L67 Property Operators and Real Estate Services

Boycott threat in advertising war

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 39 : 8-Jul-14

Real estate agents may decide to boycott certain services provided by Australian-listed online classifieds group REA if no agreement is reached on charges. Media buying group Real Estate Digital Marketing Services (REDMS) stated on 7 July 2014 that it sought a meeting with REA, but the latter refused to discuss the matter of fees charged by its realestate.com.au portal. REDMS represents more than 400 Victoria-based agents

CORPORATES
REA GROUP LIMITED – ASX REA, NEWS CORPORATION – ASX NWS, REAL ESTATE DIGITAL MARKETING SERVICES PTY LTD, VIZEUM, FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN PROPERTY GROUP, METRO MEDIA PUBLISHING PTY LTD, BIGGIN AND SCOTT PTY LTD

Sydney, Melbourne house prices rebound in June

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Original article by Michael Bleby, Jacob Greber
The Australian Financial Review – Page: 6 : 30-Jun-14

New figures from RP Data show rises in the residential real estate auction clearance rates for the Sydney and Melbourne markets on the 28-29 June 2014 weekend. In Sydney the week-on-week increase was from 70.1% to 73.2% and in Melbourne it was from 69.1% to 69.3%. Meanwhile the median dwelling price in Sydney has also improved 1.5% during June, compared with a fall of 1.1% in May. In Melbourne it is up 1.7% after a drop of 3.6% previously. There are some warnings that a further rapid increase may create a threat for the economy and trigger higher interest rates

CORPORATES
RP DATA LIMITED, CORELOGIC AUSTRALIA PTY LTD, DOMAIN.COM.AU, FAIRFAX MEDIA LIMITED – ASX FXJ, RESERVE BANK OF AUSTRALIA, MOODY’S INVESTORS SERVICE INCORPORATED, AUSTRALIAN NATIONAL UNIVERSITY. CENTRE FOR APPLIED MACRO-ECONOMIC ANALYSIS

Revolt against REA price gouging growing

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 15 : 25-Jun-14

Melbourne real estate agents are challenging the high prices charged by online property classifieds portal realestate.com.au. A group of 300 real estate agencies are angry about successive price rises. They have appointed a media buyer to negotiate with owner REA Group for fairer advertising rates. It is thought that Vizeum Australia will represent the group, which will be known as Real Estate Digital Marketing Services

CORPORATES
REA GROUP LIMITED – ASX REA, VIZEUM AUSTRALIA PTY LTD, AEGIS MEDIA AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, THE REAL ESTATE INSTITUTE OF VICTORIA LIMITED, REALESTATEVIEW.COM.AU LIMITED, RIGHT CLICK CAPITAL MANAGEMENT PTY LTD, CENTURY 21 REAL ESTATE, KAY AND BURTON, RAY WHITE REAL ESTATE, HOCKING STUART PTY LTD, MARSHALL WHITE AND COMPANY PTY LTD, BIGGIN AND SCOTT PTY LTD

Pendulum sways to ‘Yes’

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Original article by Robert Harley
The Australian Financial Review – Page: 34 : 20-Jun-14

Westfield Retail Trust investors are expected to approve a restructuring of the group at a meeting on 20 June 2014. A vote on the proposed deal was postponed earlier in the month, when 25.9 per cent of proxy votes rejected the plan to merge the trust with the Australasian property portfolio of Westfield Group. Westfield Retail securities closed $A0.04 higher at $A3.21 on 19 June

CORPORATES
WESTFIELD RETAIL TRUST – ASX WRT, WESTFIELD GROUP – ASX WDC, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, UNISUPER LIMITED, LEGG MASON ASSET MANAGEMENT AUSTRALIA LIMITED, COLONIAL FIRST STATE GROUP LIMITED, COLONIAL HOLDING COMPANY LIMITED – ASX CNG

Westfield shares rise on merger hopes

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Original article by Robert Harley
The Australian Financial Review – Page: 35 : 18-Jun-14

Westfield Retail Trust shareholders will vote on the proposed restructuring of the Westfield group of companies on 20 June 2014. Several major shareholders are expected to vote in favour of the deal, which is likely to ensure that it proceeds. However, Stephen Mayne of the Australian Shareholders’ Association forecasts that the deal will not be approved. Westfield Retail shares closed $A0.06 higher at $A3.21 on 17 June, while Westfield Group was up $A0.28 at $A10.89

CORPORATES
WESTFIELD GROUP – ASX WDC, WESTFIELD RETAIL TRUST – ASX WRT, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Mall refits maintain low Melbourne retail vacancies

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 34 : 13-Jun-14

Data from CBRE indicates that the vacancy rate for prime and super prime retail properties in the Melbourne CBD was 1.45 per cent in June 2014. Net rents were steady in the year to June, while outlets such as clothing and shoe stores comprised about 26 per cent of tenants

CORPORATES
CBRE PTY LTD, HERRON TODD WHITE AUSTRALIA PTY LTD, HENNES OCH MAURITZ AB, LASALLE INVESTMENT MANAGEMENT INCORPORATED, DEXUS PROPERTY GROUP – ASX DXS

Goodman to recycle $1.4 billion in assets

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Original article by Robert Harley
The Australian Financial Review – Page: 34 : 13-Jun-14

Goodman Group plans to reinvest the proceeds of property sales into the development of new projects. The Australian-listed company’s property portfolio is valued at around $A26.4bn, and it intends to offload some $A1.4bn worth of property in Australia and offshore. Goodman has forecast that its 2013-14 operating earnings will be about seven per cent higher than previously

CORPORATES
GOODMAN GROUP – ASX GMG, MORGAN STANLEY AUSTRALIA LIMITED

A pain in the glass for Grocon

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 13-Jun-14

Grocon has experienced quality control problems with glass used in the construction of a 12-storey office tower in the Melbourne CBD. The developer has agreed to replace about 50 per cent of the heat-tempered glass due to flaws in its manufacture. The building is being constructed on behalf of the GPT Wholesale Office Fund

CORPORATES
GROCON PTY LTD, GPT WHOLESALE OFFICE FUND NUMBER ONE, WESTPAC BANKING CORPORATION – ASX WBC, APN PROPERTY GROUP LIMITED – ASX APD, CHINA SOUTHERN GLASS (AUSTRALIA) PTY LTD