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[Tuesday, March 06, 2007] Trinity secures four buildings Diversified property group Trinity, has acquired a commercial office portfolio comprising four adjoining buildings on a prime Brisbane CBD corner for $76.6 million. Falling house prices drive clearance higher The Sydney residential auction clearance rate continued to improve reaching 63% during February, the best result since October 2003. The picture is not as rosy as it first appears. Clearance improved as a result of continuing price declines. Terrace sells at auction A commercial terrace in Perth's CBD has sold at auction for $1.37 million. The three-storey property, located at 112 Barrack Street, is currently leased by Adultshop.com until June 2007. CBD building fetches $9.16 million A Sydney CBD mixed-use building occupying the corner of George and Goulburn Streets has sold at auction for $9.165 million. The property was sold by Scruffy Murphy's Pty Ltd. NAB branch sells at auction A National Australia Bank branch in Mackay, Queensland, has sold under the hammer for just over $4.83 million. The freestanding branch was acquired by a Victorian private investor. NG Farah sells Bondi premises NG Farah Real Estate has sold and leased-back their Bondi Junction premises to consolidate the new development of the company's headquarters in Kingsford, according to NG Farah selling agent, David Lee. Queensland still on the rise Defying interest rates, cyclical slowdowns and national trends, the Queensland residential property market has shown healthy increases over the December 2006 quarter, according to the Real Estate Institute of Queensland. State of the Brisbane Residential Property Market - Ray White Valuers In the year ending March 2006, unpublished dwelling approvals in Queensland totalled 37,990, 0.5% lower than in the previous year while low-rise unit approvals decreased by 9.0%. Approvals for townhouses fell by 1.9% while high-rise unit and separate house approvals increased slightly by 1.5% and 0.4% respectively. Business Indicators - ABS In current price terms, the seasonally adjusted estimate for company gross operating profits increased 2.5% this quarter, after weaker growth of 0.5% in the September quarter 2006. In current price terms, the trend estimate for wages and salaries increased 1.7% this quarter. The seasonally adjusted estimate increased 2.7%, following four consecutive quarters of growth rates lower than 2.0%.

[Wednesday, February 28, 2007] Centro to acquire New Plan Centro Retail Trust and Centro Properties Group have entered into a merger agreement to acquire US listed New Plan Excel Realty Trust Inc, for US$33.15 cash per share, a total equity investment of US$3.7 billion. Airbase redevelopment approved Cedar Woods’ Laverton airfield redevelopment project, ‘Williams Landing’, has received Victorian Government planning approval for a transit oriented town centre and adjoining master planned residential community. Mixed use exceeds reserve A retail outlet on Sydney's lower north shore has sold for $2.72 million to a private investor in a sale that exceeded the property's reserve price by $400,000. Turnaround for new home sales HIA's New Home Sales figures show that the sale of new homes and units among Australia's largest builders and developers has increased by 5.8 % in January to 7963 dwellings. Herron Todd White expands Herron Todd White has announced its acquisition of Preston Rowe Paterson's Melbourne operations, further evidence of market consolidation within the property valuation industry. Construction Work Done - ABS The trend estimate for building work done rose 1.5% in the December quarter 2006. Residential building rose 1.3% and non-residential rose 1.6%. Engineering work done rose 1.2% whilst total construction work done rose 1.4% in the latest quarter.

[Wednesday, January 31, 2007] The ING Industrial Fund has secured Myer Limited for a new 28,400 square metre facility at its flagship development site, Interchange Park while Meile, has committed to IIF's Rosehill estate. Fringe office firms from over-flow National CBD office markets are in fine form according to recent Jones Lang LaSalle research, with markets now flowing into finge and suburban areas. New home sales decline New home sales increased in the final month of 2006 but the rise was insufficient to erase a disappointing year for both builders and buyers. Twin cities record almost $7 billion in five years Five years since it began, the North Queensland property boom looks set to continue, with local and interstate buyers having spent close to $7 billion on property in twin cities Townsville and Thuringowa. Investors should seek 'ugly duckling' locations Property buyers are being urged to seek out cheaper locations with the potential for further growth, according to property researcher Terry Ryder.

[Thursday, December 07, 2006] Richmond showroom fetches over $8 million A landmark property in Richmond, Melbourne, sold at auction yesterday for $8.225 million. Spirited bidding from four groups resulted in a sale price equating to $2950 per sqm. Work starts at Renmark Macquarie CountryWide Trust has recently commenced the development of a greenfield shopping centre project in South Australia's Riverland region. The Renmark Plaza project is expected to deliver a year one yield of over 8%. Thai restaurant sells on 3.8% yield A Thai restaurant in Glenelg, South Australia, has been purchased by a local private investor for just over $1.3 million. The property sold at auction on a tight 3.82% yield. Manly hostel sells A private trust has purchased a backpackers hostel in Sydney's north before the scheduled auction. The trust acquired the freehold property for $3.3 million and plans to operate the premises upon settlement of the sale. Bunnings buys warehouse for $10.85 million Bunnings Warehouse Property Trust has purchased an established Bunnings store at North Belmont, south of Newcastle in New South Wales, for $10.85 million. The acquisition shows an initial yield of 6.95%. Chippendale factory sells at auction A factory and retail property in Chippendale, Sydney, has sold under the hammer for $940,000. The property, which is occupied by a printing company, was acquired on a 6.7% yield. Partos Plus sold on 7% yield An office, showroom and warehouse property in Brunswick, Melbourne, has sold before auction for $1.111 million. The property, leased to Partos Plus, sold on a yield of 7%. Development fuels jobs growth in the Tweed The northern New South Wales coastal town of Tweed Heads is witnessing an unprecedented level of development activity to the tune of more than $7.5 billion, according to new research. Caribbean achieves $12 million in pre sales The RGD Property Group's Caribbean apartment project at Kawana Island, on Queensland's Sunshine Coast, has achieved $12 million in pre sales. Buyers have snapped up 34 of the 63 apartments during a ten week marketing campaign. Performance of Construction Index - AIG National construction activity declined for a second consecutive month in November 2006, with The Australian Industry Group Housing Industry Association Performance of Construction Index (Australian PCI) falling 1.6 points to 47.6 (readings below 50 indicate construction activity is generally declining). Residential Land Indices - Charter Keck Cramer The residential land market has rebounded from the depths of 2005, however until the stock clearance period declines below two months, limited upward pressure on prices will be exerted. The driver of market performance will increasingly be the health of the established housing market due to the greater importance of up-grader purchasers, with the next cyclical upturn in the market projected for 2009/10. [Visit Website] Dec 7, 2006 Labour Force - ABS Employment increased by 36,200 to 10,288,700 whilst the unemployment rate remained at 4.6%. The male unemployment rate remained at 4.5% and the female unemployment rate decreased to 4.7%. The participation rate increased to 64.8%. [Visit Website] Dec 7, 2006 Sunshine Coast Unit Report - PRDnationwide During the September 2006 quarter 64 unconditional new unit sales were reported on the Sunshine Coast, from a possible 665 available from the end of June 2006. Combined with the current levels of demand this suggests that the Coast has around 31.1 months of supply remaining. [Download/View File] Dec 7, 2006

[Friday, December 01, 2006] Sydney auctions – price decline lifts clearance & volume Sydney's residential auction clearance rate lifted to 60% during November, the best result in six months. Improved clearance and the large number of properties offered to market resulted in close to $800 million of property changing hands, the highest level of sales volume in three years, according to independent industry analysts CPM Research. ANZ branch sells on sub 5% yield An ANZ Bank Branch in Boronia, Victoria, has been purchased by a private investor for $1.2 million, reflecting a yield of 4.62%. Competitive bidding at auction edged the sale price to $360,000 above the set reserve. Noble Park site nets $1.95 million A residential development site which has a permit in place for a townhouse complex has sold at a mortgagee auction for $1.95 million. Permanent Trustees offloaded the Noble Park site to a local developer. Queensland's rental market in crisis Low house vacancy rates confirm that Queensland's rental market is in crisis, according to the latest research by the Real Estate Institute of Queensland. Jabiru project underway A residential development with a difference on Queensland's Gold Coast is attracting strong interest from Melbourne buyers. Work on the Jabiru estate has just commenced with only 42 allotments permitted on the 60 hectare site after the owner successfully gained approval to 'under-develop' the property. Darwin a landlords' market Research releases this week by Colliers International has shown that investment performance in Darwin remains strong, particularly in the CBD suburbs for units and in Palmerston for houses. Strong yields, low vacancy rates and continuing demand due to population growth means Greater Darwin's dwelling rental market is a landlords' market. Brisbane Near City Office Forecast - LandMark Byte Supply in the Near City office market has been forecast to be subdued in the 2006/07 financial year however over 81,000 sqm is expected to be completed in the following year. Vacancy rates are expected to fall to historical levels of 2.1% by July 2007 as the limited office supply is absorbed by increased tenant requirements, whilst net face rents are expected to slow after strong growth over the last two years. Australian Industrial Overview Knight Frank In the absence of expansion in the manufacturing sector, growth in industrial markets is being driven by the growing demand for warehouse distribution space, with solid institutional demand for industrial property continuing, leading to a tightening of yields in both prime and secondary markets. Performance of Manufacturing Index AIG Manufacturing activity continued to expand moderately in November, the seasonally adjusted Australian Industry Group PricewaterhouseCoopers Australian Performance of Manufacturing Index (Australian PMI) increasing 2.5 points to 54.4 (with 50.0 separating expansion from contraction). European Housing Markets - S&P Over the past year, residential property markets across Europe have continued to be active, as reflected by both real increases in house prices and the continuous growth in mortgage loans. For the EU as a whole, mortgage debt reached 47.5% of GDP in 2005, up from 44.5% in 2004.

[Tuesday, November 28, 2006] Melbourne mixed-use sells above reserve A mixed-use retail and commercial property in Melbourne has sold at auction for $1.55 million. The vacant property was acquired by a local private investor for $350,000 above the reserve price. Ocean Capital boosts portfolio Ocean Capital has purchased the freehold and business interests in the Cape Tribulation resorts in Far North Queensland for $8.5 million. The properties have been acquired from GPT and Voyages. Resort Corp on the lookout for land Gold Coast based developer Resort Corp is on the lookout for opportunities to broaden its development base and make the transition into land development. Stockland launches Lake Macquarie lots Stockland has launched a new residential project at Murrays Beach, south of Newcastle in New South Wales, as part of its Wallarah Peninsula development. The site will be developed into a lakeside village with a mixture of high and medium density lots around Lake Macquarie. Residential Property Monitor - Westpac On a seasonally adjusted basis, housing approvals rose 4.0% in September, driven by Queensland. Nationally approvals sit 10% below the high of 2003, and 5.2% above long term average. Approvals for 'other dwellings' rose 11.2% in September after falling 36.8% in August. Of the five major states only Victoria and South Australia saw falls in September. Coolangatta/Tweed Heads High Rise - PRDnationwide The average price of high rise apartments remained under $300,000 until 2001 when it started to lift, peaking at $648,049 in 2005. Preliminary figures for 2006 are showing an average price of $646,286 based on 56 resales. The average capital growth per annum of apartment resales was also relatively low until 2001 when it increased to 5.4% and then peaked in 2003 at 16.1%. The preliminary figure for 2006 is sitting at 9.3%.

[Monday, November 27, 2006] Big price for Bondi unit block A block of six units in Sydney's east has sold at auction for $7 million. High demand for the property pushed the price $2.2 million above the set reserve. Collingwood commercial building sells A two level commercial building in Collingwood, Melbourne, sold under the hammer on Friday for $1.425 million, reflecting a yield of 6.3%. A private investor purchased the property, which was offered by the executors of a deceased estate. Port Bouvard pays $92 million at Point Grey Perth based Port Bouvard Limited has successfully tendered $92 million to purchase 275 hectares of land at Point Grey, near Mandurah in Western Australia, for a residential development that is expected to yield more than 2000 coastal housing lots. Breakwater Quays property breaks record A marina front residential lot in Townsville's Breakwater Quays precinct has sold at auction for $1 million, setting a new price record for the city's mainland market. Residential development for Werrington Fox Property Group have offloaded a residential development site in Sydney's outer western fringe to a syndicate of private developers. The site, which has DA approval for a 36 unit residential development, sold under the hammer for $1.25 million. Moderate wages growth misleading ABS data for the September quarter that indicates a moderation in wages growth is misleading, warns economic forecaster BIS Shrapnel. The timing of this year's review of Federal Award minimum rates is responsible for much of the easing. Macquarie partners St Hilliers St Hilliers Property and Macquarie Real Estate have formed a new property venture to compete in the property funds management and development arena. Macquarie has made a $30 million equity investment to St Hilliers Property, recapitalising the business to facilitate growth plans. Rental Office Relativities - Jones Lang LaSalle There have been a lot of changes in the relative affordability of office market rents across Australia in recent years. Nevertheless, one clear fact stands out: Melbourne has become more affordable relative to all other markets nationally.

[Friday, November 24, 2006] Forest Hill Chase to get $25 million facelift Colonial First State has unveiled plans for a $25 million refurbishment and expansion of its Forest Hill Chase shopping centre in Melbourne. The project will incorporate a new food court, reconfigured fresh food offering, a general upgrade of the existing mall, and a conversion of the Kmart store to a Target outlet. Heidelberg office sells for $4.06 million An office building anchored by the Salvation Army has sold under the hammer for $4.06 million, reflecting an initial yield of 6.9%. The Heidelberg property in Victoria was acquired as a passive commercial investment by a private investor. Dalkeith retail sells on 3.75% yield A retail complex in the blue ribbon suburb of Dalkeith in Western Australia has sold at auction for $3.455 million. The property, anchored by Vintage Cellars, was purchased by a private investor on a tight initial net yield of 3.75%. Finbar project a Royale success Developer Finbar International has sold 100% of the first stage release of its Royale apartment project in Perth and has received development approval for its Code joint venture project in the city. Mt Hotham homesites running hot MFS Living and Leisure and property developer the Ray Group have exchanged 56 contracts for homesites at Dinner Plain Village, part of the proposed $500 million New Hotham masterplan at Mount Hotham in the Victorian snowfields. Ocean Shores Area Overview - PRDnationwide The Ocean Shores area housing market, in northern NSW, is currently experiencing a 21.8% per annum rate of growth over the last five years ending June 2006. With a median house price of $407,500, the Ocean Shores area housing market has increased by 4.5% or $17,500 over the year ending June 2006. Managed Funds - ABS Total consolidated assets of managed funds institutions was $1042.1b at 30 September 2006, an increase of $15.1b (1.5%) on the revised June quarter 2006 figure of $1027.0b. Consolidated assets of superannuation funds increased by $12.8b (2.3%) and public unit trusts were up by $3.6b (1.6%).

[Tuesday, November 21, 2006] Valad spends $15 million in Castle Hill Valad Property Group has acquired a bulky goods and industrial property in Castle Hill, Sydney, for $15.225 million through its ICA Property Development Fund No. 4. Melbourne meat store fetches $3.2 million A local investor has snapped up a retail property leased to Tasman Meats in Werribee, Melbourne, at a well attended auction. The purchase price of $3.2 million reflects a yield of 6.8%. Hawthorn restaurant nets $2.2 million A retail outlet in Hawthorn, Melbourne, has sold at auction for $2.2 million. The property, which has operated as a Chinese restaurant since 1979, was purchased by an owner-occupier for use as a retail shop. Mount Waverley centre fully occupied A new retail development in Mount Waverley, Melbourne, has been fully leased to a range of multi-national tenants. NLG pockets $30 million from pub sales National Leisure and Gaming has has sold the freehold interests in two of its Queensland pubs and a related motel in separate transactions with a total value of $29.2 million. Pacific Place powers on Mirvac has exchanged contracts for the sale of 108 apartments in its Cambridge development at Chatswood in North Sydney. The sales at Cambridge, which is part of the larger Pacific Place project, have topped the $92 million mark. VIC brokers bullish about growth A recent survey of mortgage brokers in Australia has revealed that Victorian brokers are significantly more bullish about their growth prospects than brokers in New South Wales and Queensland. Queensland Key Statistics - ABS This report contains the following selected tables on key economic and social indicators for the Queensland economy - population and vitals; employment and unemployment; wages and prices; building activity; housing finance; trade and tourism.

[Friday, November 17, 2006] South Melbourne sale sets new record A industrial redevelopment site, considered to be the last island site in South Melbourne, sold at auction yesterday for $4 million. The price equates to $1160 per sqm, which is believed to be a record for land in the area. Potts Point shop sells for $1.78 million A Sydney shop leased to Video Ezy has sold under the hammer for $1.78 million. The strata titled shop was purchased by a private investor showing an initial gross yield of 6.74%. Childcare centre nets $1.56 million A childcare centre in Doncaster East in Victoria has sold at auction for $1.56 million. Competitive bidding at the auction pushed the price to $200,000 above the reserve. Maroubra site to be developed A residential development site in Sydney's east has been purchased at auction by Salina Holdings Pty Ltd for $1.616 million. The site has DA approval for a three storey residential development which the buyer intends to utilise. Salon sells on sub 6% yield A retail shop in North Adelaide sold under the hammer yesterday for $405,000, representing a tight net yield of 5.8%. A private investor snapped up the property, which is leased to a hairdressing salon. Thakral announces third project for Broadbeach Hotel owner and property developer Thakral Holdings Group is planning its third apartment tower in four years in the booming Gold Coast suburb of Broadbeach after amalgamating a site close to the beach. Palmae resort gains approval Tropic Coast Properties Pty Ltd has received development approval for Palmae, a six star residential and golf resort located at Mission Beach in North Queensland. Another rate rise to signal negative growth The recent interest rate rise, the third for 2006, will further stifle house price rises across the country, according to independent property analyst Michael Matusik. Contribution of Gambling to Retail Estimates - ABS Data shows that in September 2006 gambling as a proportion of turnover for both Hotels and Licensed Clubs and Total Retail returned to levels similar to those in the September quarter 2004.

[Thursday, November 16, 2006] Spring auction success Colliers International has successfully sold all six Victorian properties in their Spring portfolio auction for a combined price of $15.37 million. The properties, purchased in separate deals, are all fully leased and comprise three retail showrooms/warehouses, two medical centres and a small office building. Noodle bar nets $2.778 million A retail premises leased to international noodle bar operator Wagamama has sold for $2.778 million, reflecting an initial net yield of 6.1%. The property, located in Sydney's Circular Quay precinct, was purchased by a private family as a long term investment. Anzac Parade shops sell on tight yields Three mixed-use retail and commercial properties along Anzac Parade in Kensington have sold for a combined price of $2.725 million. The properties were purchased by a single buyer in separate deals with each property reflecting sub 5.5% yields. Wharf Central goes to market Office suites in the first blue chip commercial building to be developed in the Tweed CBD in more than ten years have gone to market for sale or lease. Known as Wharf Central, the building is being developed in the northern New South Wales coastal town by Masada Investments. Baby boomers face lack of aged care options The first wave of baby boomers may find themselves with a shortage of retirement village options in 12 to 17 years time, according to Jones Lang LaSalle. Sustainability opening up opportunities Sustainability, the hot topic of the property industry, is creating new career opportunities in every market sector, according to the Avdiev Group's Property Industry Remuneration Report November update. Mowbray Links secures LM funding facility Queensland based LM Mortgage Income Fund today settled a $6 million facility to aid the construction of the first stage of the $20 million Mowbray Links Lifestyle Village in Launceston, Tasmania. North Shore Office - LandMark Byte The current total vacancy rates for the North Shore are 10.0%; North Sydney 7.7%; Crows Nest/St Leonards 11.1% and Chatswood 14.9%. North Shore yields have seen compression over the past two years. Currently, yields range between 7.00% and 8.00% for prime stock. This has potential to compress about 10 basis points over the next six months. Foreign Investment in QLD - PRDnationwide Purchases of Queensland residential property by foreigners has risen to almost $450 million for the 2005/06 financial year. The Gold Coast was once again the favoured local authority for foreign buyers in Queensland with Brisbane City second. [Download/View File] Nov 16, 2006 Short-term Visitor Arrival - ABS The trend estimate for short-term visitor arrivals to Australia for October 2006 increased by 0.9% compared with September 2006. This follows monthly increases of 0.6% for August 2006 and 0.8% for September 2006. Currently, short-term visitor arrivals are 1.6% higher than in October 2005. [Visit Website] Nov 16, 2006 Average Weekly Earnings - ABS Full-time adult ordinary time earnings rose by 3.4% for males and 2.4% for females in the twelve months to August 2006. Full-time adult ordinary time earnings for the private and public sectors rose by 2.8% and 4.6% respectively in the twelve months to August 2006. [Visit Website] Nov 16, 2006

[Wednesday, November 15, 2006] St Marys shop sells for $1.22 million A mixed-use retail and commercial property in Sydney's outer western fringe has sold at auction for $1.22 million. The property was offloaded by Panthers Entertainment Group to a private north Sydney investor. Owner-occupier buys Blacktown warehouse A industrial property at Blacktown in Sydney's west has sold under the hammer for $920,000. The warehouse was acquired by an owner-occupier. MFS Diversified divests a double MFS Diversified Group has signed unconditional contracts for the sale of two more non-core assets earmarked for divestment from the MFS Diversified Trust. Both properties are located in Queensland. Maylands rezoning gets green light Perth based developer Finbar International has received rezoning approval for its residential project at Maylands in Western Australia. The company will now lodge plans for 112 new residential apartments plus an additional 19 apartments to be constructed in the existing heritage buildings. Bunnings opens at Darwin airport A new $9 million Bunnings Warehouse has opened at Darwin International Airport. The hardware giant's new store is the cornerstone development of a retail and commercial precinct earmarked for up to 35 hectares of airport land. House prices rise across the board Prices of established homes has risen across Australia, putting further pressure on already straining rental markets, according to the Housing Industry Association. Maroochy unit prices rise While the median unit price in Maroochy strengthened for the year to June 2006, trend unit sales declined in the area according to Colliers International research. House Price Indexes - ABS Preliminary estimates show the price index for established houses in Australia increased 2.2% in the September quarter 2006, compared with the movement of 3.5% in the June quarter 2006. House prices rose in all cities. Labour Price Index - ABS In original terms, the industries with the highest rate of increase in the wage price index through the year to September quarter 2006 were Electricity, Gas and water (6.1%), Mining (6.0%) and Construction (5.0%). The lowest rates of increase were reported in the Retail and Accommodation, cafes and restaurants industries (2.8% and 2.4% respectively).

[Thursday, November 09, 2006] Watpac acquires Newstead property Following the $20 million acquisition of Brisbane's iconic Waterloo Hotel in June 2006, Watpac has settled on an adjoining 500 sqm property located at 1021 Ann Street in Newstead for $1.5 million. Leichhardt factory goes for $895,000 A factory and office unit in Sydney's inner west has sold at auction for $895,000. The property was purchased by a kitchen manufacturer who plans to occupy the strata titled unit. Warehouse/office sells on 5.34% yield A warehouse and office building in Hindmarsh, South Australia, has sold under the hammer for $485,000. The building has a short term lease in place, showing a 5.34% yield on the sale price. Warehouse unit sells before auction A strata titled office and warehouse unit in the south Brisbane suburb of Coopers Plains has been purchased by an owner-occupier prior to the scheduled auction. The unit was acquired for $485,000 from the vacating tenant. Precision picks up Pran Central Private Sydney-based investment group Precision has acquired Melbourne's Pran Central retail centre from Walker Corporation for $34.5 million. The deal has been struck on a 6.5% yield. JLL to market Swanbank Enterprise Park Jones Lang LaSalle has been named as the exclusive agent to market stage one of Investa’s Swanbank Enterprise Park in Ipswich, South East Queensland. Kirra project gets the green light A consortium associated with Gold Coast based development group Reward Developments Australia has been given the green light to proceed with an apartment project on Kirra Beach, on the southern Gold Coast. Labour Force - ABS Employment decreased by 32,100 to 10,256,900 whilst the uemployment decreased by 16,200 to 497,200. The unemployment rate decreased by 0.1 percentage point to 4.6%. The male unemployment rate decreased by 0.2 percentage points to 4.5% and the female unemployment rate remained at 4.8% whilst the participation rate decreased by 0.4 percentage points to 64.7%. St Kilda Rd & Southbank Office Report - LandMark Byte The St Kilda Road office market has gone through much uncertainty as new supply additions have historically set back this office market; the Southbank office market is vulnerable to increased supply levels; this is a major concern for the future viability of this office location. Month in Review - Herron Todd White Overview of national commercial, industrial, retail, rural and residential property markets from HTW's office network.

[Friday, November 03, 2006] Sydney house prices fall on increased listings A large number of residential property listings were offered to auction during October with clearance improving marginally on the back of further price declines, according to independent industry analysts CPM Research. Hampton shops sell for $1.45 million Two prime retail shops in Hampton, Melbourne, have sold at auction for $1.45 million, reflecting a yield of 3.1%. According to selling agents Gross Waddell, the sale reflects the strength and popularity of the bayside retail market. Adelaide retail sells on sub 5% yield A retail and office property in Parkside, South Australia, has sold under the hammer for $795,000. A private investor acquired the property on a tight initial yield of 4.8%. St Kilda mixed-use sells under hammer A mixed-use property in St Kilda has sold at auction for $720,000. An owner occupier purchased the office and residential property from the vacating tenant. Oaks makes move in Mackay Oaks Hotels & Resorts has purchased the management letting rights to a $260 million beachfront resort-style development currently underway in Mackay. Stockland gets green light at Riverstone Crossing Stockland has received development approval for the second parcel of land at its $318 million Riverstone Crossing residential community project on the Gold Coast. Magnetic Island site draws developers A 6348 sqm freehold site fronting Nelly Bay Harbour on Magnetic Island, eight kilometres off the Townsville coastline, has hit the market. The site is approved for the development of a waterfront precinct comprising a tavern, retail space, dining and accommodation facilities. $24 million in sales at Salt Some $24 million in property sales was recorded at Salt Village, on the northern New South Wales coast, in the six months to October, cementing it as one of the east coast's leading hotspots. Government Financial Estimates - ABS Presents a summary of the 2006/07 GFS net operating balance and net lending(+)/borrowing(-) estimates for the general government sector for each level of government. The GFS net operating balance for all levels of government in 2006/07 is estimated to be $16,356 million. Performance of Services Index - AIG Growth in services sector activity remained soft in October, despite a lift from the interest rate related decline in the previous month. The seasonally adjusted Australian Industry Group/Commonwealth Bank Performance of Services Index (Australian PSI) rose 4.3 points to 52.0, rising above the key 50.0 level separating expansion from contraction.

[Thursday, November 02, 2006] Four sold at auction A portfolio auction conducted by Burgess Rawson has seen four out of six properties offered at auction sell for a combined price of just under $5 million. The properties are located in metropolitan and regional NSW and include five retail premises, three of which sold, and a lone industrial property leased to Telstra. Greenacre facility fetches $1.02 million An industrial property in Greenacre, Sydney, has sold at auction for $1.02 million. The property, which was offered with vacant possession, achieved a sale rate of $1728 per sqm. Investor snaps up Oakleigh site for $1.4 million A significant development site in Oakleigh, Melbourne, has sold privately for $1.4 million. A local investor purchased the property for future development. Prestons warehouse nets $1.7 million A freestanding warehouse at Prestons, in western Sydney, has been purchased by building company Oldfields Holdings Group for $1.7 million. Mirvac has sales success in Queensland The launch of the first stage of the 359 lot Sanctuary on Moggill master‑planned community in Queensland has achieved sales of approximately $4.4 million in the first two weeks. Mirvac is the developer. Building Approvals - ABS The seasonally adjusted estimate for total dwelling units approved rose 6.1%, to 13,286, in September 2006 while the seasonally adjusted estimate for the value of total building approved rose 7.2%, to $5310.8 million. Private sector houses approvals rose 4.0%, to 9377 and other dwellings approvals rose 11.2%. Performance of Manufacturing Index - AIG Growth in manufacturing activity slowed in October, reflecting weaker exports, patchy domestic demand and import competition. The Australian Industry Group/PricewaterhouseCoopers Australian PMI fell 1.6 points to 51.9 (seasonally adjusted), although still above the 50.0 level separating expansion from contraction.

[Tuesday, October 31, 2006] Southbank property sells for $1.525 million An office and warehouse property at Southbank in Melbourne has sold under the hammer for $1.525 million. The property was offered with vacant possession on the ground floor and with a three year lease in place on the first floor. Strong demand for Sydney shops A block of retail shops at Georges Hall in south western Sydney has sold for $2.3 million, $72,000 above the asking price. The initial yield on the purchase was 6.7%. New home sales down 5 times in 6 months Higher interest rates continue to weigh down on new housing demand and supply, according to the Housing Industry Association. New Home Sales figures released today show the number of new homes sold in Australia has fallen for the fifth time in six months. Wentworth snaps up Frankston portfolio Wentworth Holdings Ltd has acquired the residential property portfolio of Century 21 in Frankston, Victoria. The acquisition brings a further 1500 properties under the management of Wentworth in Victoria. Abacus sells Auckland hotel for $NZ113 million Abacus Property Group has exchanged contracts for the sale of the Rendezvous Hotel in Auckland. CDL Hospitality Trusts of Singapore has agreed to purchase the property for NZ$113 million. Australian Economic Indicators - ABS This publication contains statistics under the following headings: national accounts, international accounts, consumption and investment, production, prices, labour force and demography, incomes and labour costs, financial markets, state comparisons and international comparisons. Retail Perspectives - UrbisJHD Just over the past year, retail specialty shop floorspace has grown by an average of +4.1% per centre, faster than the total centre floorspace growth rate of +2.5%. Average sales for reporting tenants at stabilised regional centres reached $415.9 million, yielding a turnover per sqm of $5929. For the Top 10 regionals, volume averaged an impressive $680.3 million for a turnover per sqm of $6170.

[Wednesday, October 25, 2006] GPT snaps up Sydney CSR site The GPT Group has has entered into a conditional agreement to acquire 38 hectares of industrial land at Erskine Park, in Western Sydney, for $95 million. The land has been purchased from CSR Limited, and the transaction is subject to CSR obtaining approval for an industrial development on the site. Killara office building sold Light for You has acquired a modern office building at 694 Pacific Highway in Killara, New South Wales, for $3.5 million. The two storey building comprises 882 sqm of office and retail space with five levels of basement parking. Block of units sell on tight yield A block of units in Sydney's inner west has sold just before auction for $1.06 million. A private investor acquired the fully occupied property on a 4.95% yield. Inflation figures point to another rate rise The squeeze on rental markets and increases in property rates and charges has put pressure on inflation, according to the Housing Industry Association. Abacus raises $60 million Abacus Property Group has completed a $60 million capital raising, with proceeds to be used for a number of property acquisition opportunities currently under consideration for its property and funds management businesses. Residential village opens on the Gold Coast The Brisbane-based Romano Group has launched its $88 million Kirribilli Heights Estate residential project at Highland Park on the Queensland Gold Coast. Sydney Office Snapshot - Laing+Simmons Strata office stock is rapidly diminishing in the Sydney CBD with no stock expected to be available over the next year. Forecasts are concluding that the present strong rental growth in the Sydney CBD is having a dual effect on the strata market by mutually driving demand and restricting supply. Melbourne Office Snapshot - Laing+Simmons The Melbourne CBD has been subject to decreasing leasing options, and tenants who require contiguous amounts of space are realising they have fewer options than in previous months. The CBD has undergone an active construction cycle with demand and supply well balanced. Current office space requirements in the market total almost 200,000 sqm, with more than 50 identifiable development sites in and around the CBD. Commercial Development Monitor - City of Sydney The City Commercial Development Monitor provides up to date information on commercial development in the Sydney LGA precincts of Central Sydney and Pyrmont Ultimo. It complements the City Residential and City Visitor Accommodation Monitors which cover the residential and visitor accommodation markets in these precincts. Consumer Price Index - ABS The CPI rose 0.9% in the September quarter, compared with 1.6% in the June quarter, and rose 3.9% through the year to the end of September. Contributing most to the increase was fruit (+20.5%), property rates and charges (+5.6%), rents (+1.0%), water and sewerage (+4.7%), other household supplies (+2.9%), electricity (+2.1%), motor vehicles (+0.8%), insurance services (+2.2%), tobacco (+1.4%) and domestic holiday travel and accommodation (+1.2%).

[Tuesday, October 24, 2006] Block on units sells under hammer A block of units in South Perth have sold prior to auction for $1.6 million. A local developer acquired the property and plans to lease out the vacant apartments. Wahroonga site to be developed A development site in Sydney's north has sold under the hammer for $1 million. The property has DA approval for a child care centre in place and was purchased by A & B Harris Pty Ltd. Bishops Lodge nets over $2 million One of Townsville's premier residences, Bishops Lodge, has been sold to a local family for over $2 million. The heritage property was constructed in 1891. Fitzroy licenced shop sells A two-level retail shop in Fitzroy, Melbourne, has sold before auction for $1.206 million. The property was offered with vacant possession and currently has liquor licences in place on both floors. Townsville Commercial Snapshot - PRDnationwide Population and economic growth are driving increased retail spending in the greater Townsville area despite high fuel prices and increased interest rates. This growth is providing developers and property owners with the confidence required for major investment in retail infrastructure. The Townsville industrial market has also grown considerably as a result of the region's strong economic growth as has the office market. Number and Characteristics of Exporters - ABS In terms of their contribution to the total value of goods exports, the most significant exporting industries were mining (39%), manufacturing (30%) and wholesale trade (19%). These three industries accounted for $135,438 million of goods exports in 2005-06.

[Monday, October 23, 2006] Frankston property fetches $3.7 million A retail and office property in the heart of the Frankston CBD in Victoria has sold under the hammer for $3.7 million. The property, which houses a Commonwealth Bank branch, showed an initial yield of 2.43%. BankSA branches sold under hammer Two bank branches occupied by BankSA in South Australia have sold at auction for a combined price of just over $1.53 million. The branches were acquired by two separate buyers on yields of over 7%. Cromwell flags merger of syndicates Cromwell Corporation Limited today announced proposals to create a new $1 billion stapled property group known simply as the Cromwell Group. The proposals involve merging the flagship Cromwell Diversified Property Trust with five other Cromwell managed syndicates and stapling the property trust to the management arm. Mixed-use property sells on firm yield A mixed-use retail and residential property in Surrey Hills in Victoria has sold at auction for $1.075 million. A developer purchased the fully leased property on a firm 3.72% yield. Producer Price Indexes - ABS The property and business services industries price index increased by 2.5% in the September quarter 2006 and by 5.6% through the year to September quarter 2006. The property services price index increased by 2.6% this quarter with increases for real estate agents and commercial property operators. Through the year to September quarter 2006 the property services index rose by 7.9%. Queensland Key Statistics - ABS The statistics contain data on population; employment and unemployment; wages and prices; building; finance; trade; and tourism. International Trade Price Indexes - ABS The 0.3% fall in the Import Price Index for the September quarter 2006 was mainly due to decreases in refined petroleum oils and transmission apparatus. This quarter's decrease follows a 2.3% increase in the June quarter. The Export Price Index increased by 1.9% in the September quarter 2006, following a 3.6% increase in last quarter. The increase was driven by price rises for iron ore and concentrates, nickel, copper, zinc and petroleum gases.

[Friday, October 20, 2006] Fortitude Valley property sold Perpetual Trustee Limited has acquired a Fortitude Valley investment property for $18.5 million from joint venture partners Watpac Limited and POD Developments Pty Limited. CBA branch sells on 3.2% yield The Middle Brighton branch of the Commonwealth Bank in Melbourne sold at auction yesterday for $4.972 million, to show a yield before acquisition costs of only 3.2%. Owner-occupier purchases office building An office and retail building in Sydney's CBD has been purchased by a part owner-occupier for $5.475 million. The four storey building sold at auction with three vacant upper floor offices and a tenanted ground floor restaurant. Retail sells for $4.4 million A retail building in Sydney has sold under the hammer for $4.4 million. The property was purchased by an owner-occupier. Stockland project to launch Stockland is set to commence a new residential project in Murrays Beach, forming part of the Wallarah Peninsula project in New South Wales. Murrays Beach will launch next month and have a total of 560 lots to be released over the next eight years. Clifton Hill sale achieves 20% above reserve An office, warehouse and showroom building in Clifton Hill, Melbourne, has sold under the hammer for $1.78 million, almost 20% above the reserve price. A local developer purchased the property, which was offered with vacant possession. Valad opts out of Bankwest Tower Valad Property Group has announced its intention to divest its 50% interest in BankWest Tower in Perth. The property is currently owned by Valad Property Trust in a 50:50 joint venture with Multiplex. Mulgrave property nets $525,000 A recently built and newly leased commercial property in Mulgrave, Melbourne, has sold for $525,000 on a yield of 7%. A private investor snapped up the property, which is leased to Capital Corp Finance & Leasing Pty Ltd. Global Office Real Estate Review - Colliers As anticipated, office markets in all regions of the world strengthened during the first half of 2006. Spurred by a healthy global economy, office buildings generally experienced improved occupancies and commanded higher rents. Looking forward to 2007, office markets are expected to moderate slightly but the general trend is for still lower vacancy and higher rents. Main Beach Apartment Snapshot - PRDnationwide This report is based on a study of 39 high rise apartment buildings in the Gold Coast suburb of Main Beach. The report covers approximately 2200 settled apartment resales from January 1997 to the end of 2005 and preliminary figures for 2006.

[Tuesday, October 17, 2006] Samtay seeking project partners Queensland developer the Samtay Group is seeking partners to participate in its $240 million Wooyung Beach Resort development at Wooyung, near Pottsville on the northern New South Wales beachfront. Valad launches fifth fund Valad Property Group has launched the fifth fund in the ICA Property Development Fund series and aims to raise $100 million plus in equity from wholesale institutional investors. The fund will focus on potential development assets across the commercial, retail and industrial sectors. Paragon 70% sold or leased A five storey strata office building in Mulgrave, Melbourne, is 70% sold or leased following a string of recent sales to owner-occupiers. The development, known as Paragon, was completed earlier this year. Townsville market tops up New research from Colliers International shows that commercial development values in Townsville for the September quarter have more than doubled compared to the same period last year. The value of the commercial and industrial market increased by 164%, or almost $50 million, from $29.9 million to $79.1 million. US Industrial Availability Index - CB Richard Ellis The US Industrial sector is tightening further with the national vacancy rate falling to 7.9%, matching a low last seen at the end of 2001 where it had risen from 4.2% in Q1 of 2000. The CB Richard Ellis Industrial Availability Index measures the supply of available space in large industrial buildings as a percentage of the total amount of such space.

[Monday, October 09, 2006] Stage one close to complete at Cranbourne High profile retailer Brett Blundy will open the first stage expansion of the Cranbourne Homemaker Centre in Melbourne's south east next month. It is 80% leased with Betta Electrical, Pet Goods Direct, Godfreys, Beach House Fitness Centres and Red Rooster set to join existing retailers Bunnings, Harvey Norman, Officeworks, Easy Living and Sydneys. Williamstown shop sells at auction A single storey lock-up shop on the main street of Williamstown in Victoria has sold under the hammer for $682,000. The property was offered with vacant possession. Development destined for outer ring suburbs A recent study by BIS Shrapnel forecasts that increasing amounts of medium density, high-density and separate house development will be pushed into the middle and outer ring suburbs of metropolitan Sydney. This is due to a lack of development sites in the inner city, affordability constraints, changing dwelling preferences and demographic influences. Job ads up slightly The total number of jobs advertised in major metropolitan newspapers and on the internet rose by 0.3% in September 2006 to an average of 184,563 per week following a 1.3% fall in August 2006. Baby bonus props up population growth The federal government's $4000 baby bonus is offsetting a slowing migration rate into Queensland, according to a new report by independent property analyst Michael Matusik.

[Thursday, October 05, 2006] Resort Corp buys big in Breakwater Quays Resort Corp has purchased the last remaining site at Breakwater Quays in Townsville, Queensland, for a price believed to be around the $60 million mark. The site is earmarked for development schemes with a gross realisation of over $500 million. West Melbourne property nets $1.275 million A modern office and warehouse building in West Melbourne has sold for $1.275 million in an after auction negotiated sale. The property was offered with vacant possession and was purchased by an owner-occupier. Consolidated Properties to develop Mackay estate Consolidated Properties will undertake the development of the $200 million Royal Sands Estate, located on Shoal Point Road in Bucasia, Queensland. Fringe sector to lead supply in Sydney The bulk of office stock in Sydney over the next four years is tipped to come from the Fringe sector, while the North West sector continues to grow, according to LandMark White. Colliers launches new residential brand Colliers International has launched a new brand to focus on residential project marketing, land marketing, development opportunities and prestige residential resale services in Australia's east coast CBDs. The brand is to be known as Colliers PRD, and follows Colliers' purchase of PRDnationwide in May this year. Ciana gets underway in Brisbane Site works have commenced on a $70 million residential complex in Indooroopilly, Brisbane, that will incorporate 134 apartments. The project, to be called Ciana, is being developed by Arden Property Group on the former Taylor Bridge Bowls Club on Clarence Road. Overseas Arrivals and Departures - ABS Trend estimates for short term visitor arrivals to Australia during August 2006 (445,200 movements) decreased by 0.6% compared with July 2006. This followed monthly decreases of 0.9% for June 2006 and 0.7% for July 2006. Short term resident departures (418,600 movements) increased by 0.7% compared with July 2006. This followed monthly increases of 1.2% for June 2006 and 0.9% for July 2006.

[Wednesday, October 04, 2006] Valad and Veron team up in Bowral Valad Capital Services will partner Sydney developer the Veron Group through an equity investment in a $22 million mixed retail and commercial development in Bowral, New South Wales. Trinity spends $41 million in Melbourne Trinity has further expanded its Victorian portfolio with the $41.2 million purchase of a commercial building in Melbourne CBD. The property will be jointly owned by the listed Trinity Stapled Trust and the unlisted Trinity Property Trust on a 50-50 basis. GE snaps up three more Sydney assets GE Real Estate has purchased of three A-grade Sydney commercial office buildings for $235.5 million. It is the largest deal in what has been a busy few days for GE, with around $300 million in properties acquired since mid last week. Housing recovery stalls A lack of suitable sites and local government opposition to high rise development in larger cities has stalled the modest recovery in housing, according to the Housing Industry Association. Inner city markets get the nod The inner city markets have been ranked at the top of Melbourne's premium non CBD office market locations according to a list of suburban investment locations compiled by Jones Lang LaSalle Research. Richmond parcel expected to fetch $30 million A 17,349 sqm property with approval for either a commercial or residential development in Richmond, Melbourne, has been listed for sale and is expected to fetch $30 million. Tourist Accommodation - ABS In June quarter 2006, accommodation takings for hotels, motels and serviced apartments with five or more rooms were $1591.2 million. The contributions to accommodation takings in this quarter were highest in New South Wales ($510.5 million) and Queensland ($427.7 million). The Office Development Cycle - Westpac Only Sydney and Canberra have had what could be classified an office development phase since the last boom. In other markets, completions ranged between 5% and 14% of stock over the 10 years to 2003. As a result prime buildings in 2003, and even today, are at least 14 years old. The current cycle is largely pre-committed and is an indication that some tenants require more modern buildings. New York Office Market - Colliers In the third quarter, availability continued to shrink and prices continued to climb for Manhattan. The class A vacancy rate has now fallen to 6.8%, the lowest since the 6.7% in August 2001 while the average asking rent has climbed to $60.35 per sf, its highest since the $61.48 per sf in April 2001. Australian National Accounts - ABS Total demand for credit by the non-financial domestic sectors for the June quarter 2006 was $73.1 billion, an increase of $24 billion on the revised previous quarter estimate. Increased raisings by private non financial corporations (up $15.9 billion) and borrowing by households (up $11.5 billion) were the main contributors to the rise.

[Friday, September 29, 2006] Showroom sells under hammer for $6 million An owner-occupier has purchased a car sales showroom in Fyshwick, ACT, for $6 million. GE Real Estate moves onto Canberra In what has proved to be a busy week for GE Real Estate, the company has purchased three prime commercial office buildings in Canberra from NDH Group, with further acquisitions on the cards. Gold Coast NAB site nets $12 million Private developer No Limit Group has sold the prime National Australia Bank development site at Broadbeach on the Gold Coast for $12 million. The Blackbean Trust, associated with Gold Coast developer Larry Matthews, has purchased the property. Block of units sell before auction A two storey block of units in Sydney has sold before auction for $2.1 million. The property was purchased by a private investor showing a 5.05% yield. Market promising despite looming rate rise Property markets are continuing to look surprisingly buoyant despite predictions of another 0.25% interest rate rise, according to the latest Ashe Morgan Winthrop Property Investors Survey. Owner-occupier purchases Revesby warehouse A factory/warehouse in Sydney’s south west has sold at auction for $1.26 million. The freestanding building was purchased by an owner-occupier. JV partners to develop Wodonga project Primelife Corporation has acquired the land for a 160 unit retirement village development at Wodonga in Victoria. The project will be undertaken in a joint venture with Babcock & Brown Limited. Office Yield Differentials - Westpac The differential between prime and secondary office yields sat at 108 basis points as at June 2006, close to record lows. This is due to secondary office yields firming at a faster rate than prime yields over the last three years. Australian Economic Indicators - ABS The publication contains statistics under the following headings: national accounts, international accounts, consumption and investment, production, prices, labour force and demography, incomes and labour costs, financial markets, state comparisons and international comparisons. Townsville Unit Report - PRDnationwide The Townsville Unit market surged ahead during the June 2006 quarter. There were 130 unconditional sales of new units in the Townsville region during the quarter with gross sales of approximately $45.65 million.

[Thursday, September 28, 2006] GE Real Estate on a roll GE Real Estate continues its move into the medium size, solid yield commercial property market announcing acquisitions in Sydney yesterday and in Brisbane today, and the buzz says there's more to come. North Melbourne site to be developed A residential development site in North Melbourne has sold at auction for $1.75 million. A private developer purchased the property with plans to use the existing permit for a six storey residential building. Warehouse purchased before auction A warehouse in the Sydney suburb of Redfern has sold before auction for $1.6 million through selling agent Georgia Cleary of Bradfield and Pritchard. Boom or bust for bulky goods Rents in the Melbourne bulky goods market continue to grow, albeit at a lesser rate, and investment levels in the market remain strong as yields continue to tighten. However, as discretionary spending falls the future of the market is market is not so rosey, according to LandMark White. Australian foreign investment multiplies Australian property investors have an increasing interest in European markets, spending over four times the amount in overseas investments in the first half of 2006 compared to the same period last year, according to Jones Lang LaSalle Research. Owner-occupier buys warehouse A local owner-occupier has purchased a freestanding warehouse in Lakemba, Sydney, for $2.55 million. Healthscope offloads five hospitals Healthscope Limited has entered into an agreement to sell five of its hospital businesses to Healthe Care Australia Pty Ltd, and the real estate of four of these hospitals to SAITeys McMahon. The sale price totals $63.2 million, which compares favourably against the book value for the assets of $38 million. Job Vacancies - ABS Total job vacancies in August 2006 were 156,700, an increase of 3.8% from May 2006. The number of job vacancies in the private sector was 139,900 in August 2006, an increase of 4.1% from May 2006. The number of job vacancies in the public sector was 16,800 in August 2006, an increase of 2.0% from May 2006. Property Investors Survey Report - AMW A very slight easing in the intent to invest with 60.0% of respondents stating that they were likely to invest in the property market in the next six months. Over 45% selected residential property as their investment of choice with an improvement in support of 1.3 percentage points. Despite a 5.7 percentage point drop in support, Queensland remains the state that most property professionals believe offers the best potential for investment returns in the next six months. Cairns Unit Report - PRDnationwide The Cairns unit market surged ahead during the June 2006 quarter, with 257 unconditional sales recorded and gross sales for the quarter estimated at $81.55 million. Volumes are up 30% from the March quarter, and supply has fallen further to 13.4 months, down from 15.1 months last quarter. Greater Townsville Property Report - PRDnationwide In the year to March 2006, Greater Townsville's median house price growth slowed marginally to 11.1% to $270,000, enjoying a five year growth of 15.7% per annum. In the same period, the median price of established units in Greater Townsville increased 14.8% to $214,750, recording 10.6% growth per annum over the past five years.

