Tuesday, 29th August 2017
Foreign Investment Update (SMH)
Singapore is now the largest foreign investor in Australian property.
Chinese Investment has dropped 69% in the first half of 2017 on a like-to-like basis.
Housing Affordability Update (AFR Pg. 3)
According to a report released by the Committee for Economic Development of Australia (CEDA); housing affordability is likely to stall for 40 years.
Demand is being driven by population growth, negative gearing and foreign investment flows – a lack of adequate supply is the primary driver.
House Price Update (AFR Pg. 3)
According to a research report by the CoreLogic Group; Sydney house prices are set to remain stagnant over August – driven by an increase in listings – setting up a buyers’ market.
Melbourne house prices will rise according to the same report; driven by an increase in the price of houses over apartments.
New South Wales
Sydney Work-Space Leased (AFR Pg. 31)
Scots English College has opened a new campus after signing a 1200m² 3-year lease on the fifth floor at 127 Liverpool Street, Sydney.
The fitted-out space has classrooms, computer rooms, staff rooms and offices.
The deal was struck at a gross rent of $500/m².
CBD Business’s Denied Compensation (AFR Pg. 31)
Retailers along George Street will not receive financial compensation for disruptions caused by the Light Rail Construction.
Altona North Warehouse Leased (AFR Pg. 31)
Storage Material Handling Group has agreed to terms on a 16,299m² warehouse on a 7-Hecatre site at 43 Toll Drive, Altona North for $1.29 million per annum (Net).
The site has extensive hardstand and was leased on a 3-year term.
South Yarra Retail Property Leased (AFR Pg. 31)
Lounge Lovers has leased a 325m² retail space from the Sunway Group at 507 Chapel Street, South Yarra for $1000/m² (Gross).
Prahran Office Leased (AFR Pg. 31)
Catapult Australia has leased a 1471m² Office at 75 High Street, Prahran for 4 years with options for around $350/m² to $370/m² (Net).
Carseldine Fuel Station Sold (AFR Pg. 31)
Caltex has acquired a 1931m² Petrol Station at 1754 Gympie Road, Carseldine from the Comino family for $18.3 million ($9’477/m² GBA), reflecting a 6.1% yield.
The property is situated on a 1.66-hectare site.
Caltex’s purchase includes the Star Market Business as well as 5 other retail/F&B tenancies.
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