First home grant ends in September
The first stage of the phasing out of the First Home Owners Grant Boost (FHOG Boost) will happen on September
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H&M Asian Expansion Brings Retailer One Step Closer to Australia
HENNES & MAURITZ, known as H&M – the Swedish fashion giant popular throughout Europe, is expanding its reach throughout Asia.
The company revealed this week it planned to expand its China store network by 30 per cent by the end of 2010, in a move suggesting the retailer will open in Australia, within the medium term.
“It (Asia) could be the newest and biggest market for H&M in future, because there is so much potential if you look at Asia,” H&M Greater China country manager Lex Keijser told Reuters. “We’ve just started in Hong Kong, mainland China, Japan and Korea. We are still a baby, but a fast growing baby.”
Read moreWayne Swan Opens Country’s First Australian Made Concept Store, at Sydney Airport
THE country’s first “Australian Made” concept store opened earlier this week within the walls of Sydney’s International terminal, at the airport.
Treasurer Wayne Swan launched the store, identified by the distictive Australian Made triangle logo with a golden kangaroo, and a green background.
Mr Swan described the logo and concept to reporters as “being at the very core of our future prosperity and success in the global economy”.
Read moreSuncorp to Sell LJ Hooker to the Grandson of the Agency’s Founder For $67 Million
LISTED property giant Suncorp is believed to be selling its LJ Hooker real estate agency chain, to Janusz Hooker, the
Read moreReceivers For Ryan Hotel Group List Queensland Pubs For Sale
RECEIVER McGrath Nichol will sell two Queensland pubs, on behalf of the Ryan Hotel Group.
Up for grabs is the Del Plaza at Southport, and the Grinning Dog Tavern at Maroochydore. Earlier this year, six other Ryan Hotel Group hotels were put to the market including the Woombye, Maryborough and Roma. Ryan collapsed in July. The properties are distressed sales, and the prices are undisclosed.
Director of advisory firm and agency Power Jeffrey, Peter Power, told The Australian “there haven’t been many good quality hotels on the market for the past 18 months, and as valuers we are having great difficulty because we have no (sale result) evidence to work off”.
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Experts Warn Senate Inquiry Mortgage Holders Will Pay For Rudd’s $315 Billion Stimulus Spend
AUSTRALIANS will pay higher borrowing rates than they need to, and any economic recovery may be slower than it could be, as a result of Rudd government’s recent $A315 billion spending spree.
RMIT University economists Steven Kates and Sinclair Davidson have joined a chorus of experts at a Senate inquiry warning the Labor Government’s decision to control fiscal policy, now puts it at odds with monetary policy, with mortgage holders one of the big losers expected to pay, moving forward.
The amount of public debt incurred by the Labor government’s program is unjustified, and the stimulus money is being spent on goods and services “that will give no economic momentum”, Professor Kates told the inquiry.
“[Interest] Rates will go up because we’ve taken our national pool of savings and we’ve spent it”.
Read moreStockland to Double Retirement Portfolio, Appoints New Head
SYDNEY-based developer Stockland is continuing to ramp up its potentially lucrative retirement living division, appointing former management consultant David Pitman to the new role of group strategy head.
Mr Pitman said he wants to double the group’s retirement portfolio to about 8,000 units over the next five to six years, which would boost department earnings from the current 7 per cent it contributes to Stockland’s total coffers.
Read moreInvestment Purchases Fill The First Home Buyer Gap
Below is a statement from the REIA, regarding the latest ABS Housing Finance Figures:
The latest Australian Bureau of Statistics (ABS) Housing Finance figures present no surprises, according to the Real Estate Institute of Australia (REIA).
“As buyers have been responding to the improved affordability brought about by cuts in official interest rates since October last year, we are seeing a slowdown in the rate of growth of finance commitments,” said REIA CEO, Mr Neil Fisher.
Total finance commitments increased by 0.5 per cent in July; the lowest growth since August 2008.
Read moreWoolworths to Sell $100 Million in Australian Property Assets
SUPERMARKET giant Woolworths will try to sell more than $100 million in assets for sale, as it prepares to ramp up its resources for its new Australian hardware sector partnership with US-based Lowes Group.
Woolworths has listed for sale sell three shopping centres, including Sydney’s Thornleigh Marketplace and Pemulway Marketplace – expected to reap about $50 million combined – and one in Queensland’s Caloundra.
Read moreTrinity Offloads $51m In Offices
QUEENSLAND-based property group Trinity has offloaded three commercial office buildings for more than $51 million.
The sales include Brisbane’s 410 Queen Street which sold to a private investor for $23.8 million, and a small wharf building which sold for $5.26 million. Trinity also offloaded an office building in King William Street Adelaide for $21.75 million.
Trinity announced to the ASX earlier this week it recorded a $225 million loss with $46 million attributed to devaluations.
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Public Housing Building Boom Underway in Australia
The Federal Government yesterday released this statement, related to the development of more national public and community housing:
The Australian Government today announced that it has approved over $5 billion worth of projects under the Nation Building Economic Stimulus Plan Social Housing Initiative.
The $4.546 billion allocated as Stage Two follows $692 million of projects approved under Stage One in April.
These projects are the biggest ever investment in social housing in Australia.
Read moreProperty Council of Australia Relaunches yourbuilding.org Portal
The Property Council of Australia has relaunched yourbuilding.org, a portal to the best advice on greening the performance of commercial property.
Originally launched in September 2007, Your Building was developed by the CRC for Construction Innovation for the Federal Government.
The Property Council purchased the Your Building IP in February 2009 and took responsibility for the site in August 2009. With a network of 55,000 property industry professionals, the Property Council is ideally placed to enhance and propagate the Your Building site.
Read moreProperty Council of Australia Releases New Guide to Corporate Responsibility
The Property Council and its members have developed a new guide to corporate responsibility reporting that will transform the way the property sector records its performance.
Launched on June 17 by Assistant Treasurer Senator Nick Sherry, A Guide to Corporate Responsibility Reporting in the Property Sector is the only property-specific template available anywhere in the world.
This Guide will revolutionise corporate responsibility (CR) reporting in the property industry and ensure non-financial performance is transparent, meaningful and comparable.
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RBA Leaves Rates Unchanged at 3% For Sixth Month in a Row
AT its September 2009 meeting, the Reserve Bank of Australia has left the official cash rate unchanged at 3 per cent, for the sixth month in a row.
The decision to keep rates on hold was expected, but many analysts anticipate the RBA will start increasing the official cash rate before the end of the year. Most of the major banks have already started increasing fixed and variable interest rates independent of the RBA over the last few months.
The next RBA meeting is scheduled for October 6.
Below is the statement by RBA governor Glenn Stevens:
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Babyco Goes Into Voluntary Administration
NURSERY furniture and baby products retailer Babyco has gone into voluntary administration, casting doubt over its 22 national stores, which employs about 70 staff.
Deloitte executive Tim Norman, who is managing the administration with Sal Algeri and Simon Cathro, said four stores will remain open including Wetherill Park in New South Wales, Rowville in Victoria, Underwood in Queensland and St Marys in Adelaide.
Administrators are investigating options to restructure the business, with a view to selling it off, Mr Norman was reported as saying in the Daily Telegraph.
Read moreALE Property Group to Sell Seven Australian Hotels, as Part of $120 Million Asset Divesting
ALE Property Group has earmarked for sale seven hotels in Queensland, South Australia and Victoria in the first tranche of a strategic asset sales program targeted to divest $120 million worth of assets over the next 12 months.
CBRE Hotels and Burgess Rawson have been appointed to steer the sales process, which involves landmark hotels leased to Australian Leisure & Hospitality Group (ALH), which is 75% owned by Woolworths Limited.
The sale follows the highly successful June 2009 auctions of five ALE hotels in Sydney and Melbourne, which were sold under the hammer for a combined $27.8m at yields as low as 5.05%.
Read moreAustralian Chamber of Commerce and Industry Calls For Retention of Current ABCC Powers, in the Building and Construction Industry
The Australian Chamber of Commerce and Industry (ACCI), Australia’s largest and most representative business organisation, has used its appearance this morning before a Senate Committee inquiry into proposed Australian Government changes to industrial relations arrangements in the building and construction industry, to call for the retention of current Australian Building and Construction Commission (ABCC) powers.
Whilst the current workplace relations environment is not perfect, the work of the ABCC over the past 5 years has had a dramatic effect on the industry.
The genie is, in large part, “back in the bottle” and business is greatly concerned about legislative changes that may put that situation at risk and create the potential for a return to the bad old days.
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Australian House Prices Surge 5.9 Per Cent in 2009
DARWIN has been Australia’s best performing capital city this year, in regard to home value growth, according to the latest survey by research group RP Data.
The Northern Territory city reported a 10.8 per cent increase in home values for the first seven months of 2009, to $466,903.
This makes Darwin more expensive than Melbourne (where values surged 8.5 per cent to $454,524) and Brisbane (up 3.8 per cent to $437,175), but not as pricey as Sydney (up 6.6 per cent to $537,396) or Canberra (up 5.4 per cent to $477,627).
The two worst performing capital cities were Perth, where RP Data says home values increased 2.5 per cent to $481,493, and Adelaide, where values rose just 1.9 per cent to $402,681.
Read moreWestfield Delivers Half Year Results, Posts $708 Million Loss
Westfield joint managing director Peter Lowy said the company performed better than expected, announcing the company’s six-months earnings.
Below is a copy of the group’s half year operational earnings, and full-year forecast:
Read moreMirvac Posts $1.08 Billion Net Loss
SYDNEY-based property giant Mirvac has posted a statutory $1.08 billion net loss after tax for the 12 months ended 30 June 2009.
The company said it was impacted by property revaluations of $487.2 million, and the net loss in a range of joint ventures, which attributed $158 million to the company’s bottom line. Goodwill, management rights and other intangible assets were reduced by $273.6 million.
But net operating profit after tax was $200.8 million, down 43 per cent on the previous corresponding period. Revenue for the year was $1.79 billion, down down 16 per cent. Mirvac’s full distribution was 8 cents.
Read moreWoolworths to Enter Lucrative Australian Hardware Market
BUNNINGS, Mitre 10…or Woolworths?
The supermarket giant this week announced it entered into an equity agreement with US-based Lowe’s Companies Inc, to buy Australia’s second largest hardware retailer Danks Holdings, which controls brands like Thrifty Link and Home Hardware.
The move, which is subject to regulatory approval and a minimum 90 per cent acceptance from shareholders, will see Woolworths enter the lucrative Australian hardware sector.
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Banks May Lift Interest Rates Independent of RBA, ANZ Warns
A
NZ Banking Group chief executive Mike Smith has warned mortgage holders that bank funding costs, and not the Reserve Bank of Australia’s position on official rates – will be the big influence affecting bank’s position on rates, moving forward.
Mr Smith told a crowd at the Australian British Chamber of Commerce function in Sydney: “I think that banks will have to raise rates if their (wholesale) funding rates get higher.”
“If that’s out of cycle, that’s out of cycle. It could happen.”
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Ben & Jerry’s Coming to Australia
ETHICAL ice-cream giant Ben & Jerry’s will open its first Australian store in Sydney next month, with plans to have its products available nationally over the next two years.
The 31-year old company will team with Mission Australia to provide training and jobs for prospective employees, and will donate all proceeds from locally developed ice cream flavours to the charity.
Ben & Jerry products are initially expected to appear in about 200 selected delicatessans in Sydney and Melbourne.
Read moreColes, Woolies Fail to Reply to ACCC Questions
SUPERMARKET giants Coles and Woolworths have not yet responded to the Australian Competition and Consumer Commission, regarding claims they restrict competition by blocking rival supermarkets opening nearby. The ACCC uncovered the potential breaches of the Trades Practices Act as part of the 2008 grocery inquiry.
