L67 Property Operators and Real Estate Services

Bubble call splits politics

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Original article by Sally Patten, Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 3-Jun-15

Prime Minister Tony Abbott does not believe that Australia is experiencing a housing bubble, and has claimed that the Opposition wants house prices to fall. Meanwhile, financial system inquiry chairman David Murray has warned of the economic impact of a residential property market correction in Melbourne and Sydney. He expects the Australian Prudential Regulation Authority to pursue additional measures aimed at reining in lending to property investors.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S ASX 200 INDEX, WESTPAC BANKING CORPORATION – ASX WBC, DELOITTE ACCESS ECONOMICS PTY LTD, MIRVAC GROUP – ASX MGR, LEND LEASE GROUP LIMITED – ASX LLC, AUSTRALIA. DEPT OF THE TREASURY, VICTORIA. DEPT OF TREASURY AND FINANCE, AUSTRALIAN BUREAU OF STATISTICS

You call that a house price boom?

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Original article by Robert Harley
The Australian Financial Review – Page: 3 : 29-May-15

Data from Corelogic shows that there has been a 38.8 per cent increase in Sydney house prices since May 2012. However, the firm notes that residential property values in the harbour city rose by 60.2 per cent during the property boom of 2001 to 2004. Likewise, house prices in Melbourne have risen by 23.6 per cent during the current boom, well shy of the 58 per cent growth between 2001 and 2004.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD

Merger resets retail landscape

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Original article by Nick Lenaghan, Su-Lin Tan
The Australian Financial Review – Page: 33 : 28-May-15

The combined Federation Centres and Novion Property Group will be the second-largest retail property trust in Australia, with some $A22bn worth of shopping centres. Novion shareholders voted in favour of the deal on 27 May 2015. The combined group will be headed by Federation CEO Steven Sewell, who is tipped to undertake a strategic review after the merger is finalised. The deal is still subject to court approval.

CORPORATES
FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, SCENTRE GROUP – ASX SCG, CHADSTONE SHOPPING CENTRE, EMPORIUM MELBOURNE, THE GLEN SHOPPING CENTRE, DIRECT FACTORY OUTLETS PTY LTD

ACCC clears Federation-Novion merger

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 22-May-15

The Australian Competition & Consumer Commission has approved a $A12bn merger between Federation Centres and Novion Property Group. However, the merged entity will be required to divest either the Karingal Hub or Bayside shopping centre, which are both located in the Melbourne suburb of Frankston. Novion investors are scheduled to vote on the merger in late May 2015.

CORPORATES
FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, KARINGAL HUB, BAYSIDE SHOPPING CENTRE, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, SHAYHER GROUP, CAPALABA CENTRAL

ASIC warns on property bubble

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Original article by Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 18-May-15

Australian Securities & Investments Commission chairman Greg Medcraft has raised concern about the growth in residential property prices in Melbourne and Sydney. He notes that the long-term average income to average household income is now at a record high, and he warns that interest rates will eventually rise. Medcraft is particularly concerned about self-managed superannuation funds investing in residential property, as a house is often their only asset.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, FIRSTMAC LIMITED, RESERVE BANK OF NEW ZEALAND, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, THE CASH STORE PTY LTD, NIMBLE PTY LTD, COUNCIL OF FINANCIAL REGULATORS

Westfield rejig paves way to ‘exciting future’

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Original article by Robert Harley, Su-Lin Tan
The Australian Financial Review – Page: 37 : 15-May-15

Westfield Corporation’s remuneration report was approved by more than 91 per cent of votes cast at the annual meeting on 14 May 2015. However, a shareholder questioned whether the company requires two CEOs. Meanwhile, co-CEO Peter Lowy said the board will consider alternatives to the group’s current Australian sharemarket listing and make a recommendation within the next year.’

CORPORATES
WESTFIELD CORPORATION – ASX WFD, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

WA braces for housing slump

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Original article by Jonathan Barrett
The Australian Financial Review – Page: 3 : 12-May-15

The Western Australian Government’s revenue from property-related taxes is forecast to be between $A2.6bn and $A2.9bn annually over the next four years. However, slowing sales of residential properties may adversely affect state revenue, and Hegney Property Group’s Gavin Hegney expects house prices to fall by 1-2 per cent in 2015. Demand for housing is expected to fall as population growth slows.

CORPORATES
HEGNEY PROPERTY GROUP, BANK OF WESTERN AUSTRALIA LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, LIBERAL PARTY OF WESTERN AUSTRALIA

Sydney homes could hit $1m median before the year’s out

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 3 : 9-Apr-15

The Real Estate Institute of Australia estimates that Sydney’s median house price is $A882,000 at present, but SQM Research CEO Louis Christopher says it could top $A1m in the final quarter of 2015. Andrew Wilson of Australian Property Monitors also expects the median house price to reach this level soon. Recent data from SQM shows that the median asking price for houses in Sydney is now $A1.066m

CORPORATES
THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED, SQM RESEARCH PTY LTD, AUSTRALIAN PROPERTY MONITORS PTY LTD, RP DATA LIMITED, CORELOGIC AUSTRALIA PTY LTD, BIS SHRAPNEL PTY LTD

Holiday plans hold back clearance rate

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 38 : 7-Apr-15

Sydney’s residential property market recorded an auction clearance rate of 67.9 per cent on the weekend of 4-5 April 2015. The Easter long weekend meant just 34 home went under the hammer, with 19 being sold. Just 13 homes in Melbourne were auctioned on the weekend, and seven were sold. Meanwhile, there was 13.9 per cent growth in residential property prices in Sydney during the year to March, while prices in Melbourne rose by 5.9 per cent

CORPORATES
AUSTRALIAN PROPERTY MONITORS PTY LTD, BRESIC WHITNEY ESTATE AGENTS PTY LTD, McGRATH REAL ESTATE PTY LTD, HOUSING INDUSTRY ASSOCIATION LIMITED

Perisher deal may lift chalet prices

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 46 : 2-Apr-15

US-based Vail Resorts has bought the Perisher ski resort in New South Wales. Real estate agents expect the deal to result in higher property values in the alpine region. Figures from CoreLogic RP Data show that the median price for residential property in Jindabyne fell by 3.25 per cent between 2013 and 2014, to $A395,917. Only 17 transactions were made in this period

CORPORATES
VAIL RESORTS INCORPORATED, PERISHER BLUE PTY LTD, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, ZIRTANIUM PTY LTD, ZIRKY REAL ESTATE, AMALGAMATED HOLDINGS LIMITED – ASX AHD, MERLIN ENTERTAINMENTS GROUP LIMITED