L67 Property Operators and Real Estate Services

Retail investment rebounds to $2.4b

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 29 : 10-Jul-18

Retail real estate investment in Australia rose from just $751m in the March 2018 quarter to $2.4bn in the June quarter, according to Cushman & Wakefield. Major deals in the second quarter included the sale of a 50 per cent stake in the Grande Plaza Shopping Centre in Brisbane to Invesco for $215 million. Cushman & Wakefield expects sales activity in the sector to remain strong in the second half of 2018.

CORPORATES
CUSHMAN AND WAKEFIELD PTY LTD, CANADA PENSION PLAN INVESTMENT BOARD, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, INVESCO ASSET MANAGEMENT LIMITED, QIC LIMITED, VICINITY CENTRES – ASX VCX, STOCKLAND – ASX SGP, RAM

Private sales: houses on market longer in Sydney

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 32 : 10-Jul-18

Data from Domain Holdings shows that it now takes an average of 63 days to sell a house privately in Sydney, compared with just 45 when the market was at its peak in 2017. Likewise, the average number of days required to sell a unit has risen from 54 days to 64. Meanwhile, the average number of days that a house is on the market in Melbourne is steady at 48, while the number of days required to sell a unit has fallen from almost 100 to just 75. The average discount on advertised sale prices has risen in both cities.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, CORELOGIC AUSTRALIA PTY LTD

House prices are falling faster than expected

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Original article by Sarah Turner
The Australian Financial Review – Page: 1 & 2 : 3-Jul-18

The ANZ Bank predicted in March that Australian house prices would rise by two per cent over the course of 2018, but it now expects a decline of four per cent. The bank also expects house prices to fall by two per cent in 2019. National Australia Bank is also more pessimistic about the housing market than it was in March, while Paul Dale of Capital Economics notes that the banking royal commission has already seen banks tighten their lending standards. He says house prices could potentially fall by about five per cent in 2018-19.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CAPITAL ECONOMICS LIMITED, HSBC AUSTRALIA HOLDINGS PTY LTD, BIS OXFORD ECONOMICS PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CORELOGIC AUSTRALIA PTY LTD, LAMINAR CAPITAL, LAZARD PTY LTD, RESERVE BANK OF AUSTRALIA

Sydney prices end 2017-18 down 5pc

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 3 : 2-Jul-18

Figures to be released by Corelogic on 2 July are expected to show that Sydney house prices fell by around five per cent in the 2017-18 financial year. Melbourne house prices are tipped to have remained almost flat, while dwelling values in the five main capital city markets are expected to have declined by nearly two per cent. Preliminary figures indicate that the national auction clearance rate for the weekend of 30 June-1 July was 56.7 per cent, compared with a clearance rate of 67.3 per cent for the corresponding period in 2017.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, BELLE PROPERTY PTY LTD

End in sight for housing slump

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Original article by Turi Condon
The Australian – Page: 19 : 21-Jun-18

Data from the CoreLogic-Moody’s Analytics Home Value Index shows that house prices across Australia are expected to fall by 0.5 per cent in 2018, following 8.6 per cent growth in 2017. House prices in Sydney will fall by almost five per cent in 2018, although a rebound is expected in 2019. Meanwhile, a 1.5 per cent downturn in Melbourne house is expected in 2018, with prices in Perth forecast to fall by 0.5 per cent. However, house prices in Brisbane will rise by 1.4 per cent.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, MOODY’S ANALYTICS AUSTRALIA PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MACQUARIE SECURITIES PTY LTD, UBS HOLDINGS PTY LTD

Housing outlook dims amid forecasts of falling prices

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Original article by Robyn Ironside
The Australian – Page: 19 & 23 : 20-Jun-18

The ANZ Bank expects house prices in Melbourne and Sydney to fall around 10 per cent by the end of 2019. Senior economist Daniel Gradwell adds that a fall of about four per cent nationally is now expected in 2018, followed by a two per cent decline in 2019. He notes that ANZ had previously forecast a modest rise in house prices in both years. Gradwell also says the Reserve Bank is likely to leave the cash rate on hold until the second half of 2019 due to the outlook for the housing market.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RESERVE BANK OF AUSTRALIA, MACQUARIE GROUP LIMITED – ASX MQG

Labor tax plan would hit home prices

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 12-Jun-18

RiskWise Property Research and Wargent Advisory have modelled the possible impact of Labor’s proposed changes to negative gearing on house prices. They found that the changes could lead to house price falls of up to 12 per cent in some parts of Australia, including Townsville and Mackay. House prices in Sydney and Melbourne could fall by nine per cent. With house prices already shaky, the property sector is urging Labor to scrap its plans. However, shadow treasurer Chris Bowen has rejected this suggestion.

CORPORATES
RISKWISE PROPERTY RESEARCH, WARDENT ADVISORY, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA

House price tumble steeper than tipped

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Original article by Robyn Ironside
The Australian – Page: 2 : 7-Jun-18

The ANZ Bank’s latest housing market report notes that the national auction clearance rate averaged 58 per cent in May, compared with 66 per cent in February. ANZ warns that the downturn means house prices may not rebound as strongly as the bank had previously forecast. ANZ now expects the downturn in house prices to be larger than forecast, noting that the slowdown has gathered pace in recent months. Housing Industry ­Association data also highlights the decline in sales of new homes in 2018.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, HOUSING INDUSTRY ASSOCIATION LIMITED

ASX, PEXA square up in settlement market

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 15 & 26 : 1-Jun-18

The ASX and Infotrack have announced a joint venture aimed at targeting the electronic property settlement market, which is valued at $A200 million. Sympli Australia is expected to be up and running by the end of 2018, and will compete with existing market participant Property Exchange Australia, whose shareholders include the big four banks and Link Group. The ASX expects to invest $A30 million in Sympli in the first three years of its operation.

CORPORATES
ASX LIMITED – ASX ASX, INFOTRACK PTY LTD, PROPERTY EXCHANGE AUSTRALIA, LINK ADMINISTRATION HOLDINGS LIMITED – ASX LNK, MACQUARIE GROUP LIMITED – ASX MQG, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED, RESERVE BANK OF AUSTRALIA

Blackstone bets big on Australia with $3.1b takeover bid for Investa

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Original article by Nick Lenaghan, Matthew Cranston
The Australian Financial Review – Page: 31 : 29-May-18

US fund manager Blackstone has announced a $A3.1 billion takeover bid for Investa Office Fund, with Investa directors having indicated their support for the offer. Investa’s property portfolio is valued at $A4 billion, with its assets including Barrack Place and Deutsche Bank Place in Sydney. Investa was the subject of an unsuccessful bid by Cromwell Property Group in 2017, while a bid for it by Dexus in 2016 also failed to succeed.

CORPORATES
INVESTA OFFICE FUND – ASX IOF, THE BLACKSTONE GROUP LP, DEUTSCHE BANK AG, CROMWELL PROPERTY GROUP – ASX CMW, DEXUS – ASX DXS, TELSTRA CORPORATION LIMITED – ASX TLS, UBS HOLDINGS PTY LTD, JP MORGAN AUSTRALIA LIMITED, WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO