L67 Property Operators and Real Estate Services

Rinehart adds $30m station for Wagyu beef

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Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 16-Nov-15

Australian businesswoman Gina Rinehart has paid $A30m for the 10,000-hectare Glencoe Station in New South Wales. The acquisition will allow Rinehart to further expand her Wagyu beef business, after she paid $A25m for two cattle properties and a Wagyu herd in 2014. A number of other Australian business leaders have expanded into the agricultural sector in recent years.

CORPORATES
HANCOCK PROSPECTING PTY LTD, MEAT AND LIVESTOCK AUSTRALIA LIMITED, COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED, MCG GROUP PTY LTD, HARTLEY GRAZING COMPANY PTY LTD, MILNE AGRIGROUP PTY LTD, LIVERINGA STATION BEEF PTY LTD

McGrath to get $112m from company float

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Original article by Samantha Hutchinson
The Australian – Page: 28 : 12-Nov-15

McGrath Real Estate will have a market capitalisation of around $A282m when it lists on the Australian sharemarket in December 2015. The real estate group is offering 134 million shares priced at $A2.10 apiece in its IPO. McGrath Real Estate has raised $A128.2m via an institutional bookbuild that closed on 11 November. Founder John McGrath will retain a 26.7 per cent stake in the business.

CORPORATES
McGRATH REAL ESTATE PTY LTD, JP MORGAN AUSTRALIA LIMITED, BELL POTTER SECURITIES LIMITED, REALOGY CORPORATION, BERKSHIRE HATHAWAY REAL ESTATE SERVICES

Six signs show the Sydney residential market has cooled

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Original article by Matthew Cranston
The Australian Financial Review – Page: 40 : 11-Nov-15

A number of factors suggest that growth in Sydney’s residential property market has slowed in 2015. The auction clearance rate has fallen from 89.2 per cent in May to a three-year low of 59.2 per cent. Likewise, the number days a property is listed before selling has risen from 25 in July to 28 in November, while there is also evidence of a widening differential between the reserve price of residential properties and the eventual sale price at auction.

CORPORATES
DOMAIN.COM.AU, RICHARDSON AND WRENCH PTY LTD, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, AUSTRALIAN FINANCE GROUP LIMITED – ASX AFG, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Auctions in Sydney fall to below 60pc

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Original article by Mercedes Ruehl
The Australian Financial Review – Page: 3 : 9-Nov-15

Preliminary data from Domain Group shows that Sydney’s residential property market boasted an auction clearance rate of 59.2 per cent on the weekend of 7-8 December 2015. This is its lowest level in around three years, and Domain’s Andrew Wilson says it could fall further before the end of the year. The clearance rate in Melbourne rose from 66 per cent to 70 per cent.

CORPORATES
DOMAIN.COM.AU, RAY WHITE REAL ESTATE, LAING AND SIMMONS HOLDINGS PTY LTD, AUSIN GROUP

10pc tax on financial services could mean higher house costs

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Original article by Joanna Mather
The Australian Financial Review – Page: 6 : 4-Nov-15

Ernst & Young’s Brad Miller says a proposal to impose a 10 per cent tax on margin-based financial services could result in home buyers being taxed twice. The tax initiative was proposed by ex-KPMG tax partner Michael Evans, and would apply to banks’ margin of profit on financial products such as mortgages. Miller notes that house buyers could potentially pay GST on both the home itself and the interest on their mortgage loan.

CORPORATES
ERNST AND YOUNG, KPMG AUSTRALIA PTY LTD, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, BDO AUSTRALIA LIMITED

Sellers forced to meet the market as housing slowdown takes hold

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 3 : 2-Nov-15

Sydney boasted a preliminary residential auction clearance rate of 63.5 per cent on the weekend of 31 October and 1 November 2015, compared with 61.3 per cent for the previous weekend. The clearance rate in Melbourne was 65.4 per cent, with just 611 properties going under the hammer, after 1,690 homes were auctioned on the previous weekend for a clearance rate of 69.7 per cent. The national clearance rate was 63.3 per cent.

CORPORATES
McGRATH REAL ESTATE PTY LTD, INTERNATIONAL MONETARY FUND

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