Coles has not responded to repeated requests by the ACCC, while Woolworths is referring its question to the National Retailers Association, a Woolies spokeswoman telling the AFR “We’re not going to be commenting and we’re referring all comment to the retailers’ association…because this is regarding retailers’ leases and there are many retailers.”
Read moreGPT sells more resorts
THE GPT Group is continuing to offload its major hospitality assets, with resorts in Western Australia’s Kimberley region and the Northern Territory confirmed as sold.
United States based Delaware North has purchased GPT’s Great Barrier Reef resorts on Lizard Island, Heron Island and Wilson Island, as well as the Kings Canyon Resort in the Northern Territory and the El Questro Wilderness Park in Western Australia. Melbourne-based businessman Paul Van Min has snapped up the Silky Oaks Lodge in Queensland’s Daintree Forest.
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GPT May Split Oz and European Assets, as Part of New Strategy
THE giant GPT Group is understood to be entertaining a plan to split its commercial property assets into two separate vehicles, designed to make the group look more appealing to investors, and improve the group’s negotiation position with banks.
The proposal will see Australian owned office towers and shopping centres managed by one fund, and a swag of “toxic” European assets (owned with failed investment group Babcock & Brown), managed by another fund.
The decision follows capital raisings to the tune of more than $1.7 billion, since GPT’s new chief executive and former banker Michael Cameron took the helm on May 1. In total the group has raised about $3.3 billion in the past 18 months.
Read moreBusiness confidence up in June: NAB
National business confidence rose in the June quarter. The NAB Business Confidence Index increased 20 per cent to -4, an
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Aldi to Build 500 More Australian Stores
GERMAN supermarket giant Aldi plans to open about 500 new supermarkets on Australia’s east coast, bringing its national total to more than 700.
In Victoria, new supermarkets are earmarked for Abbotsford, Albury, Caroline Springs, Maryborough and Strathdale. By the end of the year, the state will have 75 Aldi supermarkets, up from 69 now. It’s been reported new stores are also earmarked for Geelong’s Newcomb, Hamilton, Horsham, Morwell, Preston, Sebastapol, Swan Hill and Warragul.
Read moreSquatters Live Rent Free in London’s Billionaire Row, While Renovating Mansion
WORK is underway to renovate a rundown property in the ritzy North London Hampstead street dubbed “billionaires row”.
Four tradespeople are living rent-free at the rundown 8-bedroom, 3-storey home in The Bishops Avenue, a street which is also home to the Saudi and Brunei royal families and steel magnate Lakshmi Mittal.
The home has been vacant for about ten years, London’s The Sun newspaper reports, and is being lived in rent-free by the tradespeople which includes three Romanians and a Frenchman.
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ACCC Condones Commonwealth Bank’s Actions Despite Warnings it Could Disadvantage Consumers
The Commonwealth Bank has been accused of using its market dominance to try and reduce competition in the $700 billion home lending market.
In a move condoned by the Australian Competition and Consumer Commission, the CBA has told 8000 mortgage brokers they won’t be able to offer the bank’s home loans in future, if they fail to write enough business for them.
In a letter sent from the CBA to Queensland mortgage broker Wayne Ormond last month, the bank insists each of his company’s mortgage brokers must now submit four home loans per quarter. Mr Ormond’s company, Refund Home Loans employed 270 brokers, meaning the bank expected about 4,320 applications per year.
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McDonald’s to Open More than 150 Stores in The Next Five Years
FAST food giant McDonald’s expects to open 36 new restaurants in Australia this year, up from 21 new restaurants it opened last year.
McDonald’s chief executive Peter Bush said it planned to open more than 30 stores a year from 2010, a mix of company-owned and franchised stores.
By the end of this year, McDonald’s is expected to operate out of 815 retailers nationally.
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Al Gore to Launch Safe Climate Australia Initiative in Melbourne Next Week
ENVIRONMENTAL activist Al Gore will launch the Safe Climate Australia initiative in Melbourne next week.
VicSuper chief executive Bob Welsh has invited the former US president candidate to Australia to launch the initiative at a breakfast on Monday.
Mr Welsh is one of the biggest investors in Generation Investmnet Management, a London-based fund manager which Mr Gore chairs.
Read moreMacquarie Leisure Trust Sells $11 Million in Assets
Macquarie Leisure Trust Group (ASX: MLE) announced today that contracts for the sale and leaseback of AMF properties at Frankston, Woodville and Norwood, with total proceeds of $11.1 million, are now unconditional and are expected to settle in July 2009.
MLE also announced that as part of its intra group funding arrangements, a wholly owned subsidiary of Macquarie Leisure Operations Limited has issued Exchangeable Notes to Macquarie Leisure Trust to repay inter-company loans totalling $32.5 million.
Read moreCharter Hall Offloads Almost $170 Million in Assets
SYDNEY-based fund manager and developer Charter Hall is continuing its selling spree, offloading $170 million of office and industrial property this week.
The Core Plus Office Fund has made $60.2 million from the sale of the Victorian College of Pharmacy building at Monash University, which sold to an overseas investment group.
Other sales including Bunnings stores and a Harvey Norman, are detailed in the Charter Hall announcement below:
Read moreValad Enters Deal with Bank of Scotland
SYDNEY: Valad Property Group (“Valad” or the “Group”, ASX: VPG) announced it has just signed agreements with Bank of Scotland plc (“BoS”) necessary to create the Diversified UK and European (“DUKE”) property joint venture, which has a term of three years. A small number of subsidiary documents remain to be executed and these are expected to be signed shortly.
Read moreNew home sales drop but still strong: HIA
Victorian new home sales dropped by 9 per cent in May, following months of increased sales resulting from the boosted first home buyer grants.
Overall Victoria’s new home sale market is still performing impressively, with detached home sales increasing by 16 per cent over the three months to May 2009, according to the Housing Industry Association’s survey of the state’s largest builders.
“Along with other leading indicators, the figures point to a healthy new home building market in Victoria in 2009,” said HIA Victorian Executive Director Gil King.
Read moreNew Management at HIA
Housing Industry Association veteran Ron Silberberg, the man who lobbied the federal government to expand Australia’s social housing stock as part of the Nation Building Economic Stimulus Package, has decided he will retire as managing director on November 30.
After 30 years, Dr Silberberg will hand control of the organisation to HIA deputy managing director Shane Goodwin, who has been with the HIA for more than a decade.
Off the plan sales in jeopardy: HIA
Off-the-plan sales could be at risk, and jobs could be lost, because of a Supreme Court decision that buyers can
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Investa to sell Two CBD Offices Worth $600 Million
UNLISTED property giant Investa has put up for sale two more CBD office buildings for sale, one in each of Sydney and Melbourne.
In Sydney, the group will sell a 32-level office building at 312 – 322 Pitt Street. The 29,159 square metre, A-grade building includes 29 levels of offices, ground floor retail and a shared loading dock with a neighbouring building.
The Pitt Street building is expected to sell for about $200 million.
Read moreStockland Announces Changes to Residential Business
Stockland today announced changes to its Residential organisational structure and management team.
The business will be separated into two operating units: the Residential business comprising Residential Communities & Apartments, and Retirement Living which will become a stand alone business unit.
Read moreING Office Fund to Raise $415 Million
ING Office Fund (“IOF”) today announced an equity raising of up to $415 million at an offer price of $0.45 per unit (the “Offer”) to strengthen and enhance its balance sheet.
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$28 Billion Rudd Bank Rejected in Federal Parliament
THE AMBITIOUS $28 billion “Rudd Bank” – designed to protect the commercial property sector from the global financial crisis – was rejected in federal parliament this afternoon.
The Liberal party and the Greens voted down the fund, officially known as the Australian Business Investment Partnership, which was being lobbied by several property unions and bodies.
Read moreGPT Completes Entitlement Offer
The GPT Group (“GPT”) is pleased to confirm the allotment of 718,294,466 stapled securities under the Retail Entitlement Offer today.