[Wednesday, September 27, 2006] Portfolio auction scores 7 out of 9 A portfolio auction conducted by Burgess Rawson has seen seven of the nine properties sell either at or before auction. The seven properties achieved a combined sale price of $7.18 million with an average yield of 7%. Windsor on Kent woos Wentworth Wentworth Holdings Limited has acquired the management rights to the Windsor on Kent boutique apartment complex in the Sydney CBD, and plans to establish an office base in the city as part of the acquisition. Industrial site sells for $345 per sqm An industrial development site in Ingleburn, NSW, has been purchased by an owner-occupier for just over $1 million. Exhibition Street carpark fetches $24 million Trinity Funds Management Group has acquired the carpark component of 333 Exhibition Street in Melbourne for $24 million. The vendor was OFM Investment Group. Required strata works a $10 billion problem Australia's one million strata scheme units, home to two million people, require billions of dollars of maintenance. According to figures from Strata Finance there is nearly $3 billion of works required in New South Wales alone. ACT Stats - ABS This series comprises selected topics containing information, tables and graphs relating to the Australian Capital Territory. For comparison some other state data is also included. Paddington Residential - PRDnationwide The Paddington unit market has performed the best out of houses and land, recording the largest rate of growth over the year. The median unit price has grown by $146,000 over the last five years, which equates to 11.9% per annum growth, and 11.2% growth over the year ending March 2006.

[Tuesday, September 26, 2006] CBD restaurant sells under the hammer A Melbourne restaurant leased to Zest Restaurant & Bar has been purchased at auction for $2.91 million. A local investor secured the property on a yield of 8.5%. Mixed-use buildings yield 5.5% Two adjoining mixed-use buildings in Sydney's Blue Mountains have sold before auction for $2 million. The fully leased commercial and retail premises were purchased on a 5.5% yield. Southport site to be developed A residential development site in Southport, Queensland, has sold at auction for $1.2 million. The property was purchased by Locke Street Property Pty Ltd who intends to utilise the existing DA for 10 townhouses. Clearance rates up in Townsville Strong house and unit sales activity in Townsville and Thuringowa, growth in population and continued interest from investors is driving the residential property market in the Townsville region. According to research by Colliers International, the market remains strong and clearance rates are robust. Local manufacturer snaps up Bayswater property A factory and warehouse building in Bayswater, Melbourne, has sold under the hammer for $670,000. The property, which includes office space, was purchased by a neighbouring manufacturer with vacant possession. Canberra Office Market - Savills With current vacancy of only 2.1%, the Canberra office market is the tightest office market in the country. Total sales activity in Canberra as at July 2006 was $142.86 million. This has already exceeded 2005 where $116.65 million worth of sales activity occurred. This indicates medium to long-term potential development opportunities. Airlie Beach Snapshot - PRDnationwide The property market in Airlie Beach is changing rather dramatically. The new developments at Whisper Bay will lift the market's average prices tremendously. The unit market in Airlie Beach continues to show strength, despite historical fluctuations in the median price. South Australian Stats - ABS This is a quarterly data release and represents an overview of a number of economic, social and environment statistics. The topics covered include demography, state accounts, consumption, investment, production, prices, labour force, incomes, housing finance, and environment.

[Monday, September 25, 2006] First asset for Becton office trust Becton Office Property Trust has purchased 422 Little Collins Street in Melbourne. The property was bought on a yield of 8.29% from 54 Shannon Avenue Pty Ltd and Stormyvale Pty Ltd. Shops sell on 7.9% yield Eight fully leased shops in Kerang, Victoria have sold after auction for $1.86 million. A private investor purchased the property on a yield of 7.94%. Rare Melbourne CBD sites sells Offered for the first time in over fifty years, one of the last remaining vacant sites in the Melbourne CBD has sold under the hammer for $3.28 million. Coburg camping store sells on 4% yield A single storey showroom occupied by a camping products retailer in Coburg, Victoria, has sold under the hammer for $2.25 million. The sale price reflects a yield of 4% gross. Service station sells under hammer A service station in Greenacre has sold at auction for $1.855 million. The property has approval for a mixed use retail and residential development but was purchased by a local investor whose initial plans are to operate the service station. Becton acquires two retirement sites Becton has purchased two new sites located in Hawthorn and Rowville for its retirement business for $5.25 million and $11.84 million resepectively. Melbourne Office Snapshot - Laing + Simmons The Melbourne CBD market experienced a 0.8 percentage point decrease in their office vacancy, dropping from 8.3% in January to 7.5% in July, which is the strongest result since January 2003, according to the Property Council of Australia. Australian Demographic Statistics - ABS The Australian population grew 0.4% during the March quarter 2006. Natural increase and net overseas migration contributed 40% and 60% respectively to this total population growth. All states and territories experienced positive population growth over the March quarter 2006. Western Australia recorded the largest percentage gain (0.6% or 11,800 persons). Townsville Unit Report - PRDnationwide Gross sales volumes are up 73% with 130 unconditional sales recorded during the June-06 quarter, versus 75 sales in the March-06 quarter. Correspondingly, the gross sales value is up recording $45.65 m versus $28.5 m last quarter. Townsville Outer dominated sales, accounting for 79% of all transactions, with 103 sales recorded.

[Thursday, September 21, 2006] Retail property sells on 6.7% yield A fully leased retail property has sold at auction showing a 6.7% yield. The South Australian property was purchased in a tightly held area by a local investor for $3.5 million. Kensington property sells for $1.66 million at auction A mixed-use commercial and residential building in Kensington, Sydney, has sold under the hammer for $1.66 million, reflecting a 4.65% yield. Coles to cut 2500 jobs Coles Myer released its annual results today, highlighted by an 82.4% increase in net profit. However it was the announcement that 2500 support jobs would be cut, and that executives would be taking home less, that seems destined to dominate the headlines. Change in management for Chevron Renaissance The Towers of Chevron Renaissance will be managed by the Accor Group from 1 December 2006, the Raptis Group announced today. Accor will replace S8, who previously held the management rights. Gold Coast office market tipped to roll on Solid supply and absorption of office space on the Gold Coast is expected to continue, according to LandMark White. Vacancy rates in most sectors are anticipated to remain below 10% in the short term as increased interest from funds and listed property trusts continue to strengthen the investment market. Sunshine Coast beats Brisbane in unit sales A recent Sunshine Coast unit report released by PRDnationwide has revealed that this segment of the property market continues to track well, as it surpassed Brisbane CBD unit sales by 14 for the June 2006 quarter. Melbourne Residential Market - PRDnationwide This report analyses the residential apartment market in Melbourne, with a specific focus on the inner city areas of CBD, Docklands and Southbank. It analyses the past and current state of the market particularly in terms of growth in population numbers, dwelling numbers, vacancy rates and rental rates.

[Tuesday, September 19, 2006] Abacus sells Kings Park property for $19.6 million Abacus Property Group has sold an industrial property in Kings Park, in western Sydney, for $19.6 million. The sale represents a net profit of $2.5 million over the current book value of the property. Alexandria warehouse sells under the hammer An owner-occupier has purchased a warehouse at auction for $1.35 million. The buyer plans to remodel the one storey building into a sculpting studio and residence. Industrial unit sells for $1472 per sqm A strata industrial unit in Milperra, Sydney, has been purchased by a local owner-occupier for $777,500. Sydney expected to lead recovery Sydney has been tipped to lead a national property market recovery as early as 2008, with investors likely to return to take advantage of record low housing stock levels and a climate of rising rental yields, according to independent property analyst Michael Matusik. Big month at Forest Ridge The Forest Ridge residential development at Narangba, north of Brisbane, has recorded its highest monthly sales figure since the peak of the property boom in 2003. A total of 22 sales were completed in August, worth a total of $3.8 million. Brisbane CBD Office Market - Savills Apart from several periods of negative absorption in office space in the early 1990s, the Brisbane CBD has mainly enjoyed a positive annual uptake of office space over the last 10 years, averaging more than 29,000 sqm annually. Current CBD Stock is 1.71 million sqm and the vacancy rate at 1 July 2006 was at a record low of 2.3% (39,354 sqm). Sunshine Coast Unit Report - PRDnationwide During the June 2006 quarter there were 94 unconditional new unit sales reported on the Sunshine Coast. There were 705 new units available for sale on the Sunshine Coast at the end of the quarter. Based on current levels of demand this suggests the Sunshine Coast new unit market has approximately 22 months of supply remaining.

[Monday, September 18, 2006] Industrial sales net $3.77 million Two adjoining industrial properties in West Melbourne have sold through an Expressions of Interest campaign conducted by agents Blount Osborne Walsh for a total of $3.77 million. Both have been purchased by owner-occupiers for either their occupancy or development. Ipswich guesthouse sells for $1.4 million A guesthouse in Ipswich has sold under the hammer for $1.4 million. The property comprises two buildings with competitive bidding achieving a price $200,000 above the reserve. Richmond retail sells on 5.65% yield A single storey retail shop in Richmond, Melbourne, has sold under the hammer for $1.415 million. The property, leased to Luggage Land, was purchased on a yield of 5.65%. Bright outlook for hotel markets The outlook for continued strong growth in hotel trading performance across the Asia Pacific region remains positive, according to Jones Lang LaSalle Hotels latest Hotel Investor Sentiment Survey. Investors are increasingly aligning their investment criteria to seize the opportunity to enter the market. Parramatta Office Market - Savills Parramatta market's vacancy has risen from 9.2% to 10.8% due to an increase of 20,685 sqm of new supply as at Jul 2006 and negative netabsorption of 536 sqm.Parramatta's vacancy level has risen by 1.8% over the past 12 months, 1.6% of which occurred in the past 6 months. Queensland Key Statistics - ABS This report contains the following selected tables on key economic and social indicators for the Queensland economy - population and vitals, employment and unemployment, wages and prices, building, finance, trade and tourism.

[Thursday, September 07, 2006] Villa World unveils Mount Cotton project Villa World has acquired a 198 hectare site at Mount Cotton in Queensland with plans to complete the master-planned community currently known as Mount Cotton Village. The parcel was purchased for just over $31 million. Lansvale office/warehouse sells for $2.27 million A freestanding office and warehouse building in south western Sydney has sold at auction for $2.27 million. Competitive bidding pushed the price $336,000 above the reserve, setting a new record for properties sold in the same category. Work begins at Breakwater Quays Queensland based developer Consolidated Properties has commenced construction of its $1 billion Breakwater Quays leisure project in Townsville. Consolidated will develop the waterfront residential and leisure precinct in a joint venture with Mirvac and financial services group City Pacific Limited. JV partners to reposition Brisbane building APH and Anthony Moreton Group will outlay $100 million to jointly redevelop an existing office tower located at 545 Queen Street in the Brisbane CBD. The nine storey building will be transformed into a modern commercial tower comprising 13,000 sqm of A Grade office space and 120 car spaces. Village Centre projects nears completion The Indigo Group is set to complete its $150 million residential and retail development, The Village Centre, later this month. The project forms part of the Kelvin Grove Urban Village community development in Brisbane. Economy slows in June quarter The Australian economy slowed significantly in the June 2006 quarter, vindicating the decision by the Reserve Bank to leave interest rates on hold, according to the Housing Industry Association. Rate rises threaten median values in QLD Median values on Queensland residential properties could fall by 5% in 2007 if the Reserve Bank of Australia continues to increase interest rates, according to independent property analyst Michael Matusik. The RBA yesterday kept the bank rate at 6.0%. Site shortage in Sydney CBD There is a distinct shortage of premium sites available in the Sydney CBD and few office developments currently underway. The remainder of 2006 is due to see approximately 24,560 sqm of office supply enter the market, 85% being refurbished supply, according to the latest research by LandMark White. Labour Force, August - ABS The trend unemployment rate rose from 8.3% in August 1996 to 8.4% in February 1997, before falling to 6.1% in September 2000. After rising to 7.0% in October 2001, the trend fell to 5.1% in July 2005. The trend rose slightly to 5.2% in December 2005, before falling to stand at 4.8% in August 2006. Gold Coast Unit Watch, Aug 06 - PRDnationwide There were 441 unconditional sales of new apartments reported during the June 2006 quarter. Seven new projects were reported for the first time during the quarter, adding 715 apartments to the total unit market. Approximately 45% of the apartments sold during the quarter were located in one of the seven new projects to enter the survey.

[Wednesday, September 06, 2006] Commercial auctions: volume up, clearance down Close to 250 commercial properties were offered to auction nationally during August with only 58% successfully selling. The increased volume of listings put pressure on the market, resulting in the lowest clearance rate for the year according to independent property analyst, CPM Research. Penrith retail building sells under the hammer A Western Sydney single storey retail building occupied by a national tenant has sold at auction for $2.51 million, reflecting a yield of 5.12%. Crows Nest building sells on sub 5% yield A mixed-use retail and residential property in North Sydney has sold under the hammer for $1.678 million, reflecting an initial yield of 4.9%. A private investor snapped up the fully leased property, which is located in Crows Nest. Median house prices patchy across the country The latest figures show that median prices for established housing are patchy across Australia, according to Mortgage Choice/REIA Real Estate Market Facts released today. Australian National Accounts, Jun 2006 - ABS In trend terms, GDP increased by 0.5% in the June quarter. GDP per capita grew by 0.2%, real net national disposable income grew by 1.1% and GDP per hour worked in the market sector increased 0.4%. The strongest contributions to growth were from Construction, up 0.3 percentage points, and a range of other industries up 0.1 percentage points.

[Tuesday, September 05, 2006] Melton to morph into major growth centre Melton Shire Council today launched a $15 billion initiative to establish the area as a major growth centre for Victoria. The initiative includes a strategy to develop 32,000 homes for 90,000 people by 2030, and to attract $6 billion of business investment into the area. New home for National Foods Equity Pacific Capital Partners is to develop a new corporate headquarters for National Foods in Melbourne's Docklands precinct. National Foods has signed a heads of agreement for the $100 million project on a site fronting Bourke Street, adjoining AXA's new headquarters to the south and Telstra Dome to the north. Negative equity warning for eastern Australia Mortgage broker AFG has warned that negative equity has returned to haunt property markets in the eastern states, with certain property types in Sydney having declined by as much as 20% in the past twelve months, and some in Brisbane and Victoria also being adversely affected. MFS divests QLD industrial asset The MFS Diversified Trust has exchanged an unconditional contract with an undisclosed party for the sale of an industrial property in Morningside, Queensland. Sierra Grand sales surpass $68 million With initial site works well underway on the $200 million Sierra Grand development in Broadbeach, Surfers Paradise, agent PRDnationwide reports that sales have now eclipsed $68 million. Wentworth grows VIC portfolio Wentworth Holdings Ltd has acquired three Crowders Real Estate offices located in Frankston, Carrum Downs and Mt Eliza in Victoria. The offices will form part of Wentworth's growing real estate and property management network. Government Finance Statistics - ABS In seasonally adjusted chain volume terms, total general government final consumption expenditure increased by 1.1% in the June quarter 2006. General government gross fixed capital formation, in seasonally adjusted chain volume terms, increased by 5.3% in the June quarter 2006. Nelly Bay Harbour Snapshot - PRDnationwide Nelly Bay Harbour is an emerging residential, tourism and commercial precinct. Upon completion it will be capable of supporting 547 rooms or 1160 bed spaces. Based on 70% of beds going into holiday letting and assuming occupancy rates of 50%, 191 rooms or 406 beds could be occupied in the harbour per night, equating to approximately 70,000 room nights or 148,000 bed nights per year. Performance of Services Index - AIG Services sector activity remained flat in August, with improved growth in the business related sectors offset by more mixed conditions in the consumer based sectors. The seasonally adjusted Australian Industry Group Commonwealth Bank Performance of Services Index fell by 0.2 points to 50.2, remaining marginally above the 50.0 level separating expansion from contraction.

[Thursday, August 31, 2006] Viking purchases 40ha freehold Viking Industries Limited have acquired the freehold over the Port of Brisbane Corporation's 40 ha Hemmant Marine Industry precinct for $45.5 million. Viking also plans to buy the long-term sub-lease on an undeveloped 13 ha site at the Hemmant precinct for $10.48 million, pending shareholder approval. Warehouse project planned for Wacol Stockland today announced the purchase of an industrial site in the strongly performing Brisbane market for $23.1 million. The company has entered a joint venture agreement with De Luca Properties to develop the ten hectare site into an industrial estate with the potential for over 50,000 sqm of warehouse facilities, with an end value of approximately $75 million. Coogee development sold A development site in Sydney's south east has sold to a local developer at auction for $2.56 million. The joint selling agents were N G Farah Real Estate and Raine & Horne. New commercial precinct for Bundall Property and funds management group Cromwell Corporation Limited plans to develop a new $400 million office and retail precinct in Bundall on the Queensland Gold Coast over the next five to seven years. Homemaker centre gets the green light Pivot Group and Harvey Norman have been granted planning approval for one of Australia's largest homemaker centres to be developed on the former Nylex site in the south east Melbourne suburb of Mentone. Centenary Square sold for $66 million Joint Venture partners Trafalgar Corporate Group and Laing O'Rourke sold their Centenary Square development to Fortious Funds Management for $66 million. The sale is unconditional. Sydney housing market troubles bulky goods retailers Sydney's bulky goods retail market is the worst performing market in Australia due to new land release and housing affordability, according to the Bulky Goods Retailers Association. New home sales down 3.6% The widely anticipated second rate rise in early August took a further bite out of new home sales in the preceding month of July, according to figures released today by the Housing Industry Assocation. Home loan affordability down across the board Home loan affordability worsened in every state and territory in the June quarter 2006, with the exception of Tasmania where it was unchanged, according to the Deposit Power/Real Estate Institute of Australia Home Loan Affordability Report released today. Melbourne residential maintains momentum Despite uncertainty in the interest rate environment, the underlying fundamentals of the residential markets in Victoria, particularly metropolitan Melbourne, remain positive with low unemployment, strong auction clearance rates and tightening vacancy rates, according to research by LandMark White. Brisbane Unit Report - PRDnationwide During the June quarter the Brisbane Inner City and Fringe new unit market has recorded its lowest number of sales since the March 93 quarter with 80 unconditional unit sales reported across 30 projects. This result is not surprising given the current market sentiment and a number of external factors such as the increases in fuel prices, interest rates and construction costs. Private New Captial Expenditure - ABS The trend estimate for total new capital expenditure increased by 2.6% in the June quarter 2006. It rose by 1.1% in seasonally adjusted terms after a small increase (0.6%) in the March quarter 2006.A seasonally adjusted increase in building and structures (up 7.2%) has been the source of growth this quarter, mainly driven by Mining.

[Wednesday, August 30, 2006] Ingleburn office sold for $4.46 million A two level office at 68 Oxford Street in Ingleburn, in Sydney's south-west, was sold to an investor at auction by Savills and Ray White Industrial for $4.46 million, representing a 9.47% yield. Bulky goods oversupply concerns The bulky goods sector is continuing to expand throughout Australia despite concerns of oversupply along the nation's eastern seaboard, according to Jones Lang LaSalle Research. Melbourne is the main focus for the large influx of space, with 107,000 sqm due to complete in 2006. Residential construction activity up 2.7% According to figures released today, a continuing large pipeline of work has fed into modest growth in residential construction in the June 2006 quarter. Outlook for Australian Property Markets - Westpac This report provides a brief overview of where the five major property sectors, office, retail, industrial, residential and hotels, are heading between 2006 and 2008. Highlighted are some of the key factors that investors and developers should watch for in the near future. Sector specific reports that examine each market more closely are also provided. Retail Trade, Australia - ABS Turnover for the Australian Retail and Hospitality/Services sector increased by 5.2% in July 2006 compared with July 2005. Chains and other large retailers increased by 6.9%, while 'smaller' retailers increased by 2.9%. Construction Work Done, Australia - ABS The seasonally adjusted estimate of building work done rose 3.9% in the June quarter 2006, to $14,973.8m. Residential building rose 2.7% to $9,140.2m. Non-residential building rose 5.8% to $5,833.5m. Total construction work done rose 3.6% to $25,582.7m in the latest quarter.

[Tuesday, August 29, 2006] "Golden Mile" sold for $9.4 million A furniture showroom in one of Melbourne's premier bulky goods precincts has been sold for $9.4 million, representing a yield of 6.5%. The property was sold after auction to an investor by Gross Waddell. PrimeLiving acquires Elliot Gardens PrimeLiving Trust has acquired the Elliot Gardens Retirement Village located at 18 Montpelier Terrace in Port Elliot, South Australia. The retirement living trust is jointly owned and managed by Primelife Corporation Limited, Babcock & Brown Limited and MFS Limited. Mount Martha site sells for $7.5 million A Queensland based retirement housing developer has acquired a major development site, complete with development permit, in Mount Martha, Victoria, for $7.5 million. The site is fully approved for 111 independent living units and 59 serviced apartments. BJT boosts Japan portfolio Babcock & Brown Japan Property Trust has purchased four Japanese retail properties for ¥12.8 billion (A$144 million) on yields ranging from 4.8% to 7.4%. The properties are located in Okinawa, Tokyo and Hokkaido. Townsville Property Watch - PRDnationwide The greater Townsville housing market has performed solidly in recent years with strong growth in both sales volumes and median price. Unit sales activity has also been strong, rising from 155 transactions in the March 1996 half year to 402 in the March 2006 half year, well above the ten year average demand of 315 units.

[Friday, August 25, 2006] Mount Waverley retail shop sells A prominently positioned retail property in Mount Waverley, Melbourne, has sold under the hammer for $377,500. The sale price equates to $2658 per sqm of building area. Gold Coast unit market slows The broader Gold Coast residential market has continued at a much slower pace in terms of both sales rates and prices since the closing months of 2004, according to recent research from LandMark White. Residential Property Monitor - Westpac Housing approvals fell 4.5% in June. All major States except Queensland saw a decline in house approvals, with the largest fall in Victoria at 15%. Nationally approvals sit 20% below the peak of 2003, and are 5.5% below long term average. Brisbane Inner City Unit Report - PRDnationwide During 2005 there were 111 units which settled in the Brisbane Inner City in excess of $1 million. This represents a rate of just over two units settled a week in excess of $1 million. These 111 sales accounted for a total price of $191 million and an average sales price of $1.72 million. Assets and Liabilities of Australian Securitisers - ABS Mortgage assets, which accounted for 81.6% of total assets, were $177.8b at the end of June 2006, an increase of $12.3b (7.4%) during the quarter. During the June quarter 2006, residential mortgages increased by $12.6b (8.3%) to $165.4b. Non-residential mortgages decreased by 2.5% to $12.4b. Managed Funds, Australia - ABS The major asset movements for the quarter were cash and deposits, up $8.2b (12.5%), short-term securities, down $7.7b (-8.9%), land and buildings, up $6.0b (5.4%), long term securities, up $3.7b (4.6%), loans and placements, up $2.4b (11.0%), assets overseas, up $2.1b (0.9%), and other assets, up $1.2b (4.1%). Australian Manufacturing & China, Aug06 - AIG Australian manufacturers are experiencing increased competitive pressures in their dealings with China, while at the same time now see China as the most important market in which to grow their business outside Australia, according to a major new study released today by the Australian Industry Group.

[Thursday, August 24, 2006] Racing NSW sells HQ for $4.1 million Racing NSW has sold its headquarters in Mascot, Sydney, for $4.1 million. Regional Express Airlines purchased the property in an off-market transaction. Devine adds to Hamilton Harbour holding Devine Limited has paid $3.3 million to acquire a 2069 sqm land parcel adjoining its recently purchased Butter Board site at Hamilton, Brisbane. Historic building to be refurbished Fitzroys has sold 185-187 Lygon Street in Carlton, Melbourne, to an owner-occupier for $2.2 million. The property is situated within a prime trading area in Melbourne's Lygon Street retail, restaurant and entertainment precinct and will be refurbished for re-lease. Hawthorn office sold to developer A soon to be vacated, stand alone office building in Hawthorn has been sold at auction by agents GormanKelly. The purchaser, an undisclosed developer secured the property for $1.73 million, in line with the reserve. Melbourne retail building sells A 2 storey retail building in Port Melbourne was sold at auction to a private investor for $1.95m, reflecting a yield of 8.46%. Salisbury property sells under the hammer A warehouse and office building in Salisbury, Queensland, has sold at auction to an owner-occupier for $1.38 million. Strong demand pushed the price $180,000 above reserve according to agents, Raine & Horne Commercial. House prices and interest rates "disconnected" The latest ABS statistics show a lack of new housing and tight rental markets have put a floor under Australian house prices, according to the Housing Industry Association. Deacons off to Grosvenor Place Commonwealth Property Office Fund (CPA) has secured law firm Deacons at its Grosvenor Place office building at 225 George Street, Sydney. The firm has entered into a new lease over 9125 sqm of commercial office space. CRI raises $55 million CRI Australia Pty Ltd has raised $55 million for its first unlisted property trust, CRI Development Fund No. 1, which is now fully subscribed. The Fund will invest in commercial offices, industrial complexes, retail centres, hotels, community or educational facilities, land and infrastructure developments and residential projects, primarily on the eastern seaboard of Australia. House Price Indexes: Eight Capital Cities - ABS Annually, house prices rose in Perth (+35.4%), Darwin (+18.7%), Hobart (+7.4%), Adelaide (+7.3%), Canberra (+6.7%), Melbourne (+5.5%) and Brisbane (+4.5%). House prices fell in Sydney by 0.5%. Quantity Surveyor BRIX Building Survey - Westpac Australia's Quantity Surveyors expect future workloads to continue rising over the first three quarters of the survey period. The level of confidence peaks in the December quarter 2006, with a net balance of 34% of respondents expecting workloads to increase. European Economic Forecast - S and P After several years of sluggish growth, the Eurozone economy is on track to register its best performance so far this decade in 2006. Two key factors explain this shift: the return of the consumer, and a surge in business investment.

[Wednesday, August 23, 2006] JV launch industrial development trust Brickworks Limited and the Macquarie Goodman Group have established a new property trust that will develop and own prime industrial facilities in the western Sydney industrial areas of Eastern Creek and Erskine Park. The joint venture partners will have a 50-50 interest in the trust. MFS purchases Outrigger Investment and financial services group, MFS Limited has purchased the Australian and New Zealand operations of the Hawaii-based Outrigger Accommodation Group for $120 million with plans to roll the assets in with their recently acquired THL properties creating a single tourism investment vehicle. New Stockland fund raises $75 million Stockland has closed its first residential land development fund, the Stockland Residential Estates Equity Fund No.1 (SREEF1), oversubscribed after raising $75 million from wholesale investors. Homemaker centre to be built in Hervey Bay Sydney-based developer Benchmark Australia has won approval to build a $70 million, 25,000 sqm retail Super Centre in Hervey Bay. Mona Vale development site sold A residential development site at Mona Vale on Sydney's northern beaches sold at auction to a developer yesterday for $3.610 million, well over the reserve. Savills centre reaches 100% occupancy Priceline Pharmacy has signed a long term lease over 330 sqm at Lillybrook Shopping Village in Kallangur, in Brisbane's south east. The lease takes the Savills managed centre to 100% occupancy. Tyre centre sold for $2.05 million An automotive and tyre centre in Sydney's southern suburb of Hurstville sold to an investor at auction yesterday for $2.05 million. Three properties auctioned for $5.61 million Burgess Rawson sold three properties to separate investors at auction yesterday in Wagga Wagga, Yennora and Dee Why for a total of $5.61 million. Townsville's population growth The population of Townsville is estimated to grow more than 15% or 25,105 to over 185,000 by 2012, according to Colliers International Research. The Australian Bureau of Statistics estimates for Townsville and Thuringowa in June 2005 were 100,772 (63%) and 59,231 (37%) respectively, having a combined total of 160,003 residents. Wentworth acquires another Hooker Wentworth Mutual continues to grow its portfolio with the acquisition of the real estate and property management operations of LJ Hooker Cheltenham in Victoria. The deal takes Wentworth's properties under management in Victoria to over 3000, and nationally to over 8000.

[Tuesday, August 22, 2006] Trinity to reposition St Leonards office Trinity has purchased a commercial property in St Leonards on Sydney's North Shore for $23 million, reflecting an initial yield of 8%. The tower has a short lease expiry profile and Trinity plans to refurbish the building and reposition the property. MAB to develop in Melbourne's north MAB Corporation has acquired a 24 hectare high profile industrial landholding on Metropolitan Ring Road in Thomastown, in Melbourne's north. The newly acquired site is located 17 kilometres from the Melbourne CBD and will be redeveloped into an MAB Business Park. Rare CBD retail strata auctioned Four vacant retail strata lots in the Sydney CBD, totalling 1001 sqm, were put to auction last week by Drake Property on behalf of mortagee in possession, Capital Finance Australia. Aspen settles Port Augusta park Aspen Group has settled the purchase of the Port Augusta Big 4 Holiday Park in South Australia for its Aspen Parks Property Fund. The purchase price is $6.15 million. Labour Force Trends in Western Australia - ABS The largest employing industries in Western Australia in terms of share of total employed persons were Retail trade (15.1%), Property and business services (11.8%), Health and community services (9.7%), Manufacturing (9.5%) and Construction (9.1%).

[Monday, August 21, 2006] Flight Centre House sells for $35.5 million Flight Centre has agreed to sell its Brisbane CBD headquarters to AMP Capital Investors for $35.5 million. The listed travel agent committed to a new lease over 70% of the property which runs until 2013. Gallery sold for $2.38 million A fine art gallery in Sydney's Circular Quay sold last week a day after being withdrawn from auction. A private investor secured the property for $2.38 million on a 6% yield. Industrial site sold for $1.333 million A large industrial development site on the Gold Coast sold at auction last week to an undisclosed investor for $1.333 million. The site is located at 29 William Banks Drive in Burleigh Heads, close to the M1 motorway. ING buys new Red Cross HQ The ING Real Estate Healthcare Fund has contracted to acquire a 20,000 sqm purpose built facility to accommodate the Australian Red Cross Blood Service and the Queensland University of Technology. Coburg site sold at auction A 1625 sqm industrial development site in Melbourne's Coburg North has been sold at auction by Sutherland Farrelly for $594,000. It is understood that the purchaser is a local business owner who intends to redevelop the site for owner occupation. MFS acquires 96% of TLC MFS Limited has gained control of Tourism, Hotels and Leisure Limited after receiving TLC shareholder approval to control 96% of the company's issued capital. MFS plans to integrate the TLC portfolio into its Stella Resorts Group division. Abacus enters lease over NZ hotel Abacus Property Group has entered into a ten year lease with Rendezvous Hotels over the 5 star Carlton Hotel in Auckland, New Zealand. The hotel will form part of the initial portfolio of the proposed Abacus Hospitality Fund. Manufacturing Indicators, Australia, 2006 Manufacturing Indicators presents key performance indicators of the Australian manufacturing industry, including income from sales, inventories, employment, capital expenditure, Performance of Manufacturing Index (PMI), and the value of manufacturing exports and imports. Housing Equity Withdrawal & Injection - RBA Over the past decade or so, aggregate data suggests a trend increase in housing equity withdrawal in Australia, potentially stimulating household spending. However, there has been little disaggregated information on how equity is being withdrawn and injected, the characteristics of households altering housing equity, and how funds from withdrawn equity are being used.

[Thursday, August 17, 2006] Valad buys industrial complex Valad Property Group has acquired an industrial unit complex in Castle Hill, Sydney, for $33.85 million. The property will be added to Valad's ICA Property Development Fund No. 4. Caulfield chicken shop sells for $1.24 million A chicken shop in Caulfield North, in south-east Melbourne, sold at auction to a private investor yesterday for $1.24 million on a yield of 3.41%. Barcode expands in Melbourne Melbourne based Entertainment Development Group has announced plans to open two new Barcode sports and games bars in Melbourne later this year. The new venues will replace the company's flagship Barcode outlet at Crown Entertainment Complex, which will close on expiry of its lease in October. Bulky goods sector still growing The Queensland bulky goods sector continues to expand with new supply being readily absorbed by tenants and investors. Rental growth has outpaced traditional retail rents and strong investor demand has tightened yields considerably, according to the latest research by LandMark White. Cedar acquires englobo site Cedar Woods Properties Limited has purchased a 47 hectare parcel of land to accommodate the development of a new residential project at Wellard, in the heart of Perth's booming Southern Corridor, for $36 million. The company's wholesale Land Development Fund has acquired a 25% interest in the project, which is expected to commence in late 2007. Record sale for Swanston Street retail A small, Melbourne CBD retail property at 55 Swanston Street sold at auction to an undisclosed investor yesterday for $4.76 million, setting a new record in the process. Short-term Visitor Arrival, Australia - ABS The trend estimate for short-term visitor arrivals to Australia for July 2006 decreased by 0.6% compared with June 2006. This was the same percentage decrease recorded in the months of May and June 2006, each 0.6%.

[Wednesday, August 16, 2006] 460 Bourke Street sold for $18 million Property group Trinity has sold the Medicare office building on Bourke Street in Melbourne for a total of $18.39 million. The deal comprised $16.85 million for the purchase of the property and a payment of $1.54 million for the right to receive payment from the current tenants at the end of its lease in June 2007. Retirement centres sold Retirement Care Australia will sell six of its smaller aged care centres as a going concern for a combined total of $16 million, and is in advanced negotiations to sell a seventh on the same basis. IAG renew lease, plan upgrade Insurance Australia Group has renewed its lease for 35,222 sqm of office space at IAG House, 388 George Street in the Sydney CBD. The new lease will commence from November 2008 for an initial term of 10 years with two five year options. Industrial market increasingly tight Larger institutional investors are being forced to look off-shore for opportunities in an increasingly tight national industrial property market, according to Colliers International's latest Industrial Market Indicators Reports. Melbourne Industrial Market Indicators - Colliers Melbourne's industrial englobo land market has performed exceptionally well with 496 hectares sold to date in 2006 and another 188 hectares in the pipeline. Total sales for 2006 are expected to double the 336 hectare englobo land sales figure from 2005. Adelaide Industrial Market Indicators - Colliers Infrastructure activity in South Australia is driving the industrial market as developments are set to open up opportunities in areas previously not populated by industry users. This will significantly open up transport routes and reduce travel time, a major attribute in promoting South Australia as a competitive industrial home. Labour Price Index, Australia - ABS The industries recording the largest increases in the Wage Price Index for the period through the year to June quarter 2006 were Electricity, Gas and Water (6.9%), Mining (5.9%) and Construction (5.5%). Amongst the broad occupation groups, the highest increases were for Intermediate Production and Transport Workers (4.8%), Tradespersons and Related Workers (4.7%) and Professionals (4.5%).

[Tuesday, August 15, 2006] Gross Waddell auction gets 100% A portfolio of properties put to auction last week by Gross Waddell achieved 100% success with a mix of mainly retail properties in Victoria and Tasmania. All up the thirteen properties auctioned netted $15.13 million with yields ranging from 3.6% to 7.7%. Trendy delicatessen sells for $2.32 million An up-market delicatessen in Melbourne's renowned food precinct of Lygon Street, Carlton sold at auction to an undisclosed investor last week for $2.32 million, reflecting a yield of 3.64%. New owner converts Moe Hospital Melbourne private investor Sam Suleman has invested more than $10 million for the former Moe Hospital in south-east Gippsland, Victoria, with the intention of maximising the property's significant rental potential. Citigate Sebel sells for $60 million In one of the largest hotel transactions in Australia this year, the Schwartz Family Company has splashed out $59.25 million for the Citigate Sebel Sydney. The hotly-contested deal was brokered by Jones Lang LaSalle Hotels on behalf of the Singapore-based owners, Apollo Enterprises Ltd. Braeside property sells in a flash An owner-occupier has paid $1.32 million for an office/warehouse building at Braeside, in Melbourne's south-east, within 48 hours of it being put on the market. The purchase price equates to $1000 per sqm. Brisbane's George Street bouncing back Brisbane's George Street is set to burst back into life as a vibrant retail precinct, with over $1 billion worth of projects underway at development application, approval or advanced stages. Two Yarraville warehouses sold Two older style industrial properties in Yarraville were sold by DTZ Australia at prices of $500,000 and $410,000 respectively last week. The properties are fully leased and located 10 minutes from the Melbourne CBD. China on the map for Aussie investors Australian investors including Macquarie Global Property Advisors and Macquarie Goodman have been part of the foreign investment influx in first tier Chinese prime assets in the last two years. ACT Stats - ABS The ACT unemployment rate for both males and females has fallen from a peak of around 8% in November 1997 to around 3% in January 2006. International Trade in Goods and Services - ABS The trend estimate of the balance on goods and services in June 2006 was a deficit of $1,305m, an increase of $62m on the deficit in May. In seasonally adjusted terms, the balance on goods and services in June 2006 was a deficit of $722m, a decrease of $1497m on the deficit in May.

[Monday, August 14, 2006] Becton purchases North Sydney office Becton Property Group has announced the addition of a landmark North Sydney office building to its Sydney portfolio. Sunland launches unlisted fund Sunland Group Limited has launched the unlisted Sunland Diversified Land Fund, and aims to raise $19.9 million. Investors will participate in returns generated from the development and sale of residential lots across three subdivisions located in Queensland and Victoria. Residential unit projects decline Fewer residential projects within the Brisbane inner city and fringe areas are creating numerous challenges within the housing market, according to PRDnationwide's Quarterly Inner City & Fringe Unit report. Housing affordability drops 5.3% Housing affordability for first home buyers has dampened due to higher interest rates and resilient house prices, according to figures released today from the HIA/Commonwealth Bank Affordability Report. Strong sales for Sydney strata The recently refurbished City Mutual building at 66 Hunter Street in Sydney's CBD has recorded sales rates between $7000 and $7500 per sqm, with strong interest from investors and owner occupiers. Central City Accommodation Update - Charter Keck Cramer After limited supply in the early 1990s, sustained new accommodation development in Melbourne's Central City region has occurred over the last decade. There have been 2835 new hotel rooms and 3234 new serviced apartments completed since 1996. New serviced apartments are anticipated to outweigh hotel rooms as a long term trend not only in the Central City, but across suburban and regional locations.

[Thursday, August 10, 2006] Huntingdale industrial gains 40% An industrial property in Huntingdale has been sold off-market to an owner occupier for $2.55 million. The property last sold in 2003 for $1.8 million. Ringwood property sold at auction A property formerly occupied by Melbourne Water, located at 2a Maroondah Highway in Ringwood was purchased at auction today. Magenta sales exceed $87.6 million Mirvac Group has released the first stage of its Magenta Shores residential development generating $87.6 million in sales. A total of 132 properties, comprising 80 villas, 42 golf houses and 10 beach-front houses were released resulting in the exchange of 92 contracts. Retail growth likely despite interest rate rise Positive retail trade growth in 2006 is likely to continue despite the recent rise in interest rates, according to the latest Jones Lang LaSalle Research retail statistics. Figures for the June 2006 quarter showed that continued tenant demand has provided steady rental growth in all regional, subregional and neighbourhood markets. Retail property yields hit all-time low Retail property yields are now in new territory and many market participants are voicing concern that retail yields are as low as they can go, according to new reports from economic forecaster BIS Shrapnel. Strata Office: Sydney/North Sydney - LandMark White Sales volume across the Sydney CBD strata office market has fallen considerably in recent years from the high level seen during the re-emergence of this market in 2001-2003. Capital growth rates were generally maintained through to 2005 with average values peaking at $5,568/sq m reflecting 7.68% per annum average growth over the last eight years. However, analysis of the first six months of 2006 indicates capital values falling 8.41% to $5,100/sq m, the lowest average recorded since 2003. Student Accommodation or Self-Contained Student Apartments - Charter Keck Cramer The student accommodation property market is often misunderstood despite it having become a submarket in its own right, given the recent strong growth in both demand and supply. Whilst this market was initially concentrated in the CBD and North CBD Fringe (primarily Carlton and North Melbourne) it has since spread to the suburbs around major university campuses. Labour Force, Australia - ABS Employment increased by 50,700 to 10,247,500. Full-time employment increased by 27,100 to 7,305,300 and part-time employment increased by 23,600 to 2,942,300. Unemployment decreased by 14,100 to 513,900.

[Wednesday, August 09, 2006] Melbourne retail building sells on 5.8% yield A fully tenanted Melbourne city building sold under the hammer yesterday through agents Kliger Wood for $2,827,500. The property was placed on the market at $2.6 million and multiple bids were registered before a private investor secured the building on an initial yield of 5.8%. IHF acquires Melbourne hospital The ING Real Estate Healthcare Fund today announced it has contracted to purchase the freehold interest in Cedar Court Rehabilitation Hospital in Melbourne's eastern suburbs for $12.9 million, as well as three adjoining commercial properties for a further $2.8 million. Residex reckons rate rise not too bad Property statisticians Residex predict a slight reduction in growth rates in the coming year following the Reserve Bank's latest decision to raise interest rates, however the results are not expected to be hugely detrimental to the average buyer. Melbourne's Prime Street Front Shops - Savills Melbourne is the street front shop capital of Australia. This is one reason it has less enclosed retail floorspace per capita than other capital cities. Street front shops more readily reflect retailing trends because the entire strip of shops is not controlled by the one owner whilst a shopping centre is. Overseas Arrivals and Departures - ABS Trend estimates for short-term visitor arrivals to Australia during June 2006 (456,000 movements) decreased by 0.6% compared with May 2006. This followed monthly decreases of 0.3% for April 2006 and 0.4% for May 2006. Kawana Waters - Property Report - PRDnationwide After a period of strong growth, many industry experts were uncertain as to what direction the Kawana Waters property market may take next. This report classifies Kawana Waters as the suburbs of Bokarina, Buddina, Minyama, Parrearra, Warana and Wurtulla.

[Wednesday, August 09, 2006] Stockland outlays $120 million for industrial portfolio Stockland has exchanged contracts to acquire six industrial properties in Melbourne for a combined $120 million. The portfolio was purchased on a fully leased initial yield of 7.5% and has a weighted average lease term of 4.3 years. Hotel sales tipped to top US$60 million in 2006 Global hotel transactions in 2006 will significantly surpass the US$45 billion recorded in 2005 and could even exceed US$60 billion, a 33% year on year increase, according to Jones Lang LaSalle Hotels. University Hill office suites hit the market MAB Corporation has released the first commercial suites at its University Hill project at Bundoora in Melbourne's north. Construction of the office component is expected to commence at the end of the year with completion scheduled for April 2007. Greater Townsville Snapshot, Aug06 - PRDnationwide The greater Townsville housing market has performed solidly in recent years with strong growth in both sales volumes and median price. In the six months ending March 2006, 2187 transactions were recorded, well above the ten year average demand of 1725 houses every six months. Household Saving & Asset Valuations - RBA Over the past decade, a fairly synchronised and steady decline in household saving rates has been witnessed in some OECD countries but not in others. In these English-speaking countries, which share many similar institutional and cultural features, declines in household or personal saving appear to have been correlated with large capital gains and rapid financial innovation.

[Wednesday, August 09, 2006] AMP adds to Mt Waverley holdings AMP Capital Investors has acquired an office and warehouse building in Mt Waverley, Victoria for $13 million, adding to the fund's substantial investment holdings in the immediate area and offering a fully leased yield 8.3%. MFS moves on hotel sector Investment and financial services group MFS Limited has acquired 17% of the issued capital of listed hotel management group Tourism, Hotels and Leisure Limited and aims to acquire the remaining shares. If successful MFS will acquire the freehold, leasehold and management rights associated with certain properties managed by TLC for $26 million. Higher rates hit first home buyers hard Home lending for owner occupiers eked out a modest gain in June, but the construction segment of the market continued to struggle and first home buyers slipped further back, even before the effects of higher mortgage rates fully impact the housing sector. Chinese-theme resort for Tasmania Sabina Corporation has leased 496 hectares of Tasmania's Tonganah Forest where it plans to build a $20 million themed resort known as 'Ming Village & Eco Resort'. New building for Brisbane City Hall Following the trend of Sydney and Melbourne as well as a number of international cities, Brisbane is set to regenerate its historic district through the construction of a new 32 storey office tower linking Brisbane's City Hall. Bargara penthouse sale sets new record A luxury penthouse at Bargara, near Bundaberg has sold for $850,000, setting a new record price for the Queensland coastal region of Wide Bay. The three bedroom apartment is located in the $24 million 'C' complex that was constructed by developer CABE. Are groundscrapers taking over skyscrapers? - Charter Keck Cramer Melbourne's suburban office market currently totals over 2.6 million square metres but the question is often posed about how this stock is distributed, particularly in light of Melbourne 2030s emphasis on Activity Centres. Charter recently undertook a study to identify the changing location characteristics of office supply across Melbourne with some interesting results. Housing Finance - ABS Total value of dwelling finance commitments excluding alterations and additions increased by 1.5%, the twelfth consecutive monthly increase. The value of owner occupied housing commitments increased by 1.5%, while the value of investment housing commitments rose by 1.6%. The number of commitments for owner occupied housing finance increased by 1.3%, and the number excluding refinancing also rose by 1.3%.

[Tuesday, June 20, 2006] GE spends $120 million in Sydney GE Real Estate has acquired three Sydney CBD office buildings for $121.4 million. The properties have been divested by Valad Property Group for a $41.2 million profit over their August 2004 acquisition price. Leighton sells $600 million worth of assets Leighton Properties has pre-sold four major property developments to ISPT Pty Ltd for $480.8 million. The company, in partnership with Lend Lease Real Estate Partners 1 Limited, has also exchanged contracts with SAITeysMcMahon for the sale of 233 Castlereagh Street in Sydney for $120 million. Bulky goods boost for Bennetts Green Tipalea Partners has acquired a number of industrial buildings at Bennetts Green, near Newcastle in New South Wales, for $4 million. The company plans to convert the property into a 3200 sqm bulky goods showroom and has pre-leased 60% of the proposed space to an undisclosed national retailer. Primus signed for University Hill MAB Corporation's University Hill project has signed up Primus Australia as its newest occupant. Primus will move its Australian head office to the Bundoora Business Park, Melbourne, mid 2007 as an owner/occupier. Hillsong settles new Sydney home A former RTA site in Rosebery, Sydney, has been acquired by the Hillsong Church for circa $29 million. The church has outgrown its existing Waterloo base in Sydney and will utilise the new premises to accommodate its expanding membership numbers. The ups and downs of property The east coast residential market is in for a period of stagnation, the retail property market will have a software landing, while the national office market is on the verge of strong growth according Macquarie Real Estate's “The World Squared” report. Villa World buys remaining Pebble Beach land Villa World Limited has acquired the remaining land at Stockland's Pebble Beach project at Sandstone Point, near Bribie Island in Queensland. The deal includes 97 lots to be released in three stages, with the total end value of the project expected to be around the $31 million mark. Strong rental demand forces up house rents Vacancy rates across Australia are at all-time lows according to the March quarter's REIA/Mortgage Choice Real Estate Market Facts. Strong demand for rental properties is resulting in increased rents, with opportunities for improved residential property investment yields tipped to attract the attention of investors across the country. Real Estate Market Outlook - Macquarie Last year Australian investors were actively joining the race around the world for opportunities and yield. This year, with many property investors at home and abroad now seasoned travellers, the report looks at the fundamental drivers of real estate in the world's four dominant economies, as well as our home grown property markets. Short-term Visitor Arrival - ABS The seasonally adjusted estimate for short-term visitor arrivals to Australia for May 2006 (448,200 movements) decreased by 3.0% compared with April 2006 (462,100 movements). This followed monthly decreases of 1.0% for March 2006 and 0.8% for April 2006.

[Saturday, June 17, 2006] GHG has leasing success in Perth Publicly listed Grand Hotel Group has achieved leasing success at its Hyatt Hotel and associated commercial office complex in Perth CBD. Since February, total rental income from the office component has risen from $1.823 million to $3.375 million, and vacancy has been reduced to less than 1%. Cromwell tops up new fund to the tune of $158 million Cromwell Corporation Limited has contracted to acquire two office buildings in Melbourne and Sydney for $158 million. The properties will form part of the forthcoming Cromwell Property Fund and are being acquired from Record Realty. Boutique hotel on the drawing board in South Yarra Asian Pacific Building Corporation has commenced planning for a new multi-purpose boutique hotel development in the heart of the Chapel Street precinct in South Yarra, Melbourne. The two tower project will comprise 220 guest rooms and has been designed by Melbourne based architects Rothe Lowman. SunnyCove on the expansion trail Listed long term rental accommodation provider SunnyCove Management Limited has granted intellectual property licences for the development of apartment projects in Victoria, New South Wales and Queensland. The company's rental model targets seniors and focuses on achieving long-term growth in annuity-style revenues from management rights and related income. Sydney Office Snapshot - Laing + Simmons Laing + Simmons Commercial has witnessed a 20% increase in leasing activity in the Sydney CBD since January 2006 in comparison to the same period last year. Major leasing transactions include: Sensis signing 18,000 sqm at 175 Liverpool Street, Caltex Australia taking 9200 sqm at 2 Market Street, and Stockland signing 9000 sqm at 133 Castlereagh Street. Melbourne Office Snapshot - Laing + Simmons In an unusual offering, Australia's largest serviced office complex has opened in Melbourne at 480 Collins Street. After an $80 million redevelopment, the Collins Street Tower now offers office, retail, residential and service facilities. The Tower offers a 400 seat office complex which is available over three floors and is suitable for one to 50 people looking for short to long term serviced office accommodation. Surfers Paradise Apartment Snapshot - PRDnationwide This report is based on a study of 107 high rise apartment buildings in the Gold Coast suburb of Surfers Paradise. The report covers approximately 7600 settled apartment resales from January 1997 to the end of December 2005.

[Wednesday, June 14, 2006] Woolies leaseback hits sub 6.5% yield In breaking news, Woolworths today entered arrangements to sell and leaseback its network of 11 distribution centres around Australia. A consortium comprising the Lend Lease managed Australian Prime Property Fund - Industrial and SAITeysMcMahon has agreed to purchase the centres for $846 million. Canning Vale office/warehouse sells for $1.65 million An office and warehouse building in Canning Vale, Western Australia, sold under the hammer this week for $1.65 million. The property lies on a large, under-developed site and was offered with vacant possession. No oversupply of bulky goods space An analysis of bulky goods supply across Australia has revealed that around 1.36 million sqm in major bulky goods centres will be delivered over the next three years. According to CB Richard Ellis, once residential population growth is factored into the equation, this does not necessarily represent an oversupply. Franchising key to future growth The Accor hotel group expects a significant proportion of its future expansion to come through franchising, with four resort properties joining the Accor network in one month. The company's newest franchised addition is Rafferty's Resort at Lake Macquarie on the NSW mid-north coast, which will be rebranded Rafferty's Mercure Resort later this month. Office rents up in the east Rents are up in the Sydney and Melbourne metropolitan office markets, but Brisbane continues to lead the way with strong demand for limited space forcing up rents and underwriting new construction, according to Colliers International's Metropolitan Office Market Indicators Reports for Winter 2006. Population Projections, Australia - ABS The population projections presented in this publication cover the period June 2004 to June 2101 for Australia and June 2004 to June 2051 for the states, territories, capital cities and balances of state. Mineral and Petroleum Exploration - ABS The seasonally adjusted estimate of mineral exploration expenditure increased by $1.3m (0.4%) to $315.7m in the March quarter 2006. Queensland had the largest increase ($6.7m or 12.4%), while Victoria had the largest decrease ($10.7m or 40.4%). [Visit Website] Jun 14, 2006

[Tuesday, June 13, 2006] Valad pockets almost $100 million Valad Property Group has sold two Sydney office buildings for a combined $98 million. The company's 146 Arthur Street building in North Sydney has been sold for $59 million to Investa Commercial Property Fund, while Westpac has purchased 20 Smith Street in Parramatta for $39 million. IEF expands in Newcastle The ING Real Estate Entertainment Fund today revealed it has contracted to acquire the licensed freehold interest in two hotels in Newcastle, NSW, for a combined total of $9.5 million. Finbar unveils another Perth project Finbar International has entered into an unconditional contract to purchase a 3650 sqm site in East Perth for $8.5 million. A mixed-use residential and commercial development is earmarked for the property. MacarthurCook snaps up Adelaide office building MacarthurCook Limited has acquired an 11 storey office building in Adelaide CBD for its MacarthurCook Office Property Trust. The 22 King William Street building was bought for $19.055 million on a yield of 8.64%. $5.3 million Dandenong industrial sale Abacus Property Group has paid $5.3 million for an industrial building in Dandenong South, Melbourne, for its Abacus Diversified Income Fund. The property was acquired on a tight yield of 7.05%. Toorak Rd retail shop knocked down for $3.92 million A two level retail building on the Toorak Road shopping strip in South Yarra, Melbourne, sold under the hammer last Friday for $3.92 million, reflecting a yield of 4.59% on the net passing rental. Record price for Box Hill building A Singapore resident investor has purchased a single fronted double storey property in Box Hill, Melbourne, as an investment for what is believed to be a record price for a single property in the popular local strip. The sale price of $1.8 million reflects a 4.16% yield. Melbourne strata office fetches $1.15 million A Melbourne CBD strata office in Treasury Funds House has been sold to an owner-occupier for $1.15 million. The sale price equates to a rate of $2300 per sqm. Home loan affordability up slightly Home loan affordability improved slightly across Australia in the March quarter 2006, but the going remains tough for many. The Real Estate Institute of Australia's latest Home Loan Affordability Report, released today, found that average loan repayments consumed 31.9% of median weekly family income, an improvement of 0.4% over the December quarter 2005 but a 0.5% deterioration over the year.

[Thursday, June 08, 2006] Trinity confirms NT entry Trinity Consolidated has broadened its geographic portfolio with the purchase of a commercial building in Darwin for $11.4 million. The property will form part of the unlisted Trinity Property Trust. Croydon Park industrial facility sells for $2.82 million A local investor has paid $2.82 million for a fully leased industrial property in Croydon Park, South Australia. The property features three separate units and sold at auction on a yield of just under 7%. Fowles finds new Clayton home Fowles Timber & Carpets Group has leased a major new site at the south-western corner of Blackburn Road and Princes Highway in Clayton, Melbourne. The retailer plans to relocate from its current home to the new premises in October. NSW retail development – metro or regional? - LandMark White In the past there has been a significant push for greater retail development in Non-Metropolitan or Regional areas of NSW particularly with the expanding Sydney Metropolitan areas both up and down the coast. Areas north of Sydney including the Central Coast and Hunter regions together with the south coast of Illawarra are likely to benefit from expected population growth and future land releases with additional retail infrastructure. Perth Industrial Market Overview - Savills In the year to March 2006, over 228,000 sqm of industrial accommodation (greater than 500 sqm) was leased. Space taken in the past 12 months has been dominated by Transport & Logistics (52%), which can be mainly attributed to the leases of distribution centres by Coles Myer in Cannington and a precommitment to a new warehouse in the Airport Estate. Adelaide Industrial Market Overview - Savills In the year to March 2006, over 284,000 sqm of industrial accommodation was leased in the Adelaide metropolitan area. This was up slightly on the 238,000 sqm leased in the previous year. Space taken in the past 12 months is dominated by Transport & Logistics (126,921 sqm), which can be mainly attributed to the precommitment of Coles Myer, and Cheap as Chips, and the size of the new distribution centres. Child Care, Australia - ABS In June 2005, 1,553,400 children aged 0-12 years received some type of child care in the reference week. This represented 46% of children in this age group. Formal care, either alone or in combination with informal care, was used by 21% (711,500) of children in the reference week. Informal care, either alone or in combination with formal care, was used by 33% (1,104,100) of children aged 0-12 years. Labour Force, Australia - ABS Emplyment increased by 56,000 to 10,142,200. Full-time employment increased by 55,800 to 7,254,000 and part-time employment increased slightly to 2,888,200. The unemployment rate decreased by 0.2 percentage points to 4.9%. The male unemployment rate decreased by 0.1 percentage point to 4.8% and the female unemployment rate decreased by 0.3 percentage points to 5.0%. [Visit Website] Jun 8, 2006

[Tuesday, June 06, 2006] Auction market hot in VIC, cold in NSW The Victorian auction market predictably led the way again this week, recording a clearance rate of 80% and a sales volume of just under $6 million. The biggest sale was a retail building in South Yarra which was knocked down for $2.045 million, on a yield of only 3.6%. Trinity ups the ante in Victoria Trinity Consolidated has escalated its Victorian expansion and is undertaking three major development projects with a combined end value of $465 million. The projects include a retail/commercial complex in Doncaster, a $50 million redevelopment of central Pakenham, and a $400 million redevelopment of the Greensborough Town Centre. Ramada Hotel sells for $34 million The PFA Diversified Property Trust has acquired the Ramada Hotel Melbourne for $34 million in an off-market deal. Following the completion of the sale the hotel will be managed by Mirvac Hotels and Resorts and will be rebranded under its Citigate Sebel brand. Home lending steady and likely to stall Home lending held steady in April and has most likely stalled, according to the Housing Industry Association, with the mid year pull-back that is predicted being the result of the interest rate rise in May. Real estate stocks decline worldwide Worldwide, only two stock exchanges' real estate sectors showed positive growth in May 2006 compared to April 2006. The property sector on the Philippines Stock Exchange and the GPR's real estate index on Euronext Amsterdam showed 7.9% and 0.5% positive growth respectively for May 2006. Melbourne Suburban Office Overview - Savills The Melbourne suburban office market posted $151 million in sales in 2005, with Savills tracking 18 transactions over $2 million. 2005 can be regarded as a slow year with almost $120 million transacted in the first third of 2006. The vacancy rate in the suburbs is generally stable at between 5% and 8% with the exception of the outer South East where speculative development has taken the vancancy rate above 10%. Gold Coast Office Market Overview - Savills The Southport office market has been strongly performing over the past years with the vacancy decreasing from a high of 27.9% in January 1993 to 6.3% as at January 2006. Southport's stock of office space has increased approximately 17,000 sqm over the past five years to 103,818 sqm. In that same period vacancy has dropped from 10.4% to 6.3%, further highlighting the demand for this precinct. Wagga Wagga Snapshot - PRDnationwide Wagga Wagga is the state's largest and the country's fifth largest inland city, as well as being an important agricultural, military, educational and transport hub. It is home to 22 primary schools, eight secondary schools a regional Institute of TAFE and one of the four main campuses of Charles Sturt University, as well as Wagga Base Hospital, the Kapooka Army base and a separate RAAF base. Housing Finance, Australia - ABS The total value of owner occupied housing commitments rose by 1% in April 2006, following a revised 0.9% rise in March 2006. Increases were recorded for purchase of established dwellings excluding refinancing (up 1.7%), purchase of new dwellings (3.3%) and refinancing of established dwellings (0.2%), with decreases recorded in construction of dwellings (-3.7%). [Visit Website] Jun 6, 2006

[Monday, June 05, 2006] Investor acquires $3.7 million Mulgrave building A private investor has acquired a stand-alone office building in the south east Melbourne suburb of Mulgrave for $3.7 million. Northcote development site fetches $1.415 million A local group comprising architects and developers has purchased a residential development site in Northcote, on the Melbourne city fringe, for $1.415 million. The elevated site offers views of the city skyline and is suited to a range of uses including townhouses and apartments. Newspaper job ads at six month high levels The number of job advertisements in major metropolitan newspapers rose by 7.7% in May to an average of 20,832 per week, the highest number in six months. However, the total number number of job advertisements fell by 1.5% during the month according to the latest ANZ Job Ad Figures. Renovations recover in March Major renovation activity recovered in the March 2006 quarter and pegged back all of the ground lost in a weaker end to 2005, according to the Housing Industry Association's quarterly Renovations Monitor. Performance of Services Index, May 2006 - AIG Services sector activity fell back in May, curtailing the strong gains in April, as higher interest rates and fuel costs dampened both household spending and business activity. The seasonally adjusted Australian Industry Group – Commonwealth Bank Performance of Services Index (Australian PSI) fell 7.0 points to 49.3. Business Indicators, Australia - ABS The trend estimate for company gross operating profits increased 0.8% this quarter. The rate of growth is at the lowest level since September quarter 2003. The seasonally adjusted estimate increased 0.1% following growth of 1.7% in the previous quarter. The trend estimate for wages and salaries increased 1.6% this quarter.

[Thursday, June 01, 2006] Hervey Bay site sells for $11.25 million Queensland based construction company Watpac and property developer Seymour Group have sold a vacant land holding in Hervey Bay Queensland for $11.25 million. The 18,000 sqm site is located at 36 Hillyard Street close to residential development. Best Victorian auction results on record Over $170 million worth of commercial property sold at auction during May, however national clearance, at 64%, fell back from a strong run evident since the beginning of 2006, according to independent industry analysts CPM Research. Aspen assets up $9 million Aspen Group has reported a further lift in its asset values following the revaluation of four of its properties in Western Australia, Victoria and Queensland. The total net increase of $8.93 million follows the $20 million increase in the company's Septimus Roe Square property in Perth that was announced last month. Garment Printers secures Matraville lease Garment Printers Australia has leased 233 sqm of warehouse space at Matraville in Sydney for a three year term. The deal was struck at an annual rental of $169 per sqm net. First project secured for TOP fund Trinity Consolidated has closed its recently created Trinity Opportunistic Property (TOP) Fund No 1 after attracting more than $10 million in over subscriptions, and has confirmed the fund's first opportunity. The unlisted TOP Fund has reached $46 million in subscriptions after its original target was $35 million. Sunland gets the nod for Narwee High School site Sunland Group has won the tender to purchase the former Narwee High School site in Sydney for $11 million. Sunland beat out five other tenderers to acquire the 35,500 sqm site from Landcom. Freshwater Stage 2 gets go ahead Australand will proceed with the construction of the second stage of the its $1 billion Freshwater Place development at Melbourne's Southbank. The Freshwater Place Stage II Tower has an estimated end value of $180 million and will comprise a new 30,000 sqm office building over 22 levels to be completed in 2008. Sydney and Perth markets to favour landlords by 2010 The Perth and Sydney CBD office markets will be "landlord" markets by 2010, and are likely to outperform other markets according to Jones Lang LaSalle's National Office Market Gauge released at the company's annual leasing conference in Sydney yesterday. Overseas Arrivals and Departures, Apr 2006 - ABS Trend estimates for short term visitor arrivals to Australia during April 2006 (468,100 movements) increased by 0.4% compared with March 2006. This followed monthly increases of 0.6% for February 2006 and 0.5% for March 2006. Performance of Manufacturing Index, May 2006 - AIG Manufacturing activity fell slightly in May as input costs surged at the fastest rate in over four years. Following two months of weak growth, the seasonally adjusted Australian Industry Group/PricewaterhouseCoopers Australian PMI™ declined 1.4 points to 48.9 (and below the key 50.0 level separating expansion from contraction). Private New Capital Expenditure - ABS The growth rate in the trend estimate for total new capital expenditure eased in the March quarter 2006 increasing 4.8%. The decline in the growth rate for the second consecutive quarter followed two quarters of strong growth. The seasonally adjusted estimate increased 0.6% this quarter due to an increase in buildings and structures of 3.6%. Mumbai Market Overview - Cushman & Wakefield Vacancies for all prime buildings across Mumbai have declined over the last few quarters. With increased absorption levels the prime buildings in the CBD, Central Mumbai, Bandra Kurla Complex and Andheri Kurla micromarkets are witnessing limited space availability.

[Wednesday, May 31, 2006] MGW splashes out $148 million Macquarie Goodman has entered into various agreements for the disposal of properties to the Macquarie Goodman Australian Wholesale Fund (MGW) for a total sale price of $147.8 million. The properties include three office/warehouse facilities at Queensport Quays Business Park in Queensland, and three warehouse/distribution facilities leased to ACI Packaging in Sydney, Melbourne and Brisbane. Speculative office tower planned for Sydney Coombes Property Group has shown its confidence in the Sydney office leasing market with the announcement of a 17,000 sqm office and retail development for the former Nock & Kirby site on George Street in the Sydney CBD. Macquarie Park site sells for $30 million A development site in Macquarie Park, Sydney, has been purchased in a joint venture by private developer Winten Property Group and listed property group Australand for $30 million. While no immediate development plans are in place, the site is earmarked for a future commercial project comprising over 40,000 sqm of office accommodation across three buildings. Valad sells North Ryde development to GPT Valad Property Group has sold its development property at 17-23 Talavera Road in North Ryde, Sydney, to General Property Trust (GPT) for an undisclosed sum. Development approval for an additional 18,500 sqm commercial building was obtained prior to the sale. Trinity to dispose of Bourke Street building Trinity consolidated has placed the Medicare building, at 460 Bourke Street in Melbourne, on the market. Medicare's lease at the building expires next year. Construction Work Done, Australia, Mar 06 - ABS The trend estimate for building work done fell 2.1% in the March quarter 2006. Residential building fell 3.6%, while non-residential rose 0.2%. Engineering work done rose 3.7% in the March quarter 2006. Total construction work done rose 0.5% in the latest quarter. Hong Kong Office Snapshot - Cushman & Wakefield Grade A office rentals continued to climb in April as the leasing market remained underpinned by steady demand and tight supply. The banking, professional services and legal sectors have actively expanded in Central while some small companies have opted to relocate to cheaper locations.

[Monday, May 29, 2006] Prahran site sells for $3.8 million at auction An owner-occupier has purchased a development site in the residential and retail precinct of Prahran, in Melbourne. The property sold under the hammer on Friday last week for $3.8 million. Dandenong shortage drives demand nearby Industrial prices in Melbourne which averaged $150 per sqm this time last year are now pushing $200 per sqm, and are likely to rise further with the lack of availability in Dandenong and continuing strong demand. Mum and dads dominate strip shop sector Mum and dad investors have become the dominant players in the Sydney strip retail sector according to CB Richard Ellis, with 70% of 100 St George banks sold by the firm over a four year period selling to mum and dad investors. The average yield achieved on these properties was 6.2%. VRL buys out Warner Bros theme park interests Village Roadshow Limited (VRL) has contracted to acquire Warner Bros' interests in their jointly owned Australian Theme Parks business for $254 million. VRL will continue to partner Warner Bros in theme parks in Australia under a long term licensing agreement. Sydney Eastern Suburbs Beachside Along Sydney's coast are some of Sydney’s most famous beaches including Bondi, Bronte, Coogee, Tamarama and Maroubra. During the last decade demand for housing in the area has been strong pushing property prices upwards. The housing market around Bondi, Randwick and Coogee is characterised by a mixture of houses and units, with units making up approximately two thirds of the market. Sydney Eastern Suburbs Harbourside This area is characterised by extensive frontage to Sydney harbour, as well as proximity to the eastern beaches of Sydney. The area is heavily populated but population growth is not strong because of the limited amount of land available for residential development.

[Thursday, May 25, 2006] Auction clearance rate just 21% in NSW It has been an eventful but unsuccessful week on the auction front in New South Wales, with only one sale topping the $2 million mark and a clearance rate of just 21% recorded over the past seven days. The sales volume for the state failed to reach $5 million. MDM snaps up Brisbane River Terraces Australian diagnostic specialist Medical Monitors Limited has exchanged contracts for Brisbane River Terraces, an over 50s residential village located on the Brisbane River in Queensland for $6.3 million. Flight Centre weighs up HQ sale Due to the upswing in the Brisbane CBD property market, Flight Centre Limited has launched an expressions of interest campaign for the sale of its global headquarters at 316 Adelaide Street through CB Richard Ellis. Industrial yields hit record lows in Melbourne Industrial yields in Melbourne hit record new lows in the first quarter of 2006 on the back of sustained demand from owner-occupiers and investors, according to Jones Lang LaSalle Research. Sunshine Coast Unit Report - PRDnationwide The Sunshine Coast new unit market continued its resurgence during the March-06 quarter recording 124 sales, an increase of 48 sales from the previous quarter. The increase in sales volumes came largely from the contributions of a recently launched project ‘Coolum at the Beach’ – the project had been marketed 12 months prior to release and recorded 15 sales that preceded the March-06 quarter. Asia Pacific Office Market Overview - Colliers Driven by sustained economic growth in the region, occupational demand for quality offices remained strong during Q1 2006. Encouraged by sustained business growth registered across the board, the bulk of office tenants have been prompted to either look for more space to meet their expansionary needs or up grade themselves to better quality premises. Queensland Key Statistics - ABS This release contains data on key economic and social indicators for the Queensland economy. It covers Population & Vitals, Employment & Unempoyment, Wages & Prices, Building, Finance, Trade and Tourism information. Measures of Australia's Progress - ABS Recent years have seen growing public interest in assessing whether life in Australia and other countries is getting better, and whether the level of the quality of life can be sustained into the future. Although most regard Gross Domestic Product (GDP) as an important measure of progress, there are many who believe that it should be assessed in conjunction with other measures of progress.

[Thursday, May 25, 2006] Precision and Investa swap Brisbane properties Private Sydney based investment group Precision has acquired the MacArthur Central Shopping Centre in Brisbane for $119.5 million, in a swap deal with Investa Property Group. The deal involves the sale of Precision's 160 Ann Street office building in Brisbane to Investa for $66.5 million, and delivers both companies healthy profits on assets they have only held for short periods of time. APN pounces on Collins Street site APN Funds Management Limited has acquired the 565 Collins Street development site in Melbourne for its APN Development Fund No 1. The site has approval in place for a 50,000 sqm office tower. Valad acquires Milton property for $10 million Valad Property Group has purchased a 2687 sqm office building at 189 Coronation Drive in Milton, Queensland, for $10 million. The company acquired the property in an off-market deal and plans to conduct a minor refurbishment and reposition the building back to market level rents. House prices still on the up Figures released today by the Australian Bureau of Statistics show that house prices climbed by 1% across Australia to an average annual growth rate of 3.6% – well in excess of inflation over the same period. Mirvac plans Preston Beach project Mirvac has entered into an agreement with M.A.P Nominees Pty Ltd and Preston Beach Resort Pty Ltd to develop a 424 hectare site in Preston Beach, Western Australia, into over 3000 residential homesites. The deal was struck through Mirvac's wholly owned subsidiary Mirvac Fini (WA) Pty Limited. House Price Indexes: Eight Capital Cities - ABS The price index for established houses in Australia increased 1.0% in the March quarter 2006, compared with 2.2% in the December quarter 2005. House prices rose in Perth (+8.8%), Hobart (+3.4%), Darwin (+3.0%), Adelaide (+2.4%), Melbourne (+0.8%) and Canberra (+0.2%), remained unchanged in Brisbane and fell in Sydney by 1.2%.

[Tuesday, May 23, 2006] Essendon site sells for $1.93 million A substantial site incorporating retail shops and warehouse space, which currently operates as a gymnasium, has sold under the hammer in Melbourne for $1.93 million. The property was purchased by a local investor/developer showing a 6.7% yield on a fully let basis. WA house prices still on the rise Western Australian house prices continue to rise dramatically with home buyers and investors snapping up properties as demand outstrips supply, according to the Real Estate Institute of Australia. Multiplex fund invests in newly launched MAPPF Multiplex's existing Acumen Property Fund has made a 9.9% cornerstone investment in the Multiplex Acumen Prime Property Fund, the $640 million office property fund which was announced on Friday last week. The investment totals $16.7 million on the $0.60 partly-paid unit, with the remaining $0.40 partly-paid unit (representing $11.2 million) due in five years. Inner West Snapshot - PRDnationwide The Inner West of Sydney is an area which encompasses the inner-city suburbs of Sydney located immediately adjacent to, and west of the Central Business District. This area includes the local council areas of Leichhardt, Marrickville, Ashfield, Canada Bay, Burwood, Strathfield and Canterbury.

[Wednesday, May 03, 2006] Commercial property - office up, retail down After a number of years of dominance by the retail sector, investment in office assets surged ahead during 2005. The total Australia-wide volume of retail property sales fell 16% during 2005 while investment in offices increased by 30%. Travelodge adds Rockhampton hotel to portfolio JF Meridian Management Limited has purchased the Country Comfort Hotel in Rockhampton, Queensland, for $7.15 million. The hotel will be upgraded and rebranded as Travelodge Rockhampton. Box Hill properties sell on sub 6% yields A two level commercial building in Box Hill, Melbourne, housing six ground floor retail shops and first floor office accommodation sold under the hammer on Friday of last week. The property, which was subdivided from one title to seven in late 2005, was purchased by separate investors for a combined $5.356 million. Ozdare snaps up Darlinghurst terrace for new store The upgrade of iconic Sydney retail strip Oxford Street is resulting in increased interest around the inner city suburb of Darlinghurst, with a Melbourne based hair care company recently purchasing a two storey terrace house at 165 Riley Street, Darlinghurst, for $1.5 million. Grace commits to Waterloo facility Grace Records Management has signed a three year lease over a 935 sqm office and warehouse facility in Waterloo, Sydney. Located at 36 O'Dea Avenue in Waterloo, the property comprises a 505 sqm warehouse, 430 sqm of office space and around 15 car spaces. Wentworth expands into Queensland Wentworth Mutual Limited's latest acquisition is the residential property portfolio and real estate business of Century 21 in Surfers Paradise, Queensland. The deal adds around 350 residential properties to the company's portfolio of properties under management. Hong Kong Property Market - Colliers Due to the sustained growth across various business sectors, the average effective Grade A office rentals increased by a further 7.4% QoQ to HK$43.04 per sq ft per month as at the end of February 2006. Office rents in Central rose 5.3% QoQ during the same period.

[Tuesday, May 02, 2006] $8.8 million in property sells under the hammer In Melbourne, three properties have sold for a combined $8.8 million in a portfolio auction aimed at the small investor market. The highlight was the sale of a medical centre in Narre Warren, which was knocked down for $6.52 million. Noodle house snapped up for $1.14 million A 140 sqm retail shop in Brighton, Melbourne, has been purchased by a private Melbourne family for $1.14 million. The property is leased to Lucky Noodle House on a five year term expiring in July this year, however the term includes a further five year option. Australia is USA's biggest investor Australian investors were the largest foreign purchaser of US assets during 2005, however significant yield compression across US markets is causing investor appetite to shift toward European markets, according to Jones Lang LaSalle Research. Auction success in Malvern The Melbourne auction market continues to perform strongly, with agents Gross Waddell recently selling a retail showroom and factory warehouse in Malvern for circa 4.5% yields. Stalemate in the suburban office market Local and interstate investors are looking to park hundreds of millions of dollars in Melbourne's suburban office buildings, however motivating factors such as significant medium-term rent and capital growth seem to be the same reasons existing owners are deciding to retain their assets, according to research by Colliers International. New home sales figures on the mend New home sales figures continued their recovery in March, providing further evidence that the slowdown in spending on new housing will likely be drawing to a close in late 2006, according to the Housing Industry Association. European Economic Forecast: Standard and Poors The German recovery after years of weak growth appears well on track. We have, however, slightly raised our interest rate projections for the Eurozone, and now expect the European Central Bank benchmark refinancing rate to reach 3.25% by year-end, 25 basis points higher than our previous estimate. We see the end of the current tightening cycle by the middle of 2007, when the ECB refi rate reaches 3.75%. Performance of Manufacturing Index, Apr 2006 - AIG Growth in manufacturing activity was flat in April, following a moderate pick-up the previous month. The seasonally adjusted Australian Industry Group/PricewaterhouseCoopers Australian PMI™ eased 1.6 points to 50.3 (with a reading of 50.0 separating expansion from contraction).

[Friday, April 28, 2006] Gowings building sells for $68.6 million Amalgamated Holdings Limited, through its subsidiary The Greater Union Organisation Pty Ltd, has contracted to purchase the landmark Gowings Building in Sydney CBD for $68.6 million. Gowing Bros Limited invited expressions of interest for the property in February 2006. JV partners snare Mobil site for $45.1 million In what is becoming a major shopping spree for Trinity Consolidated Group this week, the company has snared a former service station site on Brisbane's riverfront at Morningside with joint venture partner Consolidated Properties for $45.1 million. The site is earmarked for a $300 million industrial and commercial development to be staged over ten years. Braybrook site fetches $2.91 million It has been a fairly subdued past seven days on the auction front, with the biggest sale recorded in Victoria. A 1.36 hectare residential development site in Braybrook, Melbourne, sold under the hammer for $2.91 million. Pre-launch sales Flow in at West End Pradella's $80 million residential project in Brisbane's West End, Flow, has reached $30 million in sales prior to the official launch planned for next month. Construction of the project, which comprises 83 apartments and riverfront homes, is expected to commence mid year and be complete in early 2008. Shangai Office Briefing, Apr 2006 - Savills Grade A office rental indices record a 4% increase during the first quarter. Grade A office stock rose to 3.14 million sqm at the end of the first quarter, while vacancy rates rose slightly to 6.9% by the end of March.

[Friday, April 28, 2006] Healthscope acquires Newcastle Private Hospital Healthscope Limited has entered into a conditional agreement to purchase Newcastle Private Hospital Pty Limited, a wholly owned subsidiary of NIB Health Funds Limited, for a price of $16.3 million payable over three years. Developer snaps up Narre Warren site at auction A 2.74 hectare development site in Narre Warren, Victoria, has sold under the hammer to a private developer for $2.65 million. The property was offered for sale under instructions from the Department of Education and Training, and a residential project is planned for the site. Industrial unit fetches $1.95 million The Chen Family has sold an industrial unit in Alexandria, Sydney, for $1.95 million. The property was purchased by owner-occupiers Wood Building Pty Ltd. Wentworth makes triple play in WA Wentworth Mutual Ltd has announced a triple acquisition in Western Australia, securing the residential property portfolios of The Realty Executives Harrison & Associates, Realty Executives Joondalup and Roy Weston Asset Management. The deals provide Wentworth Mutual with an additional 850 properties in Western Australia. Conference centre included in Airle Beach project Latitude Development Group has received development approval from the Whitsunday Shire Council to incorporate a state-of-the-art conference centre into its $70 million Peppers Coral Coast Resort development at Airlie Beach in Queensland. Fincorp Diversified Property Fund - Aegis This is the first property fund offered by Fincorp, which is seeking to raise A$58 million. The capital raised will be used to fund the acquisition of the refurbished Gosford Town Centre, a neighbourhood shopping centre in Gosford, and Warrnambool Homemaker Centre, a new bulky goods centre located in south-west Victoria, which is being developed over two stages.

[Wednesday, April 12, 2006] Big week for VIC auctions Victoria continues to lead the way in auction clearances, with sales volume of almost three times that of New South Wales recorded in the past week. Meanwhile, in South Australia, a retail showroom in Norwood sold before auction for $2.7 million, representing a yield of 6.1%. Mackay gets its first international hotel The first internationally branded hotel to be launched in the Mackay CBD is being developed by local company Cougar Developments. The $30 million Grand Mercure Suites Mackay will occupy a prime central city location and is scheduled to open in September 2006. West Perth warehouse fetches $3.3 million An owner-occupier has purchased a substantial showroom and warehouse facility in West Perth for $3.3 million. The property, situated just two kilometres north west of the Perth CBD, was offered for sale with vacant possession. Abacus acquires 50% interest in Virginia Park Abacus Property Group has invested $37.5 million for a 50% equity in the 30 acre Virginia Park commercial office and industrial estate in East Bentleigh, Victoria. The estate currently houses 29 tenants who together occupy approximately 56,000 sqm of space. Cromwell closes trust early; announces replacement Property and funds management group Cromwell Corporation Limited has completed the latest $200 million capital raising for its flagship Cromwell Diversified Property Trust (CDPT), with an unprecedented $25 million worth of applications being received in the past week. Japan Investment Data Watch, Q4 2005 - Savills This report covers Tokyo's metropolitan office, apartment, condominium, grade A office sector and land price property indices.

[Tuesday, April 11, 2006] Hawthorn office sells for $3586 per sqm A small stand alone office building in Hawthorn has sold for $1.61 million - more than its replacement value - highlighting a market prepared to pay a premium for well located stock. Heritage Village planned for Huon Valley Sabina Corporation Limited has entered a conditional agreement with the Tasmania Development Corporation and Huon Valley Council for the purchase of a 3.26 hectare site in Geeveston, about 55 kilometres south west of Hobart. A tourist accommodation project is planned for the site, which is expected to have an end value of approximately $25 million. Industrial office/warehouse fetches $2 million A local private investor has snapped up a modern office and warehouse facility in Melbourne's east for $2 million, representing a yield of 8.5%. The Wantirna South property was sold with a five year lease to Airmaster Australia Pty Ltd in place. Retailers queue for new Burpengary centre An eco-friendly retail development in Burpengary, in Queensland's Caboolture Shire, will get underway later this month with retailers already lining up over 1100 sqm of specialty retail space. The centre, to be known as Burpengary Central, will be anchored by a full line Coles supermarket. Hallam site sold to Sydney vet firm A Sydney based veterinary products firm has paid just over $1.35 million for a development site in Hallam, in Melbourne's south east, with plans to construct a storage and distribution facility on the site.

[Monday, April 10, 2006] Ringwood showroom fetches $3.25 million An owner-occupier has paid $3.25 million for a three level showroom property in Ringwood, Melbourne. The purchaser, who snapped up the property after auction, plans to open a motor vehicle showroom on the site. IIF to develop 55,000 sqm in Sydney ING Industrial Fund has committed to developing four new facilities in Sydney, totalling over 55,000 sqm, following recent pre-leases to Electrolux, Criterion Furniture and Linfox Armaguard. The Fund also announced the acquisition of two new industrial facilities in Europe overnight, for an outlay of $A118.8 million. Opus launches property fund Opus Capital Group has launched the Opus Income & Capital Fund No. 21, as part of its planned expansion into property-based investment funds. The group now has 11 active property funds comprising a portfolio of commercial office, industrial, retail and development properties, valued at approximately $300 million. HIA want a housing led recovery for NSW The Housing Industry Association has urged the NSW Government to adopt a package of measures aimed at rescuing the state from its economic malaise. Announcing the recovery blueprint, HIA’s NSW Executive Director, Wayne Gersbach, said the economy had stalled largely because investment in housing had dried up and the industry was in decline. Previous use right narrows Developers who have bought land on the basis of the value of existing use rights could lose millions of dollars because of an amendment to planning laws in NSW. Already developers are seeking advice on whether the legislation can be challenged through the courts according to Gadens Lawyers. Housing Finance, Australia, Feb 2006 - ABS Total value of dwelling finance commitments excluding alterations and additions increased by 0.6%, the eighth consecutive monthly increase. The value of owner occupied housing commitments increased by 0.4%, while the value of investment housing commitments rose by 1.1%.

[Thursday, April 06, 2006] More deals for Desane Sydney based Desane Group Holdings Limited has leased five separate buildings, covering 3650 sqm, on a long term basis since the start of the year. The JAV I.T. Group is the latest company to sign up at Desane's Lane Cove property, which was acquired earlier this year for $2.9 million. Retail hot under the hammer in Sydney Two retail properties sold under the hammer this week in Sydney for a combined total of almost $7 million while a third - an automotive property in St Peters - sold on a yield of just 5.7%. In Victoria industrial property continues to dominate the results. Mildura Homemaker Centre 100% occupied The McMullin Property Group has announced the completion of the $21 million Mildura Homemaker Centre in Victoria. Fitout works are expected to be finalised later this month, and the centre will open fully leased. Early signs good for WA Outrigger Over $20 million in sales have already been recorded at the Outrigger Bunbury on the Beach project, to be developed in the south west region of Western Australia. The project was announced less than two months ago for the 11,300 sqm site currently occupied by the Welcome Inn Motel. Overseas Arrivals and Departures - ABS Trend estimates for short-term visitor arrivals to Australia during February 2006 increased by 0.5% compared with January 2006. This followed monthly increases of 0.3% for December 2005 and 0.5% for January 2006. Short term visitor arrivals are now 1.3% higher than when the series last troughed in November 2005 and 0.3% higher than in February 2005. Western Australian Statistical Indicators - ABS Since the beginning of Western Australia's current period of economic expansion in 2001-02, the state has experienced shortages of skilled labour across many occupations and related industries. Shortages have mainly been in the occupation groups of Tradespersons and Professionals as a result of rapidly growing demand from the industries of Mining, Property and Business Services, Manufacturing and Construction. Performance of Services Index, March 2006 - AIG Strengthening consumer demand drove a moderate pick-up in services sector activity in March, with the Australian Industry Group – Commonwealth Bank Performance of Services Index (Australian PSI®) rising 2.3 points to 51.0. Six of nine industry sectors reported an expansion in activity. Consumer-based sectors saw the best results for the month, notably in retail trade, personal & recreational services and accommodation, cafes & restaurants.

[Monday, April 03, 2006] Sydney residential auctions – encouraging signs There is mounting evidence that the Sydney residential auction market has turned the corner with clearance during March hitting 62%, the strongest monthly result for over two years. Slow year ahead: HIA The release of the Housing Industry Association's March 2006 quarter 'HIA National Outlook' points to a slower year in 2006 for both new housing and renovations. Residential component approved at Norwest Developers of Sydney's Norwest Business Park, Norwest Land, have secured approval from Baulkham Hills Shire Council for the Norwest Town Centre residential development, comprising up to 518 dwellings. The $330 million project is to be progressively developed on a 10.5 hectare site adjacent to the existing retail and commercial components of the town centre. Amore Apartments launched Leading Queensland developer Jadecorp Property today launched its latest residential development, a boutique 22-apartment complex located in Bulimba, Brisbane. Job ads up 2.0% The number of job advertisements in major metropolitan newspapers rose by 2% in March to an average of 20,363 per week. This follows a 2% fall in February and is the first rise in the level of newspaper job advertisements since November 2005. The number of newspaper advertisements was 4.7% lower than in March 2005. Performance of Manufacturing Index, March 2006 - AIG Manufacturing activity recorded an encouraging improvement in March, with the seasonally adjusted Australian Industry Group/Pricewaterhouse Coopers Australian PMI™ rising 6.5 points to 53.2 (and above the 50.0 level that separates expansion from contraction). The upturn in activity in recent months follows a steady deterioration throughout much of 2005. Australian Labour Market Statistics, Apr 2006 - ABS This release details the trend series for part and full time employment, unemployment rates, underutilised labour, participation rates, wage price index, average weekly earnings, job vacancies and industrial disputes. International Trade in Goods & Services, Feb 2006 - ABS The provisional trend estimate of the balance on goods and services was a deficit of $1,426 million in February 2006, a decrease of $125 million on the revised deficit in January. Goods and services credits rose $272 million (2%) to $16,316 million. Goods and services debits rose $147 million (1%) to $17,742 million.

[Wednesday, March 29, 2006] Last ditch amendments made to planning approval bill Late last night new legislation giving the Minister for Planning power to take planning approval for specific projects out of the hands of local councils was passed by the state's upper house. However opponents of the bill, including the Greens, succeeded in making a few important last minute amendments to the bill. Industrial property sells for $5.1 million A Brisbane-based investor has acquired an industrial property in Brisbane's south-west for $5.1 million. The property, which has a 12 year lease in place, was purchased on an initial yield of 8%. Caltex to relocate to Market Street Macquarie Office Trusts has signed up Caltex on a ten year lease over 9200 sqm at its 2 Market Street office building in Sydney. Caltex will relocate its head office towards the end of the calendar year, leasing five high-rise floors in the building. Developers active at auction This week a number of major properties have sold at auction with developers particularly active in the $1 million plus market. A 1.67 hectare development site in Wenthworthville sold at auction through Sydney Property Specialist Services for $6,802,500. Retailers sought for Main Beach development One of the last commercial precincts to be developed on exclusive Tedder Avenue, at Main Beach on the Gold Coast, is to get underway mid year. A leasing campaign aimed at retailers is set to commence next week. Real Estate Market Outlook 2006 - Ernst and Young Watch global capital flows into real estate carefully in 2006. A recent E&Y survey of U.S. real estate private equity executives points to upwards of $100 billion in current leveraged purchasing power by investment funds alone. In addition, pension funds, REITs, private investors, foreign investors, high net worth individuals, and even hedge funds all seem to be looking at real estate as a sound asset class. Sydney CBD Strata Office Market, Mar 2006 - Savills The Sydney CBD strata office market now possesses 312,216 sqm of existing strata stock and has a total of 34,143 sqm of stock on the market from 22 projects as at December 2005. Since 2000 the market has shown an average demand level for strata product of 30,669 sqm per year. Given this level of overall strata project absorption, there seems to be adequate supply in the market from project stock alone to satisfy total market demand for approximately 13 months. Cairns Unit Report, Dec Quarter 2005 - PRDnationwide The Cairns unit market has retracted from a huge September 2005 quarter, although the market remains buoyant with 147 unconditional sales recorded in the three month period to December 2005.

[Tuesday, March 28, 2006] AHG enters long lease in Dandenong Automotive Holdings Group has entered into a long term lease agreement with Macquarie Goodman for the development of a major new automotive retail site in Dandenong, Melbourne. The facility, to be developed at the Dandenong Industrial Estate, will house the largest Hino truck dealership in Australia. Servos sell for $6.73 million Two petrol stations in Canberra have sold for a combined $6.73 million. A local private investment syndicate purchased the properties, both leased to Woolworths, on a yield of 7.65%. RailCorp commits to Olympic Park Rail Corporation NSW has entered a three year lease deal, which includes a three year option, for Century Funds Management's entire office/warehouse complex at 6 Herb Elliott Avenue, Sydney Olympic Park. The lease over the 4200 sqm facility commences 1 April 2006. Logistics and defence driving Adelaide construction Demand from the logistics and defence sectors are likely to drive the construction of new industrial space in Adelaide throughout 2006 and 2007, according to Jones Lang LaSalle Research. NT the standout performer The Northern Territory was Australia's real property success story for 2005 and early signs indicate 2006 will deliver more of the same, according to First National Real Estate. Upper North Shore Snapshot - PRDnationwide This report analyses the Upper North Shore, investigating area characteristics, demographics, and the performance of the key property markets over the last few years. This area includes the suburbs of Killara, Lindfield and Pymble. South Australian Statistics, March 2006 - ABS The total value of building approvals decreased by 4.6% to $748.5 million in the December quarter 2005 (in chain volume terms). Residential building approvals decreased by 1.9% to $458.4 million and non-residential building approvals decreased by 8.6% to $290.1 million. This report also covers Consumption, Investment, Population, Labour Market, Consumer Prices and International Trade statistics. Indian Property Market Overview, Feb 2006 - Colliers The Indian real estate market is roaring thanks to the rapidly growing economy, soaring stock market, influx of foreign investment and the growing middle class. Property prices have gone up at least 15 - 20% over the past nine to twelve months across all segments.

[Monday, March 27, 2006] IEF acquires regional NSW pub The ING Real Estate Entertainment Fund has contracted to purchase the Lawson Park Hotel in Mudgee, NSW, for $4 million before costs. Stock shortage forcing businesses to lease The severe shortage of available industrial buildings and development sites in Dandenong, in Melbourne's south-east, is forcing some companies to lease rather than buy as developer-owners are becoming more reluctant to sell in a market starved of replacement development opportunities. Building 2 at Botanicca complete Rabinov Diversified Property Trust has settled the leasing of Building 2 at the Botanicca Corporate Park in Richmond, Melbourne. GE Capital Finance Australasia has agreed to a 12 year lease over the property, which is subject to fixed annual increases for the full term. Record Realty goes shopping in Brisbane Record Realty has splashed out $25.7 million for 126 Margaret Street in Brisbane CBD. The office building is 100% leased to the Queensland University of Technology for seven years. Homeowners keen to speed up mortgage payments A large number of Australian homeowners plan to pay off their mortgage sooner than specified in the terms of their loan, the latest mortgage industry survey has found. Greater Brisbane Demographics - PRDnationwide This report provides an overview of the demographic composition and trends for the Brisbane Statistical Division (SD) including information about the current and projected population, the population density of Greater Brisbane and the age distribution of the region.

[Friday, March 24, 2006] Sebel head office sells for $22 million GWA International has contracted to sell its Bankstown facility in western Sydney for $22 million. The property is occupied by the company's Sebel Furniture division, and is utilised as Sebel's head office and manufacturing facility. Demand strong for SE Melbourne Melbourne's south east suburban office market is close to its peak after ten years of relentless growth resulting in a number of investors releasing stock into the market to capitalise upon the demand, according to Jones Lang LaSalle Research. Dandenong retail fetches $400k plus A two level commercial building in the main street of Dandenong, Melbourne, has sold at auction for $404,000 after being placed on the market at $365,000. A local private investor purchased the property, which is leased to the Uniting Church in Australia Property Trust, on a yield of 7%. Deal unveils $120 million in apartment projects Deal Corporation has commenced the development of three new apartment projects in inner Melbourne, worth a combined total of $120 million. They include '2oorak' in South Yarra, 'Lysterville' in Malvern, and 'Era' in Richmond. Aussie investors to get taste of Centro's US assets Centro Properties Group has made its Direct Property Fund International (DPFI) available to retail investors. The DPFI, launched last year, is an unlisted, open ended investment trust with a high exposure (around 90%) to international direct retail property. Wage and Salary Earners, Public Sector, Dec 2005 - ABS From November 2004 to November 2005 the number of public sector employees increased by 37,100 (2.3%) to 1,618,700. In the same period the number of employees increased in state government by 2.4%, commonwealth government by 2.2% and local government by 2.1%.

[Thursday, March 23, 2006] Active Trinity builds and sells Property developer Consolidated Properties and its partner listed property entity, The Trinity Group, has gained approval and secured tenants for the refurbishment of two Queensland shopping centres and has placed the Jindalee Central Shopping Centre on the market following a substantial refurbishment. Strond demand for child care centre An established child-care centre situated at 73 John Paul Drive, Hillside in Melbourne, which services the expanding residential development area adjacent to the Calder Freeway, including the suburbs of Hillside, Taylors Lakes and Sydenham, has sold for $730,000 after a deadline private sale conducted by agents Gray Johnson. Gold Coast office sells for $3500 per sqm Emerging Queensland developer Young Land Corporation has paid $2.6 million for a high profile office in the heart of Surfers Paradise. The 741 square metre strata office at 46 Cavill Avenue is currently occupied by architectural firm DBI, which sold the property to move to larger premises. DBI will continue as a tenant until it has renovated its new premises. Paws off DAs thanks pollies Two-thirds of Australians support the creation of a new property development assessment system that would reduce the politicisation of development assessment by local government councillors, according to a new study by the Residential Development Council. Residential Property Monitor - Westpac Nationally, the number of finance commitments to construct or buy a new owner occupied dwelling fell by 0.2% in January. Levels are now around 3% below their long term average and 6% lower than the October 2003 peak. Northern Territory at a Glance - ABS Darwin City has an estimated population of 70,055. It is the commercial and administrative centre of the Territory. Alice Springs is the largest regional population centre outside Darwin and is the base for significant tourism activities in the Central Region. Mining, tourism and defence are major contributors to the NT economy.

[Wednesday, March 22, 2006] Revaluations boost office and industrial trusts MacarthurCook's Office Property Trust has risen 7% in value following the revaluation of an asset in North Sydney, while the investment manager's Industrial Property Trust has increased in value to almost $120 million after the revaluation of two key industrial assets in Queensland. Another fitness club franchise in the midst of rapid expansion - Fernwood Women's Health Clubs - plans to open around 20 new outlets before the end of the current financial year. New openings in New South Wales, Queensland, Western Australia and the Northern Territory will see the chain grow to almost 90 clubs nationally by July. Quarterly Survey of Manufacturing - AI Group A slight pick-up in exports, new orders and inventories helped place a floor under manufacturing production in the March quarter 2006, after a broad-based decline in the second half of 2005. Queensland Key Statistics - ABS Detailed statistics on population, housing finance, dwelling approvals, wages and prices.

[Monday, March 20, 2006] Highpoint acquisition successful GPT has confirmed its acquisition of a 50% interest in Highpoint Shopping Centre in Melbourne, following Myer Limited's decision to relinquish its first right of refusal option over the half interest. GPT has outlaid $621.2 million for the 50% interest and the management rights to the centre, excluding acquisition costs, and anticipates a yield of 5.8% for the first year. Eastlink driving Knoxfield industrial market In separate deals, a developer and an owner occupier have acquired three adjoining properties in Knoxfield, in Melbourne’s eastern suburbs, for a combined $3.9 million. Better definition for bulky goods needed The Bulky Goods Retailer Association has called on the Victorian State Government to review its Melbourne 2030 plan, and to address concerns that could delay new development and have the potential to threaten the viability of businesses in the bulky goods sector. Townsville Commercial Snapshot - PRDnationwide Townsville is the largest tropical city in Australia and has emerged as one of the most dynamic and livable cities in the country in recent years. The stable economy and prospects for future growth underpin a sound investment environment for commercial property owner occupiers and investors alike.

[Thursday, March 16, 2006] Valad to divest five Sydney office buildings Firming office yields have encouraged the Valad Property Group to sell off five significant Sydney office properties. CB Richard Ellis and Knight Frank are joint agents for the expressions of interest campaign. New commercial precinct planned in Hawthorn Melbourne based R.Corporation has purchased a one hectare site in Hawthorn, Melbourne, for $10.5 million, with plans to develop a commercial precinct incorporating around 10,000 sqm of space. Industrial capital values still on the rise Capital values for prime industrial properties in the eastern seaboard cities registered growth of between 7% to 11% in the twelve months to December 2005, according to Jones Lang LaSalle Research. This is well above the five-year average annual growth for prime industrial land of between 4% and 8%. Varsity Lakes overtakes Surfers The commercial precinct of Varsity Lakes and Robina has overtaken the Surfers Paradise business district in terms of total office space, according to PRDnationwide. Packer to sit on Sunland board Sunland Group Limited and Consolidated Press Holdings Limited (CPH) are set to reach an agreement whereby CPH will acquire over 13% of the diluted share capital in the development company, with James Packer taking a seat on Sunland's board.

[Friday, March 10, 2006] Malvern showroom fetches $1573 per sqm A prominent ground floor showroom in Malvern, Melbourne, has been purchased by a private investor for $1.735 million, showing a yield of 7%. The property is leased to Rugs By Design until February 2008. Delightful result in Oatley A property leased to Baker's Delight in Oatley, Sydney, sold under the hammer yesterday for $813,000, reflecting a yield of 4.8%. It was snapped up by a local investor following in excess of 170 enquiries for the property. Retail property sells on record low yield A small suburban strip retail property in Oakleigh, Melbourne, has sold under the hammer for $742,000 - representing a record low yield of just 2.91%. The property was declared on the market at $635,000 and three bidders fought it out until the final successful bid by a private investor. Savills buys up franchise offices Savills Queensland this week acquired its Sunshine Coast franchise as part of a corporate expansion programme. The move follows recent acquisitions in Korea and Japan, as the parent company expands its focus in the Asia Pacific region. Housing Finance, Australia - ABS Total value of dwelling finance commitments excluding alterations and additions increased by 0.9%, the seventh consecutive monthly increase. The value of owner occupied housing commitments increased by 0.7%, while the value of investment housing commitments rose by 1.4%. The number of commitments for owner occupied housing finance increased by 0.4%, while the number excluding refinancing rose by 0.8%.

[Tuesday, March 07, 2006] Desane wraps up refurb and boosts Sydney portfolio Desane Properties has completed the refurbishment and upgrading of the J.G. Evans Business Centre in Lidcombe, Sydney, and has also added another office/warehouse property to its portfolio. Belkin to get new home in Tuggerah Valad Property Group will construct a new purpose-built distribution facility for international computer connectivity company Belkin Limited at Tuggerah Business Park, on the NSW Central Coast. The 12,116 sqm premises will be the new headquarters for Belkin's Australian and New Zealand operations, with construction of the facility being officially launched earlier today. New hotel to light up Tassie George Town Council has entered into an option to purchase agreement with Tasmania Development Corporation Pty Ltd for the development of a tourist hotel resort on Council owned land at Windmill Point, George Town, in northern Tasmania. Sabina Corporation Limited has a 40% equity interest in the proposed project and has been appointed as project manager and developer. Wentworth acquires Bridgewater Terraces Wentworth Mutual has secured the management rights to the Bridgewater Terraces hotel in Brisbane CBD for $2 million. MacarthurCook looks to Asian markets Specialist real estate investment manager MacarthurCook has expanded its focus on the Asian real estate securities market, as Australian institutions run out of local investment opportunities and seek expertise in other regions. Gold Coast Property Watch - PRDnationwide The Gold Coast office space vacancy rate may have risen slightly during the six months ending January 2006, but given that in the past 3½ years we have seen approximately 95,000 sqm of additional space added to the market this rise is merely a blip on the radarscreen. The majority of this additional space has been in the Robina/Varsity Lakes precinct.

[Monday, March 06, 2006] Metcash expects big things from FAL acquisition Metcash Limited expects the newly acquired Australian assets of Foodland Associated Ltd to generate incremental Earnings Before Interest and Tax (EBIT) of between $80 and $90 million on a normalised, annualised basis. The expected growth is based on an anticipated $1.86 billion lift in normalised wholesale revenue and is in line with the company's original expectations. Dandenong warehouse sold for $2.4 million A Melbourne-based private investor has acquired an office/warehouse facility at 11-13 Abbotts Road in Dandenong for $2.4 million. Job ads figures at three year low The latest ANZ job advertisements data was released today and showed the number of job advertisements in major metropolitan newspapers fell by 2.0% in February, to an average of 19,972 per week. This follows a 0.9% decline in January, and marks the lowest number of job advertisements since April 2003. Noble Park development site sells A prominent residential development site in Noble Park, Melbourne, has been purchased by a private investor for $860,000. The 4430 sqm property sold after auction under instructions from The Uniting Church in Australia. Renovation activity on the decline A relatively stable house price environment and a slower rate of household debt accumulation are showing up in a continued easing in major renovations expenditure, according to the latest release of the Housing Industry Association's quarterly Renovations Monitor. Quarter Time Market Indicators - Savills The February edition of the Savills Research E-brief for 2006 includes a full compliment of new CBD Office commentaries in line with the release of official vacancy figures from the Property Council of Australia.

[Friday, March 03, 2006] Two Peninsula Keys sites sell for $34 million Joint venture partners in the Peninsula Keys development on Homebush Bay in Sydney, Trafalgar Corporate Group and Multiplex, have agreed to sell two development stages of the project for $33.9 million. The stages to be sold are non-waterfront sites at the rear of the development, with the sale price in line with market valuation of the freehold interest in the sites as reported in Trafalgar's PDS. Investment property market strong in Melbourne A Foodworks supermarket in the small township of Creswick, near Ballarat in Victoria, has been sold for $1.285 million in what has been described as the bargain of the day in an eight property portfolio auction held by Burgess Rawson last week. Seven of the eight properties sold on the day. South Yarra property sells on a 4.4% yield A South Yarra building occupied by Castran & Gilbert estate agents has sold under the hammer for $1.905 million, on a very low yield of 4.4%. The sale price reflects the long lease - 24 years including options - as well as the property's emerging Toorak Road location. New $300 million tower for Brisbane Joint venture partners Charter Hall and Indigo are pushing ahead with plans to develop a $300 million commercial tower adjacent to the recently acquired Brisbane Administration Centre in the Brisbane CBD. Building Research Index (BRIX) Survey - Westpac The December quarter Westpac/AIQS BRIX survey indicated that Australia’s Quantity Surveyors expect future workloads to continue rising over 2006. The level of confidence peaks in the June quarter 2006, with a net balance of 28% of respondents expecting workloads to increase. European Office Markets - Savills Improved leasing activity and a slowdown in speculative development completions has led to a reduction in the vacancy rates in most markets. Over the past six months, the overall vacancy rate of the study area has dropped from 10.1% to 9.7%.

[Thursday, March 02, 2006] Uniting Church acquires HEZ land The Uniting Church Trust Association has acquired 25 hectares of Hunter Economic Zone employment-zoned land located at Kurri Kurri, near Newcastle. While the acquisition price remains undisclosed, it is understood to be in the realm of between $60 and $70 per sqm. Cedar Woods boosts Victorian portfolio Cedar Woods Properties Limited has acquired 57 hectares of land in Lalor, located 17 kilometres from the Melbourne CBD, in the city's northern growth corridor. A 600 lot residential estate is earmarked for the land, which Cedar Woods acquired for $24 million in an off-market transaction. Hawthorn apartment block sells for $1.82 million A block of eight older style apartments in Hawthorn, Melbourne, have sold under the hammer for $1.82 million. A private investor snapped up the property, which has potential for redevelopment and subdivision. Housing is cooling & will cool further Housing activity continued to soften at the end of last year according to the Housing Industry Association, as the Australian economy grew at below average levels. However economic growth was slightly stronger at the end of 2005 compared to earlier stages of the year. BJT expands Japanese portfolio The Babcock & Brown Japan Property Trust (BJT) has acquired an interest in an office property in the Asakusa area of Tokyo, Japan, for approximately $A14.5 million on an initial yield of 5.3%.

[Tuesday, February 28, 2006] Dandenong industrial property sells for $3.9 million A private investor has paid $3.9 million for a two year old office and warehouse complex within the Quantum Industrial Estate in Dandenong, Melbourne. Oakleigh development site fetches $420,000 A development site on the south eastern fringe of the retail and commercial centre of Oakleigh, in Melbourne, has been purchased by a private investor for $420,000. Potential exists for a retail, office, medical or residential development. Outlook for Australian Property Markets - Westpac Annual report covering the five property sectors (Office, Retail, Industrial, Residential and Hotels) with an Executive Summary and in-depth analysis of each sector. House Price Indexes: Eight Capital Cities - ABS Over the twelve months to December quarter 2005, preliminary estimates show that established house prices rose 2.3%. Annually, house prices rose in Darwin (+23.2%), Perth (+22.5%), Hobart (+5.4%), Brisbane (+3.5%), Adelaide (+3.4%), Melbourne (+2.9%) and Canberra (+0.8%). House prices fell in Sydney by 3.9%. Business Indicators, Australia - ABS The trend estimate for Manufacturing sales of goods and services decreased 0.1% this quarter after an increase of 0.2% in the previous quarter. Seasonally adjusted Manufacturing sales decreased 0.9% after an increase of 0.6% in the September quarter 2005.

[Monday, February 13, 2006] Old BOQ building fetches $11.25 million The former Bank of Queensland building in Brisbane's Queen Street Mall has been purchased by a private Brisbane family in an off-market deal for $11.25 million. Brisbane office/warehouse sells for $3.1 million An office/warehouse building comprising four tenancies in Brisbane's Fortitude Valley has sold under the hammer for $3.1 million. The purchaser, a private family, acquired the property with redevelopment in mind. $40 million sales secured for Sierra Grand More than $40 million in sales have been secured in the Sierra Grand Residential Resort and Spa apartment project on the Gold Coast. LM passes $1 billion mark Boutique fund manager LM Investment Management Limited has passed the $1 billion mark in funds under management. The company manages the LM Mortgage Income Fund (MIF) - one of the largest mortgage trusts in Australia. Housing Finance, Australia - ABS The total value of dwelling finance commitments excluding alterations and additions rose by 2.8%. Investment housing commitments increased by 6.8%, driven primarily by a large increase in construction of dwellings for rent or resale (up $200m or 40.8%), while owner occupied housing commitments increased by 1.1%.

[Thursday, February 09, 2006] Investa records $150 million profit Investa Property Group today announced a profit after tax of $154.8 million for the half year ended 31 December 2005. The period was highlighted by 175,500 sqm leased across its commercial property portfolio, and the practical completion of 126 Phillip Street in Sydney CBD - which is now 99.5% committed. Office market strongest in 12 years Australia's office market is at its strongest in more than a decade, with vacancy at a four year low, according to the latest research from the Property Council. Brisbane's the one to beat Brisbane has the tightest property market of all state capital cities, driven by a booming economy, strong jobs growth and a decade-long lack of enthusiasm for office development projects. Strong office demand pushes Sydney vacancy down The strongest net absorption in five years has pushed Sydney's CBD office vacancy below 10% for the first time in two years. Supply knocks the shine off Melbourne office market The vacancy rate for the Melbourne CBD office market showed a slight increase from 7.8% to 8.3% on the back of a large increase in the amount of office supply. Adelaide office: supply will be the issue Vacancy in the Adelaide Core market dropped by 0.7 percentage points to 6.8% in the six months to January 2006, the lowest total vacancy rate on record, but a large increase in supply is soon to hit the market. Demand for Perth offices at record level Vacancy rates in the Perth office market have plummeted to record lows with the take up of CBD office space in 2005 equivalent to filling two Bankwest Towers. Canberra office market extremely tight Canberra’s office market is experiencing its lowest vacancy for almost 15 years, after rates fell a further 0.8% to 2.1% in the six months to January 2006. Office under-supply takes hold in Hobart The Hobart property market, with a 3% vacancy factor over all grades, continues to have one of the lowest vacancy rates of national office markets. North Shore: demand leads but supply to follow Demand for office space has pushed vacancy down across the North Shore office market. However, additional supply is on the way, most of it to North Sydney, and this may create a challenge for the market over the short to medium term. North Ryde powers ahead, Parramatta dips, Newcastle recovers The North Ryde office market experienced a strong improvement in demand with an associated decline in vacancy, the Newcastle market also improved while Parramatta vacancy increased to its highest level in a decade. Labour Force, Australia - ABS Unemployment rate increased by 0.1 percentage point to 5.3%. The male unemployment rate increased by 0.1 percentage point to 5.2% and the female unemployment rate increased by 0.1 percentage point to 5.4%.

[Tuesday, February 07, 2006] NLG buys another Mackay pub National Leisure & Gaming Limited has acquired the leasehold interest in the Andergrove Tavern in Mackay, Queensland, for $7.5 million. The tavern has been owned and operated by Colbert (QLD) Pty Ltd since its construction in the early nineties. AHL settles Taverner Group acquisition Woolworths Limited has settled the acquisition of the Taverner Hotel Group, through its 75% owned subsidiary, AHL Group, for $380 million. The remaining 25% interest in AHL is owned by Bruce Mathieson Group. CER off to a good start Centro Retail Trust has recorded an inaugural half year net operating profit of $23.1 million, reflecting strong property performance in both the Australian and US portfolios. The Trust's Australian portfolio generated total centre sales of $2.3 billion for the 2005 calendar year. Wentworth expands further with AFG acquisition Wentworth Mutual Limited's acquisition strategy is showing no signs of slowing, with the property management business of Australian Finance Group Ltd being added to the portfolio. AFG is currently the largest mortgage broking group in Australia. Business Prospects for Australian Manufacturing - AIG Global competition and more moderate domestic demand will mean another testing year for Australia’s manufacturers as they move to restructure their operations, according to the Australian Industry Group annual forecast for manufacturing activity. ANZ Economic Outlook - ANZ The Australian economy will return to the good times over the next two years on the back of solid business investment, a strengthening in resource and rural exports, and a lift in dwelling investment in response to a growing shortage in supply. Overseas Arrivals and Departures - ABS The trend estimate for short-term visitor arrivals to Australia during December 2005 decreased by 0.6% compared with November 2005. This followed monthly decreases of 0.3% for October 2005 and 0.4% for November 2005. Short-term visitor arrivals are now 1.3% lower than the last peak in August 2005. South Australia at a Glance - ABS Significant elements of the South Australian economy are agriculture and horticulture (including wine) products, machinery, mineral resources, aquaculture and fisheries. This report provides a general overview of South Australia.

[Monday, February 06, 2006] Australand on nine year streak Australand has delivered its ninth consecutive record annual profit since its ASX listing in 1997, after announcing a $201 million net profit for the 2005 calendar year. The figure is a 78% increase on the previous year's result and is based on a gross revenue of $1533.1 million. Sydney office market ends year with flurry The Sydney CBD office market posted a record year in 2005 with over $1 billion worth of transactions occurring in the last quarter alone, according to the latest research from Savills. Melbourne house prices heading up Melbourne’s median house price increased 5.6% to $375,000 in the December quarter with the unit/apartment median also up 2.3% to $307,000 in the quarter. The median house price rose 1.4% and the unit/apartment price 2.3% compared to the same quarter last year. Housing activity set to stay sluggish The housing and renovation industry is predicted to remain sluggish during 2006 but is still expected to improve on figures recorded in 2004/05. Centro fund breaks the $550 million barrier The Centro Direct Property Fund had surpassed $550 million in assets, making it one of Australia's largest and fastest growing direct property funds. The Fund invests in a diversified portfolio of over 230 shopping centres, predominately located in Australia. Rise in LVRs points to possible housing recovery Weakening property prices and low interest rates are encouraging home buyers to borrow more against the value of their new properties than a year ago, according to figures published today by the Australian Finance Group. Prestige market ends year strongly; but down on 2004 The Dyson Austen Top 10 Prestige Residential Survey for the December 2005 quarter indicates an increase of 16% from the September quarter, but a decrease on total value from the December 2004 period of 26%. The survey is prepared for the Real Estate Institute of NSW and focuses on the uppermost residential market. Retirement and Retirement Intentions - ABS Since 1995, Australia's estimated resident population aged 45 years and over has increased by 30%. In contrast, the number of children (aged 0 to 14 years) has increased 2.3%, and the number of people aged 15 to 44 years has increased 4.8%.

[Friday, February 03, 2006] Trinity boosts VIC portfolio to over $45 million Trinity Consolidated Group has boosted its Victorian portfolio with the acquisition of a modern industrial property in Broadmeadows, 15 kilometres north of Melbourne's CBD. The property, which is located in MAB Corporation's Northcorp Industry Park, was purchased for $6.3 million and will form part of the Trinity Property Trust. MFT portfolio up 11.6% Following independent valuations across its 19 properties, MFS Diversified Trust (MFT) has recorded an 11.6% increase in total asset value for the second half of 2005. The increase caps an eventful six months for the Trust, which was highlighted by the sale of the Marina Mirage Shopping Centre in Queensland, a $40 million capital injection, and the formation of an alliance with the newly-listed National Leisure & Gambling Limited. Stockland launches residential development fund Stockland today launched its first residential development fund, to be called the Stockland Residential Estates Equity Fund No.1 (SREEF). It is the first of a series of funds to be offered to wholesale investors. Building approvals slump at end of 2005 Building approvals have slumped by 3.5% to 12,168 homes and units in November 2005 and approvals are expected to remain soft throughout 2006. Entrust acquires interest in Aspen estate Entrust's Esplanade Property Fund has acquired a 20% equity interest in the Aspen Property Group's Dunsborough Lakes development in Western Australia for $8 million. Building Approvals, Australia - ABS The trend for total dwelling approvals fell 0.1% in December 2005, the seventh consecutive monthly fall. A large fall in public sector approvals contributed to the overall decline.

[Monday, January 30, 2006] Strata office going strong Owner-occupiers continue to drive strata office markets in Melbourne and Sydney, with two sales totalling $5.25 million following on from a strong 2005 for the Melbourne market and a late resurgence in Sydney. MPS well on way to meet forecast MacarthurCook Property Securities Fund has posted a net profit of $8.24 million for the half year ended 31 December 2005, an increase of 177.4% over the previous six month period. This figure represents 88% of the full year forecast made in connection with the rights issue and public offer unveiled in September last year. New hotel name may not fly The operator of Melbourne Airport, Australian Pacific Airports (Melbourne) Pty Ltd, has denied any connection with THL's Golden Tulip Melbourne Airport development announced last week.

[Friday, January 27, 2006] Townsville building fetches $1.045 million A private investor has paid $1.045 million for a single storey commercial office building in Townsville. The building, located opposite the soon to be redeveloped Queensland Rail site in Townsville's CBD, sold on a passing yield of 7.5%. Investor sentiment at five year high Short term investor sentiment is at its highest recorded level since early 2001, according to the Jones Lang LaSalle 2006 Investor Sentiment Survey. The report shows a net balance of 30% of respondents expect short term total returns to increase in the next six months across all Australian cities, compared to 7% of respondents in the last survey. Consumer Price Index, Australia - ABS The CPI rose in all capital cities in the December quarter 2005, with the increases ranging from 0.3% in Sydney to 0.8% in Brisbane, Perth and Canberra. Canberra recorded the largest rises in food, household contents and services and financial and insurance services. Perth had the largest increase in housing costs, at almost four times the weighted average of eight capital cities.

[Tuesday, January 24, 2006] Leighton secures tenants in Canberra Leighton Properties and Mirvac Projects have secured the Commonwealth Department of Agriculture, Fisheries & Forestry as the long term tenant for a proposed new office building at 18 Marcus Clarke Street in Canberra. The department has also committed to over 4000 sqm at an adjoining building of which Leighton is the sole developer. NLG boosts pub portfolio National Leisure & Gaming Limited has acquired the leasehold interest in the Wynnum Point Hotel in Brisbane for $6.5 million. The company has negotiated a long term secure lease of 45 years, including options, over the property. Electrolux pre-commits to Moorebank Business Park Whitegoods company Electrolux has pre-committed to the ING Industrial Fund's Moorebank Business Park in Sydney. Harvey Norman signs new warehouse lease National bulky goods retailer Harvey Norman has agreed terms on a new warehouse lease at Thomastown in Melbourne. The deal follows Harvey Norman's purchase of the Myer Megamart leasehold in December last year. Perks picks up two Queensland properties Private Gold Coast developer, Rayjon Properties, has sold the Christine Corner Shopping Centre at Varsity Lakes and the Treetops Square Corporate Centre at Burleigh Waters in a portfolio transaction totalling $33.2 million. Adelaide based Perks Property Investment Group has purchased the properties. Purpose built pre-commitments expected to surge The need for businesses to become more cost-efficient is expected to drive a strong industrial pre-commitment market in Victoria in 2006.

[Friday, January 20, 2006] WRF acquires two properties for X-One Listed funds management group WRF Securities Ltd has launched its latest syndicate offering - the WRF X-One Property Syndicate - and is seeking to raise $42 million from investors. The syndicate, WRF's 11th, is buying two properties including an Adelaide CBD office building and a regional shopping centre in New South Wales. Value of Sustainable Development - PRD Nationwide Change is occurring in the regulatory environment across Australia with mandatory energy efficiency regulations for new residential dwellings being introduced in many states. Perhaps even more significant is the underlying attitudes and expectations of consumers, both current and future, which will ultimately drive demand for sustainable features in housing and work environments.

[Thursday, January 19, 2006] Ellex sells headquarters for $4.43 million A private investor has bought the Ellex Medical Lasers corporate headquarters in Adelaide for $4.43 million, with the purchase price reflecting a yield of over 9%. Ellex announced its intention to sell the property in November 2005 offering a five year leaseback. Landlords the winners as options for big tenants dry up Options for larger tenants in the Sydney CBD are decreasing rapidly, with the balance of power shifting back to landlords according to the latest research from Savills. Sluggish housing activity predicted for 2006 Home buyers are cautious and continue to lack the urgency seen during the boom years prompting suggestions that a sluggish year is expected for the residential building sector in 2006. Brisbane Inner City Unit Resales Report - PRD Nationwide During 2005 price growth in the inner city unit resales market dropped off slightly in all precincts except for the CBD. However, this is not surprising given the record price growth highs that were achieved in 2004. Maroochy Golden Triangle Snapshot - PRD Nationwide The suburbs of Alexandra Headland, Maroochydore and Mooloolaba are frequently referred to as the Golden Triangle of Maroochy Shire as together they include the key retail, commercial, tourism and residential areas of the Shire. [Download/View File] Jan 19, 2006 Short-term Visitor Arrival Estimates, Australia The trend estimate for short-term visitor arrivals to Australia for December 2005 decreased by 0.5% compared with November 2005. This followed monthly decreases of 0.3% for October 2005 and 0.4% for November 2005. Currently, short-term visitor arrivals are 0.8% lower than in December 2004. Lending Finance, Australia - ABS The volatile seasonally adjusted series for the value of total commercial finance commitments rose strongly by 17% in November 2005. The increase was mostly due to the large jump in fixed lending commitments (up 31.9%), which was driven by a number of high value new fixed loan commitments to borrowers in the finance and insurance industry. The value of purchase of dwellings by individuals for rent or resale fell by 0.3% in November 2005, after a revised increase of 6.6% in October 2005. The trend series rose by 1.6%, the fourth consecutive monthly increase.

