Movement |
| $AUS/$US |
90.20 |
+1.06 |
 |
| Cash Rate |
4.50 |
Steady |
 |
| 90 Day Bill |
4.90 |
+0.01 |
|
| 10 Year Bond |
5.540 |
+0.060 |
|
| ASX 200 |
4652.8 |
+79.8 |
|
Queensland Property
Queensland Pub Market Update (AFR Pg. 62)
- Australian Leisure and Hospitality Group, Australia’s largest pub operator, has failed to sell most of a $75 million portfolio put to auction yesterday.
- ALH put six Queensland pubs up for auction yesterday with only The Australian National Hotel in Woolloongabba seeling for $7 million of a 6.85% yield.
- The remaining properties were passed in on yields greater than 7% with many of the pubs having brand new 20 year leases to ALH.
National Property
National Hotel Update (AFR Pg. 61)
- Australia’s hotel development pipeline has fallen to less than 4,000 rooms for the first time since 2003.
- There are currently no new hotels under construction in Brisbane, Cairns and Perth and only minor projects underway in Sydney, Canberra and Darwin.
- Tourist accommodation rooms under construction or development across Australia’s major 10 hotel markets had shrunk by 635 rooms.
- It is estimated there are 3,461 rooms in the development pipeline nationally with 2,238 currently under construction.
- Approximately 77.7% of the rooms under construction are scheduled to open this year increasing the national supply by 1.9%.
- Melbourne is expected to absorb 1,119 rooms, an increase of 6.6%, and Adelaide will see an increase of 308 rooms, or 7.3% more.
Sources: As above
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