The Retail Entitlement Offer Shortfall was approximately 210 million stapled securities (or approximately $73 million), comprising 4.7% of the offer as a whole. All Retail Securityholders who applied for Additional New Securities, up to a cap of 25% of their entitlement, received the Additional New Securities they applied for, raising a total of approximately $27 million. Trading of these new securities will commence on 17 June 2009. The Retail Entitlement Offer which comprises both the New Securities allotted today and those allotted on 27 May 2009 raised approximately $300 million. The total number of stapled securities on offer following completion of the equity raising will be 9,277,584,743.
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Westpac, NAB Follow CBA and Lift Interest Rates
THREE DAYS after banking giant Commonwealth Bank announced a surprise increase of its fixed interest rate, rival banks Westpac and National Australia Bank have followed suit.
Westpac yesterday informed its mortgage holders of interest rate increases of between 0.1 per cent and 0.5 per cent, for most of its loans. The bank’s four and five year loan rates have ballooned from 6.69 per cent to 7.19 per cent.
Westpac was followed by the National Australia Bank, which also lifted rates on its four and five year loans, by between 0.15 and 0.4 per cent.
Read moreWorst May Be Over For Australia’s Residential Real Estate Markets
AUSTRALIA’s residential real estate markets are heading into a sustained recovery period, with average values expected to rise between 11 and 19 per cent in all major capitals, according to a new research report.
Sydney, Melbourne and Adelaide will lead the property price rise charge, according to the report, with values expected to increase 19 per cent between 2009 and 2012.
Darwin – currently Australia’s second most expensive capital city with a median house price of $470,000, is expected to record the slowest growth, rising just 11 per cent over the same period.
Read moreNew Expo Technique Used to Market Commercial Property
A NEAR new government-leased office building in central Bendigo and a shopping centre in West Geelong are amongst the assets for sale at a commercial property “expo”, underway at Southbank’s Langham Hotel.
The sale technique, which co-ordinator Knight Frank says is the first of its scale in Australia, exhibits about 150 properties – mostly shops, offices, factories and development sites worth less than $10 million.
Interest Rates Rise For First Time Since Last July: CBA Statement
The Commonwealth Bank today announced that although its standard variable home loan interest rate will increase by 0.10 per cent per annum, its rate is still the lowest of the major banks.
Ross McEwan, Group Executive Retail Banking Services said, “This is a decision the Bank has made reluctantly. During most of the past 18 months, Commonwealth Bank customers have had the benefit of the lowest standard variable home loan rate on offer from the major banks. However, given our increasing funding costs, it has become necessary to make this increase.”
Read moreNumber of First Home Buyers Dip, as Lenders Want to See Savings
Mortgage Choice, Australia’s largest independently owned mortgage broker, is not surprised by the April 2009 Australian Bureau of Statistics (ABS) housing finance figures, which show a decrease in the number of first homebuyers at the same time as activity from investors and owner occupiers increased.
However, the value of new housing loans across all categories – first homebuyers, owner occupiers and investors-fixed loans – all rose significantly. In fact, first homebuyers as a total of the value of commitments hit a record 28%, from 27.3% in March 2009.
Federal Government Shelves $8000 Solar Roof Panel Rebate Early
THE FEDERAL Government has abruptly ended its $8000 rebate for roof-top panels, three weeks before the scheme was to expire.
Environment Minister Peter Garrett said the government has already spent $700 million on the initiative, more than four times the $150 million it indended when it announced the scheme as part of the governemnt’s $58 billion second stimulus package earlier this year.
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Grocon to Develop Two CBD Offices in Castlereagh St Sydney and Collins Street Melbourne
MELBOURNE builder Grocon is expected to unveil itself as the owner of two prominent city development sites, one in Melbourne and one in Sydney.
Grocon is expected to confirm it will pay between $35 million and $40 million for the former “shop of shops” experiment at 171 Collins Street, in the Melbourne CBD. That site is earmarked for a controversial 17-level, $260 million office building which needed to be approved by the Victorian Civil and Administrative Tribunal last year.
