L67 Property Operators and Real Estate Services

ASIC warns on property bubble

roymorgansocial Leave a comment

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’

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

Private auctions – oh, so homely

roymorgansocial Leave a comment

Original article by Michael Bleby
The Australian Financial Review – Page: 2 : 2-Apr-15

Opinion is divided regarding the merits of selling a residential property via a private auction. Buyers’ advocate David Morrell notes that private auctions can distort the property market due to the lack of data on the results of such auctions. Abercrombys Real Estate’s Rob Vickers-Willis says private auctions allow vendors to avoid having people turn up just to have a look at the property

CORPORATES
ABERCROMBYS REAL ESTATE PTY LTD, JLW PTY LTD, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED

Stamp duty ‘unfair and inefficient’

roymorgansocial Leave a comment

Original article by Rebecca Thistleton
The Australian Financial Review – Page: 47 : 2-Apr-15

Property Council of Australia CEO Ken Morrison has called for government action on the issue of stamp duty, describing it as an inefficient and volatile tax. He argues that the best option for replacing stamp duty would be to increase the goods and services tax and widen its scope. He has also suggested the option of a broad-based land tax, of the type that is being introduced in the Australian Capital Territory to replace stamp duty

CORPORATES
PROPERTY COUNCIL OF AUSTRALIA LIMITED, AUSTRALIAN CAPITAL TERRITORY. DEPT OF THE CHIEF MINISTER

Vail Resorts buys Perisher

roymorgansocial Leave a comment

Original article by Robert Harley
The Australian Financial Review – Page: 13 : 1-Apr-15

James Packer and Luca and Guido Belgiorno-Nettis have sold the Perisher ski resort in New South Wales to US-based Vail Resorts. The $A176.6m deal is subject to approval from the State Government. Vail has indicated that people who buy Perisher’s Freedom Pass will also be able to use the group’s North America ski resorts. Perisher has been owned by a joint venture between the Packer and Belgiorno-Nettis families since 1995

CORPORATES
PERISHER BLUE PTY LTD, VAIL RESORTS INCORPORATED, TRANSFIELD CORPORATE PTY LTD

FIRB may scare off Asian buyers, warns Maddocks

roymorgansocial Leave a comment

Original article by Rebecca Thistleton
The Australian Financial Review – Page: 41 : 31-Mar-15

Law firm Maddocks claims that the proposed restrictions on foreign investment in Australian residential property have had a negative impact on demand in the sector. The Foreign Investment Review Board recommended the introduction of new fees and stricter rules for foreign investors. Maddocks partner Nick Holuigue has warned that foreign investors could choose to invest elsewhere if the Government implements the new rules

CORPORATES
MADDOCKS, ASPAIL GROUP, HIAP HOE LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD