Vol 11. No.92

Wednesday 19 May 2010

Economic Overview

Current +/- Movement
$AUS/$US 87.66 -0.07
Cash Rate 4.50 Steady
90 Day Bill 4.84 -0.02  
10 Year Bond 5.505 +0.035
ASX 200 4470.7 +3.5  

NSW Property

Haymarket sale (AFR Pg.59)
  • Citadines, a Malaysian based developer has acquired 775 – 779 George Street from FKP Property in order to extend its Haymarket development site.
  • The property acquired is the former Mick Smith’s Gun Shop.

Queensland Property

Brisbane Hotel to be approved (AFR Pg.59)
  • It is expected that Brisbane City Council will approve the development of a $90 million, four star Novotel Hotel this afternoon, the first such approval for more than a decade within the CBD.
  • The Elizabeth Street site in the CBD is being developed by the Kuwaiti based Action Group Holdings and upon completion will comprise 289 rooms.
  • Action Group Holdings was previously involed in the development of the Ibis in Glen Waverly, Melbourne.

National Property

Housing affordability update (AFR Pg.59)
  • New research has indicated housing affordability has again declined in the March quarter on the back of rising interest rates and the removal of incentives and grants.
  • Figures show that affordability was down 4% in the quarter and down 28.7% in comparison to the March 2009 results.
  • The largest decline in affordability occurred in Victoria, Western Australia and regional NSW. 
  • Affordability in Melbourne declined by 10% whilst regional Victoria fell by 15.9%.
  • Parts of regional NSW experienced a 12% decline in affordability over the first three months of 2010.

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.

Previous Daily Wrap's

 

Research & Advisory

  • Market Demand Studies
  • Highest & Best Use Studies
  • Development Feasibilities
  • Tender Support
  • Product Analysis
  • Distressed Property Evaluations
  • Valuation Evidence Packs
  • Demographic Studies

Valuations

  • First Mortgage Valuations
  • GST Valuations
  • Unit Entitlements
  • Acquisitions
  • Land Tax & Rating
  • Evidence of Value
  • Internal Reporting
  • Stamp Duty