VCAT’s approval ended a long-serving Melbourne CBD planning arrangement, whereby buildings around the Swanston Street core would be height restricted.
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More Than 78,000 Australians Take Up First Home Owners Boost
New figures show that the Rudd Government’s Nation Building Economic Stimulus Plan is continuing to support jobs in the housing sector with more than 78,000 Australians taking up the First Home Owners Boost by the end of April.
April saw the highest take-up so far of the First Home Owners Boost – 18,736.
ABS Building Approvals figures out today show the seasonally adjusted total dwelling units approved rose by 5.1 per cent in April to a level of 11,402. This is the third consecutive monthly rise.
Read moreMore Concerns About $30 Billion “Rudd Bank” bail-out
KEVIN RUDD’s controversial $30 billion “Rudd Bank” – formally known as the Australian Business Investment Partnership (ABIP) – has been questioned again, this time by a commercial agency-based research department.
ABIP – a joint venture between the major banks and the federal government which would finance the gap between what a developer is able to borrow for a new project, and the actual cost of the project – was first proposed earlier this year.
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Barnaby Joyce and Nick Xenaphon Call For Changes to Protect Retail Tenants
NATIONALS senator Barnaby Joyce (pictured, right) has called for stronger unconscionable conduct laws to protect retail tenants from their wealthy landlords.
Mr Joyce says the tendency for shopping centre owners whereby “the small shop owner goes in, is wringed out, and then spat out” is unfair.
Read moreDrop in the Number of $1 Million Dollar Suburbs in Australia
THE NUMBER of Australian suburbs with a median house price of more than $1 million has fallen from 152 to
Read moreInfrastructure gets $8.5b boost
The federal government has allocated almost $8.5 billion for major infrastructure projects. The Building Australia Fund – worth $20b last
Read moreLend Lease to Defer Asset Sales
As previously advised Lend Lease Corporation (“Lend Lease”) is not a forced seller of assets and has no intention of selling assets at sub optimal values. Given current market conditions Lend Lease does not believe it is appropriate to sell certain assets, including some equity investments in Public to Private Partnership projects in the UK this financial year. Revised guidance after the removal of these items and other adjustments for the year ending 30 June 2009 is Net Operating Profit after Tax of circa A$300 million.
Read moreGenuine Savings Now Required For Most Mortgages
Many Australians are unaware that the vast majority of lenders now require loan applicants to provide evidence of regular, genuine savings and at least a 5% deposit outside of any grants or other incentives*.
Read moreMacquarie Leisure Delivers Solid Third Quarter Trading Results
Macquarie Leisure Trust Group (ASX:MLE) today announced unaudited total revenue and earnings results by division for the nine month period ended 31 March 2009.
Read moreMacquarie CountryWide Sells Assets in Australia and the USA
Macquarie CountryWide Trust (ASX:MCW) today announced it has signed unconditional contracts for two disposals in Australia totalling A$14.7 million. A further settlement has also occurred on the US portfolio sale to an affiliate of Inland Real Estate Acquisitions Inc (Inland), with the completion of the sale of eight assets for US$144.1 million (A$198.9 million), bringing the total value of this transaction to US$264.1 million (A$380.8 million).
Read moreRBA Holds Official Cash Rate at May 2009 Meeting
The Reserve Bank of Australia (RBA) has announced today that the Official Cash Rate will remain unchanged this month. Therefore the Official Cash Rate continues at 3.00%.
Read moreAustraland Secures Refinancing Approvals
Australand has secured approvals from three domestic banks for a total of $350 million which, subject to documentation and together with existing undrawn facilities, will provide the Group with sufficient capacity to repay the $563 million CMBS facility maturing on 25 June 2009. Existing undrawn facilities and cash at bank as at 31 March 2009 was in excess of $560 million. Commitments have also been secured to renew $100 million of the existing $150 million of unsecured facilities expiring in 2009.
Read moreGE Voices Concerns at Rudd Bank Loophole
ONE OF the world’s biggest companies – and land owners – General Electric, has called for the Rudd Government to fix a loophole in the proposed $30 billion taxpayer-funded Australian Business Investment Partnership, otherwise known as the “Rudd Bank”.
Read more$170 Million in Commercial Property Transactions This Week, Perth and Melbourne
LEND LEASE managed Australian Prime Property Fund has sold a half share of Melbourne’s 1 Spring Street office building in the Melbourne CBD for about $65 million, reportedly to a high net worth private investor.
Read moreBanks Not Passing Interest Rate Falls on, Because They Have Increased Market Dominance Recently
Federal Shadow Minister for Housing and Local Government, Scott Morrison, said today’s official housing finance figures for February show the banks have increased their market share of new housing loans to the highest level on record, creating a new low point for competition in our home mortgage market.
Read moreRBA Drops Official Interest Rate by 25 Basis Points, to 3 Per Cent, at April Meet
THE RESERVE Bank of Australia has decreased Australia’s official interest rate by 25 basis points, to 3 per cent, its lowest rate since March 1960.
Read moreRudd relief plan welcome but old news: Hockey
Borrowers with Australia’s top four banks are eligible for repayment relief to deal with the Global Financial Crisis, prime minister
Read moreGPT Sells Three Assets Including Tasmania’s Cradle Mountain Lodge
The beleagured General Property Trust has sold three assets for $47 million.
Read moreLiquidators Called For Miller Homes, But Wincrest Homes Back in Business
SYDNEY-based home builder Wincrest Homes has resumed construction of almost 200 homes, after going into voluntary administration on January 2 this year.
Read moreRecord Funds Management Limited enters receivership
Record Funds Management Limited, manager of the Record Realty Trust, has entered receivership. Its debts are speculated at $1.8 billion.
Read moreLend Lease Wins Major Property Contract with BP International
Lend Lease Corporation Limited (“Lend Lease”) has today announced the execution of a new contract with BP International Ltd (“BP”). The new contract continues Bovis Lend Lease’s 12 year alliance with BP to provide project management services for the construction and maintenance of BP’s retail network across 10 European countries.
Read moreUDIA calls for everyone to get grant
The Urban Development Institute of Australia has called for all new home buyers to receive the $14,000 government grant. At
Read moreAustralian House Prices Unlikely to Collapse, RBA Says
THE RESERVE Bank of Australia said strict lending conditions by Australian Banks, will prevent Australia’s housing market following the same southward direction of major countries overseas.
Read moreAustralian Hotels Dominate in Global Survey
PERTH is the world’s strongest performing hotel market, according to a new global survey from adviser Deloitte.
Read moreGPT May be Close to Appointing New CEO
FORMER ST George Bank executive Michael Cameron has emerged as the possible next chief executive of the beleagured General Property Trust group. The Australian Financial Review reports GPT wants to appoint someone to the position before the groups’ annual general meeting in May.
Read morePassengers up, quality down: ACCC on airports
Passenger numbers at Australia’s major airports increased for the 2008 financial year, an Australian Competition and Consumer Commission report said.
Read moreChadstone Beats Several Westfield Contenders to Remain Country’s Best Performing Shopping Centre
DESPITE the gloomy economic backdrop, Australians spent more than $14 billion within the country’s top 20 centres last year, considered a strong result.
Read moreCity Pacific Posts $74.3 Million First Half Loss. Releases Financial Results.
City Pacific Limited (City Pacific or the Company) today announced a net loss of $74.3 million for the half year ended 31 December 2008.
Read moreThree Agricultural Properties Sell
THREE agricultural properties have sold recently, including New South Wale’s Gundy farm and homestead, which sold to local farmers for $5 million.
Read moreABC Learning Centre Given a Month to Mediate $100 Million US Dispute
THE RECEIVERS of failed child care operator ABC Learning Centres have been given another month to settle a $US100 million dispute with US developer RCS Capital Developments.
Read moreAuction Clearance Rates Fall in Sydney and Melbourne, according to APM
AUCTION clearance rates fell in both Sydney and Melbourne this weekend, according to new research from Australian Property Monitors.
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