L67 Property Operators and Real Estate Services

Apartments drive new home sales

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Original article by Rebecca Thistleton
The Australian Financial Review – Page: 10 : 30-Jul-14

Data from the Housing Industry Association shows that there was a two increase in sales of new dwellings in Australia during the June 2014 quarter. Sales of detached houses increased by 4.1 per cent in Victoria during the quarter, and by just 0.4 per cent in New South Wales. Meanwhile, sales of new dwellings rose by 1.2 per cent overall in the month of June. However, sales of new apartments were nearly 16 per cent higher, while sales of detached homes fell by one per cent

CORPORATES
HOUSING INDUSTRY ASSOCIATION LIMITED, INVESTA PROPERTY GROUP, MORGAN STANLEY REAL ESTATE, KNIGHT FRANK AUSTRALIA PTY LTD, STOCKLAND – ASX SGP, FIVE SQUARED PROPERTY GROUP PTY LTD

Harsh penalties sought for Prime directors

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Original article by Pia Akerman
The Australian – Page: 19 : 29-Jul-14

Ian Martindale QC, on behalf of the Australian Securities & Investments Commission, has urged Federal Court judge Bernard Murphy to impose the maximum fines as well substantial bans on former board members of the failed Prime Retirement & Aged Care Property Trust. The breaches of the Corporations Act should result in a 25-year ban from acting as a director for Bill Lewski, and one of seven to 12 years for ex-federal health minister Michael Wooldridge. Co-accused Peter Clarke meanwhile has sought to revise his previously given testimony

CORPORATES
PRIME RETIREMENT AND AGED CARE PROPERTY TRUST, AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED – ASX API, VISION EYE INSTITUTE LIMITED – ASX VEI, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA

Low rates spur buying spree

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 4 : 28-Jul-14

The respective residential real estate auction clearance rates for the Sydney and Melbourne markets on the 26-27 July 2014 weekend were 76% and 57%. The national average was 70% for the week, as buyers took advantage of record low interest rates for mortgage loans. The fixed rate has been cut to below 5% for the first time by three of the four major lenders. There is also a recovery underway in the upper end of the market, indicated by news that the "Tukurua" historic mansion in the Perth beachside suburb of Cottesloe has been placed on the market

CORPORATES
HOCKING STUART PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, RICHARDSON AND WRENCH PTY LTD, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED

Mirvac banks on housing under-supply

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Original article by Samantha Hutchinson|Rebecca Thistleton
The Australian Financial Review – Page: 34 : 25-Jul-14

Some 176,000 new dwellings were added to Australia’s housing market in the last year, but the Housing Industry Association estimates that annual demand is about 190,000. Mirvac CEO Susan Lloyd-Hurwitz expects supply to remain well below demand in the Sydney market, while Sydney lord mayor Clover Moore says affordable housing and transport infrastructure are priorities for the council

CORPORATES
HOUSING INDUSTRY ASSOCIATION LIMITED, MIRVAC GROUP – ASX MGR, SYDNEY CITY COUNCIL, CITY OF SYDNEY, NEW SOUTH WALES. DEPT OF TRANSPORT AND INFRASTRUCTURE

Hot-desking hit with landlord

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 31 : 22-Jul-14

Commercial landlords are not worried by a new trend in office space management. Hot-desking, or activity-based workspaces (ABW), has not had a negative impact on office occupancy rates despite what had initially been expected. Charter Hall co-MD David Southon does not see a major contraction in space requirements. Charter Hall expects ABW to generate cost efficiencies and productivity gains in its office tower at 1 Martin Place in Sydney

CORPORATES
CHARTER HALL GROUP – ASX CHC, DELL COMPUTER CORPORATION, JONES LANG LASALLE AUSTRALIA PTY LTD

Renting may be better than buying, says Reserve Bank

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 1-Aug : 15-Jul-14

The Reserve Bank of Australia has released a research paper which refutes suggestions that house prices are overvalued. The report estimates that since 1955, house prices have risen by 2.4 per cent annually after adjusting for inflation. It concludes that many people may be better off renting a home rather than buying into the property market if house price growth falls below this long-term average

CORPORATES
RESERVE BANK OF AUSTRALIA, HSBC AUSTRALIA HOLDINGS PTY LTD, UNIVERSITY OF NEW SOUTH WALES, INTERNATIONAL MONETARY FUND, THE ECONOMIST NEWSPAPER LIMITED, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

The $2500 house deposit; high-risk mortgages return

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 1 & 6 : 14-Jul-14

The Australian Prudential Regulation Authority has made banks cut the number of mortgages they write that have high loan-to-valuation ratios (LVRs). However smaller and nonbank providers now offer LVRs of as high as 99.375%, causing concern about a situation similar to the sub-prime mortgages crisis in the US in 2007. A new joint venture by home construction businesses BGC and Metricon even advises buyers to rely both on the first-home owners’ grant and a personal loan to raise a 5% deposit, with as little as $A2,500 of their own money. Meanwhile residential real estate prices have risen some 10% during 2013-14

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BGC (AUSTRALIA) PTY LTD, METRICON HOMES, HIVE EMPIRE PTY LTD, DIGITAL FINANCE ANALYTICS, RP DATA LIMITED, CORELOGIC AUSTRALIA PTY LTD, RISMARK INTERNATIONAL PTY LTD, RESERVE BANK OF AUSTRALIA, RAMS MORTGAGE CORPORATION LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, THE LOAN COMPANY, MOODY’S INVESTORS SERVICE INCORPORATED, BANK OF ENGLAND

Expedia told: lift rates, cop a backlash

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 42 : 10-Jul-14

A takeover offer worth $A703m has been made for Australian online travel bookings group Wotif.com by US-based Expedia. Local accommodation operators say they will increasingly turn to direct reservations via upgraded in-house web sites, if Expedia attempts to raise commission rates after the acquisition. At present Wotif charges about 12% and the Australian unit of Expedia 18%. Industry expert Dean Dransfield likens the warning by the hotel businesses to the revolt against increased fees at property classifieds portal REA Group by real estate agents

CORPORATES
WOTIF.COM HOLDINGS LIMITED – ASX WTF, REA GROUP LIMITED – ASX REA, EXPEDIA AUSTRALIA PTY LTD, EXPEDIA INCORPORATED, MANTRA GROUP LIMITED – ASX MTR, ACCOR SA, DRANSFIELD HOTELS AND RESORTS PTY LTD

Sydney’s median rent for units hits $500

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Original article by Rebecca Thistleton
The Australian Financial Review – Page: 10 : 10-Jul-14

Australian Property Monitors has issued its latest data on residential real estate rents across state capital markets. In the three months to 30 June 2014, the rent for apartments in Sydney reached an all-time high of $A500. Standalone dwelling rents also went up in Melbourne and Sydney after a subdued period since mid-2012. However declines were recorded for Darwin and Canberra. Meanwhile gross rental yields are down across the board, with Perth showing the biggest falls at close to 9% for units and 5.8% for houses during 2013-14

CORPORATES
AUSTRALIAN PROPERTY MONITORS PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, AMP LIMITED – ASX AMP, DOMAIN.COM.AU

Vizeum sees no conflict in roles

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Original article by Darren Davidson
The Australian – Page: 19 : 9-Jul-14

Media buying agency Vizeum faces concerns that its representation of real estate agents breaches competition laws. It has confirmed that it is acting for Real Estate Digital Marketing Services to negotiate ad rates with online classifieds portal REA Group. Questions have been asked about the involvement of Norman Draper, who is linked to REA rival Domain. Vizeum said that there was no conflict of interests, as it was acting for a not-for-profit organisation

CORPORATES
REA GROUP LIMITED – ASX REA, VIZEUM, REAL ESTATE DIGITAL MARKETING SERVICES PTY LTD, DENTSU AEGIS NETWORK, DOMAIN.COM.AU, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, METRO MEDIA PUBLISHING PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, DEUTSCHE BANK AG