L67 Property Operators and Real Estate Services

Call for suburbs to grow up, not out

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Original article by Michael Bleby
The Australian Financial Review – Page: 58 : 29-Oct-15

Changes must be made to zoning rules for established suburban areas in Melbourne. Victorian Planning Minister Richard Wynne has announced a review of rezoning decisions made by predecessor Matthew Guy, but he must proceed cautiously because of possible opposition from municipal councils. Leonard Teplin of real estate agency Marshall White says denser residential development is needed in suburbs to accommodate population growth.

CORPORATES
VICTORIA. DEPT OF TRANSPORT, PLANNING AND LOCAL INFRASTRUCTURE, MARSHALL WHITE AND COMPANY PTY LTD, MIRVAC GROUP – ASX MGR

Apartment owners burnt by cladding cost

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Original article by Michael Bleby
The Australian Financial Review – Page: 39 : 27-Oct-15

The City of Melbourne’s Municipal Building Surveyor has ruled that cladding panels on the exterior of a Docklands apartment building must be replaced within 12 months. The imported cladding used on the 23-storey LaCrosse tower does not comply with the Building Code of Australia’s fire-safety standards. The full cost of replacing the cladding must be met by apartment owners and the building’s body corporate.

CORPORATES
CITY OF MELBOURNE, VICTORIA. DEPT OF TRANSPORT, PLANNING AND LOCAL INFRASTRUCTURE

Sellers beware: Auction clearance rates forecast in the 50s

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 3 : 26-Oct-15

The residential property market in Sydney boasted an auction clearance rate of around 64 per cent on the weekend of 24-25 October 2015, compared with 75 per cent 12 months ago. Andrew Wilson of Domain Group says the clearance rate is likely to fall below 60 per cent in coming weeks, noting the recent rise in the major banks’ mortgage interest rates. The clearance rate in Melbourne was 69.8 per cent.

CORPORATES
DOMAIN.COM.AU, WESTPAC BANKING CORPORATION – ASX WBC, STARR PARTNERS (MERRYLANDS), LAING AND SIMMONS HOLDINGS PTY LTD, BELLE PROPERTY PTY LTD

Predictor of housing boom feels chill in air

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 31 : 19-Oct-15

SQM Research MD Louis Christopher forecasts that Melbourne’s residential property market will be the strongest performer in 2016, with price growth of up to 13 per cent. However, growth in prices across the capital cities is expected to average 3-8 per cent, compared with nine per cent growth in the last year. Christopher expects a slowdown in the Sydney market to dampen growth nationally, although he says a major slump in house prices will not occur.

CORPORATES
SQM RESEARCH PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, WESTPAC BANKING CORPORATION – ASX WBC

Steinert makes contrarian call on prices

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 42 : 14-Oct-15

Macquarie Group recently forecast that Australian house prices will fall by 7.5 per in 2016, while AMP Capital expects further price growth in 2016 before a 5-10 downturn in 2017. Meanwhile, Stockland CEO Mark Steinert says a number of factors support the case for further growth in house prices, including the lower Australian dollar, a relatively strong domestic economy and continued population growth. He anticipates that house prices will rise by 3-5 per cent in 2016.

CORPORATES
STOCKLAND – ASX SGP, MACQUARIE GROUP LIMITED – ASX MQG, AMP CAPITAL INVESTORS LIMITED, PROPERTY COUNCIL OF AUSTRALIA LIMITED, AUSTRALIANSUPER PTY LTD

McGrath sale makes way for float

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Original article by Robert Harley
The Australian Financial Review – Page: 34 : 7-Oct-15

Australian real estate group McGrath will buy out franchisee Shane Smollen, who operates 10 real estate agencies in Sydney under the McGrath banner. Smollen boasts a sales team of 65 and manages some 2,200 rental properties. McGrath had 12 company-owned offices and about 60 franchises prior to the deal with Smollen.

CORPORATES
McGRATH REAL ESTATE PTY LTD

Sydney, Melbourne tipped to slow

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 40 : 6-Oct-15

Valuation firm Propell has forecast that growth in house prices in Sydney will slow to five per cent in the next year, after rising by 18.6 per cent in the last 12 months. Likewise, house price growth in Melbourne is tipped to slow from 11.5 per cent to five per cent. Meanwhile, apartment prices in Sydney and Melbourne are expected to increase by about five per cent and two per cent respectively.

CORPORATES
PROPELL NATIONAL VALUERS PTY LTD

Apartment glut sees increase of sales at less than purchase price

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Original article by Michael Bleby
The Australian Financial Review – Page: 8 : 30-Sep-15

A report from CoreLogic RP Data shows that the number of apartments in Australia’s capital cities that sold below their purchase price rose in the June 2015 quarter. The proportion of loss-making apartments was highest in the Melbourne CBD, accounting for about 20 per cent of all sales. However, Perth and Darwin recorded the biggest percentage increase in apartments selling at a loss.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, RESERVE BANK OF AUSTRALIA

Markets swing further towards buyers

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 3 : 28-Sep-15

Preliminary figures from CoreLogic RP Data show that Sydney’s residential property market boasted an auction clearance rate of 74.2 per cent on the weekend of 26-27 September 2015. Louis Christopher of SQM Research says the final figure is likely to be closer to 70 per cent, but he rejects suggestions that the slowing property market means a major downturn is looming. The clearance rate in Melbourne was 73.4 per cent, and the national clearance rate was 71.3 per cent.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, SQM RESEARCH PTY LTD, DOMAIN.COM.AU, LINEAR GROUP PTY LTD, ABACUS PROPERTY GROUP – ASX ABP, BELLE PROPERTY PTY LTD

Sydney clearance rates soft ahead of spring sale

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 3 : 23-Sep-15

The upcoming "Super Saturday" on 26 September 2015 will be a key test of the residential auction clearance rate in Sydney in Melbourne. Kim Quick of Herron Todd White says the fall in clearance rates can be partially attributed to the higher number of properties going under the hammer compared with the same time in 2014. Figures from Corelogic RP Data show that auction numbers have risen substantially year-on-year during September in both cities.

CORPORATES
HERRON TODD WHITE AUSTRALIA PTY LTD, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, DOMAIN.COM.AU