[Wednesday, January 18, 2006] Sunland goes shopping in Sunshine state Sunland Group Limited recently snapped up three housing and urban development projects in Queensland. The projects are expected to have a combined end value exceeding $41 million and will incorporate over 180 residential allotments. OFM buys two resorts for new Trust Listed financial services company OFM Investment Group Limited has created the base portfolio of its OFM Resort and Leisure Trust by acquiring two properties in Victoria for a combined $30.1 million. The properties, Moonah Links and the Sands Hotel, are premium golf resorts located on the Mornington and Bellarine Peninsulas respectively. South West Sydney - PRD Nationwide Sydney’s south west represents an affordable alternative to the inner suburbs, with the median house price in the area more than 25% below the Sydney average. The completion of the M5, Eastern Distributor and M4 have benefited the region with shorter commuting times to the Sydney CBD and Airport.

[Tuesday, January 17, 2006] Cedar Woods expands in Victoria Cedar Woods Properties Limited has splashed out approximately $10.5 million for the former South Pacific Tyres site in Footscray, Melbourne. The company is planning a residential development on the site, which is located just 6.5 kilometres from the city. Owners switch to energy efficient devices A recent survey has found that the primary reason for installation of energy efficiency devices in non-residential buildings is owner demand, followed by government legislation and architect specifications. Overseas Arrivals & Departures - ABS Seasonally adjusted estimates for short-term visitor arrivals during November 2005 decreased by 4.0% compared with October 2005. This followed a monthly decrease of 2.0% for September 2005 and a monthly increase of 0.6% for October 2005. Western Australian Statistical Indicators - ABS Western Australia's domestic economy continued to grow at a steady pace in the September quarter 2005, with State Final Demand increasing by 1.4%, slightly down on the 1.6% rise in the previous quarter. Growth in the state economy was driven by Business investment, up $725 million (17.8%) in the September quarter, in seasonally adjusted terms. Global Interest Rates on the Rise - S&P Healthy global economic growth and higher energy prices have increased concerns over accelerating inflation, both among investors and central banks. While indicators suggest little pass-through of higher energy prices into core inflation or wage growth, inflation expectations have risen and central banks are moving to fight higher actual inflation.

[Tuesday, January 17, 2006] Stockland boosts Brisbane portfolio Stockland has purchased the Energex Building in Brisbane CBD from Record Realty for $45 million, reflecting an initial yield of 7.6%. The building is 100% leased to Energex, a leading energy company, until June 2008. Lending comes home strong Home lending has continued its slow but steady recovery through to the end of 2005. Demand drives room rate rises Strong occupancy levels across Australia's major hotel markets has resulted in increases in room rates. According to Jones Lang LaSalle Hotels, the newly released Australian Bureau of Statistics tourist accommodation performance data for the September quarter 2005 shows that seven of Australia's ten major markets recorded average daily rate (ADR) growth in excess of 5.0%. Housing Finance, Australia - ABS The total value of dwelling finance commitments excluding alterations and additions increased by 1.3%, the fifth consecutive monthly increase. The value of owner occupied housing commitments increased by 1.5%, while the value of investment housing commitments rose by 0.8%.

[Monday, December 19, 2005] Valad boosts bulky goods portfolio Valad Property Group has purchased a bulky goods centre in Toowoomba, Queensland, for $22.75 million. The property comprises two adjoining centres anchored by Harvey Norman and Bunnings Warehouse, and takes the value of Valad's bulky goods portfolio to over $257 million. Tower sells North Sydney HQ for $47.5 million In a move away from investing in direct property assets, financial services provider Tower Limited has sold its Milsons Point office building in North Sydney to Australand Holdings Limited for $47.5 million. The company will in future focus investment on a spread of property securities. IEF buys Bidwill pub for $6.7 million ING Real Estate Entertainment Fund (IEF) has snapped up another Sydney pub, today announcing the purchase of the Bidwill Club Hotel in the western suburbs. IEF acquired the licensed freehold interest in the hotel for $6.7 million, reflecting a property rental yield of 8.25%. Melbourne CBD sales approach $1.5 billion for 2005 Australian and overseas buyers have invested close to $1.5 billion in Melbourne CBD buildings to date this calendar year, nearly double the 2004 figure, according to Colliers International research. The research is based on sales over $10 million in value. New home buyers still cautious New home sales remained largely steady in November as the cautiousness of buyers persisted, according to figures released today by the Housing Industry Association. Hemmant strengthens with $11 million sales The trade coast industrial market in Hemmant, Brisbane, has been strengthened by three recent sales totalling $11 million. The sales demonstrate developer and investor confidence in the region's long term investment viability. Stephens Solicitors acquires office for $2.15 million Stephens Solicitors has acquired a level 3, 720 sqm strata office at 530 Lonsdale Street in Melbourne’s legal precinct for $2.15 million. Weak demand, skill shortages: deterioration in production The December quarter 2005 has proven to be another challenging quarter for Australian manufacturing. The latest Australian Industry Group – PricewaterhouseCoopers quarterly Survey of Australian Manufacturing indicates broadly-based weakness in demand, growing skill shortages, and only marginal relief from cost and competitive pressures. Golf Course Development - The Matusik Snapshot Eighteen months ago (Snapshot 203) we discussed the recent completion of four new golf courses in South East Queensland. This time, we look at what is happening in New South Wales, where a number of new residential golf estates are proposed or underway, including some – like Twin Creeks – that offer acreage allotments. Short-term Visitor Arrival Estimates - ABS The seasonally adjusted estimate for short-term visitor arrivals to Australia for November 2005 decreased by 3.4% compared with October 2005. This followed a monthly decrease of 1.9% for September 2005 and a monthly increase of 0.6% for October 2005. Dwelling Unit Commencements - ABS In seasonally adjusted terms, the total number of dwelling units commenced fell 5.0%, to 38,035, in the September quarter 2005. New private sector house commencements fell 2.2%, to 25,780. New private other residential building fell 11.6%, to 10,849, in the June quarter 2005. This is the lowest level since the December quarter 2001.

[Friday, December 16, 2005] Record Realty splashes out $38 million in Melbourne Record Realty has further diversified its office portfolio through the acquisition of 601 St Kilda Road in Melbourne. The $38.35 million purchase price reflects an initial yield of approximately 7.17%. Belconnen's first residential tower site sells A residential development site in the Belconnen Town Centre, Canberra, has sold under the hammer for $5 million. The site has approval for a residential tower up to 18 storeys high, and has been purchased by an undisclosed Sydney based development group. South Yarra shops sold separately Eight retail shops and an office suite at South Yarra Arcade in Melbourne have sold for a combined $2.248 million. The properties, originally offered as a whole, failed to sell at auction, but were subsequently snapped up individually by investors. PPP front runner for Long Bay development Multiplex Group and Babcock and Brown, through their joint venture vehicle, PPP Solutions, have been named preferred bidder to design, construct and facilities manage two hospitals at Long Bay Prison in New South Wales. Decline in new home starts Figures released today show new home starts fell 5% in the September quarter, largely due to a pull-back in apartment starts. There were 38,035 new home starts recorded for the period - taking the 2005 figure to 154,856 - which reflects a 9.2% reduction on the twelve months to September 2004.

[Friday, December 16, 2005] Kew East suite sells for $2.1 million An office suite in Kew East, Melbourne, sold under the hammer yesterday for $2.1 million, reflecting an initial yield of 7.5%. A private investor snapped up the property, which is fully leased to publicly listed company Tele IP Ltd until 2012. Fringe property fetches $2.81 million A prominent city fringe freehold property in South Melbourne has sold at auction for $2.81 million, reflecting a passing yield of 5.77%. The building, located on the corner of City Road and Moray Street, comprises five separate lettable areas. ALE revalues pub portfolio Hotel manager ALE Property Group has revalued its portfolio of pubs resulting in a valuation increase of $19.3 million over the 30 June 2005 valuation. The portfolio is now worth $670.8 million. Thakral secures ultra good sales Listed property group Thakral Holdings Group has sold nearly 100 apartments in its 30-level residential tower, Ultra, on the Queensland Gold Coast, which is not due for completion until December 2006. MPS invests over $18 million MacarthurCook Property Securities Fund (MPS) has announced the investment of $18.3 million across a number of listed and unlisted property trusts, taking the total investment portfolio to approximately $138.5 million. Hervey Bay Snapshot - PRD Nationwide Over the last five years the Hervey Bay housing market has undergone extremely strong growth with the median house price increasing at an average rate of 20.3% per annum over this period. Population by Age and Sex - ABS The number of people aged 15-64 years increased by 1.3% in the year ended June 2005. Queensland (2.1%), Western Australia (1.8%) and the Northern Territory (1.6%) each recorded growth rates for 15-64 year olds higher than the national average. Victoria's growth rate equalled that of the nation (1.3%), and the remaining states and territories all experienced increases below the national average; NSW (0.9%), South Australia (0.7%), Tasmania (0.6%), and the ACT (0.3%). [Visit Website] Dec 15, 2005

[Wednesday, December 14, 2005] Newly listed NLG joins forces with MFS National Leisure & Gaming Limited and the MFS Diversified Trust have formed a strategic alliance for the future acquisition of pub and hotel assets on Australia's eastern seaboard. NLG successfully listed on the Australian Stock Exchange earlier today. IIF portfolio approaches 100% occupancy ING Industrial Fund has leased over 64,000 sqm across its portfolio since July 2005, resulting in an increase in annual rental income in excess of $9 million. The transactions take the Fund's occupancy level to a record 99.5% with an average weighted lease term of 5.9 years. Mineral and Petroleum Exploration - ABS The largest increases this quarter were in Queensland (up $1.9m or 4.4%) and South Australia (up $1.9m or 9.5%). Most states showed increasing expenditure levels this quarter, with only Western Australia showing a decrease of 0.6%.

[Monday, December 12, 2005] Nerang centre fetches $3.43 million A retail/commercial centre in Nerang, Queensland, has sold at auction for $3.43 million, reflecting a yield of 7.5% on a fully let basis. The centre, completed in 1992, was purchased by an undisclosed investor. Another strong year for Melbourne CBD leasing The Melbourne CBD office leasing market has performed strongly during 2005 despite forecasts of double digit vacancy levels. The year has been characterised by significant leasing activity, firming face rents and falling incentives, according to Colliers International research. more... Dec 12, 2005 ACCC undertaking complete to the tune of $88 million Ramsay Health Care Limited has sold five hospitals for total proceeds in excess of $88 million. The ACCC required Ramsay to dispose of the hospitals to address competition concerns relating to the company's April 2005 acquisition of Affinity Health. Ambo centre sells for $1.94 million A private investor has purchased a brand new building at Camberwell, in Melbourne's inner east, for $1.94 million, reflecting a strong yield of 6.5%. The building sold under the hammer with a lease to Ambulance Service Victoria in place.

[Tuesday, December 06, 2005] La Trobe Street tower sells for $88 million The Cromwell Diversified Property Trust has entered into an unconditional contract with the Australian National University to purchase 380 La Trobe Street in Melbourne for $88 million. Sunland teams with Roadcon in Victoria Sunland Group Limited has entered into an agreement with the Roadcon Group to develop 92 hectares of residential zoned land in Melbourne's western corridor. The project is expected to have a retail value in excess of $100 million. MFS plans $9 million upgrade at Waterford Plaza MFS Diversified Trust plans to redevelop and refurbish its Waterford Plaza shopping centre in Brisbane. A development agreement has been signed with Parmac Property Group, who will be responsible for delivering the project. Strong growth in services sector Services activity regained momentum in November, with the Australian Industry Group – Commonwealth Bank Performance of Services Index rising 4.5 points to 56.5. The improvement in the Australian PSI® for the month was driven by stronger growth in business-related sectors, which more than offset weaker consumer demand. Home loan levels on the up Monthly lending figures released today show an extra 157 new home loans were issued in October 2005, reaching 6853 loans, as the level of demand for new housing continues its encouraging rise. $8 million headquarters for BAC Brisbane Airport Corporation has unveiled plans for a new $8 million office building for its headquarters in the master planned office precinct at Number 1 Airport Drive. The project coincides with BAC's bid to lure other corporates to the airport precinct. Housing Finance, Australia - ABS Total value of dwelling finance commitments excluding alterations and additions rose by 2.5%. This increase was due to increases in the value of investment housing commitments (up 4.0%) and owner occupied housing commitments (up 1.8%). Performance of Services Index - AIG Services activity regained momentum in November, as stronger growth in business-related sectors offset renewed weakness in consumer demand. The seasonally adjusted Australian Industry Group – Commonwealth Bank Performance of Services Index rose 4.5 points to 56.5. However, it was the lowest November reading in three years. Brisbane Unit Report - PRD Nationwide The Brisbane Inner City and Fringe new unit market remained relatively strong over the September-05 quarter with 251 unconditional unit sales reported during the quarter across 31 projects. Although there has been a slight drop in sales activity from that recorded during the June-05 quarter this result should be viewed in a positive light based on the status of the market during this three monthly period.

[Friday, December 02, 2005] ANZ to consolidate offices ANZ Banking Group has announced a new property strategy with regard to its future accommodation arrangements in both Melbourne and Sydney. As part of the new strategy, the company plans to develop a purpose-built campus in Melbourne by 2009, in order to consolidate operations at the ten buildings it currently occupies. Surry Hills building fetches $3 million An older style showroom and office building in Surry Hills, Sydney, has sold under the hammer for $3 million. The three level building, purchased by a private investor, was acquired with vacant possession over the top two floors. Peet & Co raises $20 million in 9 days Peet & Company Limited's latest land syndication offering - the Peet Cranbourne Syndicate Limited - has closed early and over-subscribed, raising over $20 million in nine working days. Doom & gloom predictions misleading: HIA Australia's property market remains resilient despite renewed doom and gloom predictions of a crash in house prices according to the Housing Industry Association. RCA completes aged care acquisition Retirement Care Australia has completed the acquisition of 12 aged care centres from the Moran Health Group for total consideration of $186 million. Macquarie Capital Alliance Group holds a 98% interest in RCA. House Price Indexes: Eight Capital Cities - ABS Over the twelve months to September quarter 2005, preliminary estimates show that established house prices rose 1.0%. Annually, house prices rose in Darwin (+21.9%), Perth (+17.7%), Adelaide (+4.2%), Brisbane (+2.9%), Hobart (+2.9%), Canberra (+2.4%) and Melbourne (+1.4%). House prices fell in Sydney by 4.7%. Building Approvals, Australia - ABS The trend estimate of private sector house approvals fell 1.8% in October 2005, the fourth consecutive monthly fall. The seasonally adjusted estimate for private sector houses approved fell -0.2%, to 8,223, in October 2005. This is the second lowest estimate since May 2001.

[Friday, December 02, 2005] Development drives value rise ING Industrial Fund has announced a combined increase in value of $62.1 million for 11 of its properties in New South Wales, Queensland and Victoria, following independent revaluations. The revaluations represent an overall rise of 10.9% over the book value of the properties. Coogee residential site sells for $5.58 million A local developer has purchased a 1492 sqm residential development site in Coogee, Sydney, for $5.58 at auction. Located at 11-15 Alexander Street, the site has DA approval for a 19 unit development with basement parking for 28 vehicles. JFM spends $60 million in North Ryde JF Meridian Trust has contracted to purchase three adjoining properties in North Ryde, Sydney, for $63.5 million on an initial yield of 7.4%. The properties will combine with two existing JFM owned buildings to form a $90.2 million business park. Preston property sells under the hammer A local private investor has purchased an office warehouse complex at 8–10 Cope Street in Preston, Melbourne, at auction today for $1.36 million. The purchase price reflects an indicative yield of 9.3%. ITS Australia commits to DoubleSpace Technology group ITS Australia Pty Ltd has leased 1103 sqm at the new DoubleSpace development in Port Melbourne. Commencing rental is $1,445,000, reflecting a price of $268 per sqm. Slight drop-off in building activity Residential building activity declined by 0.8% during the September 2005 quarter, according to figures released yesterday by the Housing Industry Association. The volume of work in the pipeline remains strong to still be at a level of over $9 billion. Performance of Manufacturing Index - Australian Industry Group Manufacturing activity continued to decline in November. The seasonally adjusted Australian Industry Group- PricewaterhouseCoopers Australian PMI™ fell a further 3.6 points to 44.2 (remaining below the 50.0 level that separates expansion from contraction). [Visit Website] Dec 1, 2005 Private New Capital Expenditure - ABS The trend estimate for total new capital expenditure increased by 5.1% in the September quarter 2005. It rose by 2.9% in seasonally adjusted terms after a rise (10.6%) in the June quarter 2005. A strong increase in seasonally adjusted expenditure on buildings and structures (up 10.1%) has been the source of growth this quarter, mainly driven by the Mining and Manufacturing industries.

[Wednesday, November 30, 2005] Motel sells for $4.05 million A private investor has paid $4.05 million for a four storey motel in Glebe, Sydney. The property sold under the hammer yesterday with approval in place for 20 one bedroom apartments, along with commercial and retail space. Development site sells in Meadowbank A development site in Meadowbank, on the Parramatta River in Sydney, has sold at auction for $3.06 million. The property is zoned for mixed residential and commercial use and includes an existing industrial building leased to Esco. Construction Work Done, Australia - ABS The seasonally adjusted estimate of building work fell 0.6% in the September quarter 2005, to $13,855.0m. Residential building fell 0.8%, to $9,013.0m while non-residential building fell 0.3%, to $4,841.9m. [Visit Website] Retail Trade, Australia - ABS The seasonally adjusted estimate of turnover for the Australian Retail & Hospitality/Services series increased by 0.5% in October 2005. This follows a decrease of 0.3% in September and an increase of 0.5% in August 2005. States with an increase in their seasonally adjusted estimate were NSW (+0.5%), Queensland (+2.0%), Western Australia (+0.4%) and Tasmania (+1.8%). Dynamics Of U.S. Inflation & Corporate Credit - S&P While recent inflation data may look noisy due to hurricane effects, our inflation risk monitor – which studies the short-term (three-month) and longer-term (12-month) inflation developments in a host of different inflation indicators – suggests that upside price risks exist. In addition, demand conditions look firm and margins of slack in the economy are diminishing. Falling energy prices could be a demand booster, since this would unleash more consumer spending power.

[Monday, November 28, 2005] Valad boosts North Sydney portfolio Valad Property Group has purchased 132 Arthur Street in North Sydney for $27.9 million, on an initial yield of 7.62%. The property, which is earmarked for refurbishment, has been acquired as a potential seed asset for a new managed fund. Local developer buys industrial site in Dandenong An undisclosed local developer has purchased a vacant development site in Dandenong, Melbourne, for $580,000 prior to auction. The site was sold through agent Colliers International. Aged care JV's Innes Park project Primelife Corporation Limited and Babcock & Brown Limited have signed a binding agreement for the development of a 150 unit retirement village and nine hole golf course at Innes Park, Bundaberg, in Queensland. The project will be undertaken on a 50/50 basis and is the first in the recently formed development joint venture between Primelife and Babcock & Brown. Macquarie Leisure invests in new water park Listed property trust Macquarie Leisure Trust Group is planning to develop a major water theme park forming part of the Dreamworld leisure precinct on Queensland's Gold Coast. Thakral's Air 100% sold Thakral Holdings Group has achieved a 100% settlement rate at its recently completed high rise residential development, Air on Broadbeach, on Queensland's Gold Coast. The development comprises 133 apartments. Buyers willing but not able: HIA High prices and cautious buyers are keeping the lid on the sale of new homes and units across Australia according to New Home Sales figures released today by the Housing Industry Association. Assets & Liabilities of Australian Securitisers - ABS Mortgage assets, which accounted for 81.4% of total assets, were $154.2b at September 2005, an increase of $4.5b (3.0 %) during the quarter. During the September quarter 2005, residential mortgages increased by $3.0b (2.2%). Non-residential mortgages increased by $1.5b (12.5%). Venture Capital, Australia - ABS As at 30 June 2005, investors had $11.2b committed to venture capital investment vehicles, an increase of 25% on the $9.0b committed as at 30 June 2004.

[Wednesday, November 23, 2005] Duxton Hotel sells for $52 million The four star Duxton Hotel Melbourne located at 328 Flinders Street in the Melbourne CBD has sold for $52 million. Macquarie rides CountryWide retail spend Macquarie CountryWide's latest market update shows an increase in property income, gains in asset sales and strong returns from redevelopment activity. MCW has also announced the purchase of another US asset, and signalled its intention to target Europe as its next potential growth market. Malvern caryard goes to developer A property currently operating as a caryard in Malvern, Melbourne, has sold under the hammer for $1.6 million. It was purchased by a developer with a short term holding income in place. Office building sold for $13.85 million An office block at 88 Walker Street, North Sydney, has been acquired by a private investor for $13.85 million on an extremely tight 5% yield. Becton moves out of the Spotlight Becton Investment Management Limited has entered an unconditional contract to sell a Spotlight Store in Joondalup, Western Australia, for just over $4 million. The purchaser was an undisclosed private investor. Melbourne industrial market geared for expansion Melbourne's industrial market is set to expand by 585,000 sqm in 2005, with the construction market delivering more space in one year than it has over the past decade.

[Tuesday, November 22, 2005] Campbells outlet sells for $4.56 million A private investor has paid $4.56 million for an investment property in Southbank, Melbourne. The property is leased to Metcash Trading Limited and operates as a Campbells Cash & Carry outlet. Melbourne suburban offices sell on tight yields Two Melbourne suburban offices have sold separately on tight yields. The property sales, completed over the last week, sold for a combined $1.562 million, at yields of approximately 7.25%. Rocklea property fetches $1.65 million An industrial property in Rocklea, Queensland, has sold under the hammer for $1.65 million - around $400,000 above the reserve price. It was purchased by a local investor. Pennzoil headquarters sold for $1.22 million A 1963 sqm office and warehouse building at 10 Ponting Street in Williamstown, Melbourne, has been sold at auction for $1.22 million.

[Tuesday, November 22, 2005] Suncorp signs up at George Street Further evidence of the improving office market has Suncorp-Metway Limited joining JP Morgan and OneSteel in committing to Commonwealth Property Office Fund's (CPA) 259 George Street in the Sydney CBD. Suncorp has signed a heads of agreement over 15,000 sqm at the building for a ten year term beginning in 2007. IEF breaks $200 million barrier ING Real Estate Entertainment Fund (IEF) has acquired the licenced freehold interest in the Terrey Hills Tavern on Sydney's northern beaches for $11.5 million, reflecting a property rental yield of 8.0%. SunnyCove sells seniors' communities ING Real Estate Community Living Fund has contracted to acquire the SunnyCove Management Limited portfolio of three seniors' accommodation communities under development in Queensland for total consideration of $41.7 million. Prestige residential market slow Although sales levels are strong, top end residential properties are now taking longer to sell according to a recent research report. MAB secures Accor for NewQuay apartments MAB Corporation has appointed Accor, Australia's largest hotel group, to manage its 205 bedroom Grand Mercure Apartments in Melbourne's NewQuay precinct at the Docklands. The franchise agreement becomes the 15th signed by Accor in Australia and New Zealand. South Australian Statistics - ABS Within South Australia, the South East Statistical Division (SD) had the highest average weekly household disposable income of $787. The Adelaide SD had the second highest average of $763. The Northern SD had the lowest average weekly household disposable income of $673.00

[Wednesday, November 16, 2005] CPA leases over 25,000 sqm Commonwealth Property Office Fund has secured 25,485 sqm in new and renewed leases over the course of the September quarter taking the portfolio occupancy to 94.8%. Chinatown retail sells at $9000 per sqm An undisclosed hotel operator has acquired a retail site in the recently strata titled Harbour Plaza in Chinatown, Sydney, for $6,338,000. James Fielding raising funds for Seascapes James Fielding Funds Management, part of the Mirvac Group, has launched a new unlisted property development fund for the purchase and development of the Seascapes project, located four kilometres south of the Mandurah town centre in Western Australia. Lend Lease puts $25 million into hotels Grand Hotel Group has sold four hotels in regional New South Wales and one in Adelaide for a combined price of $48.3 million with Lend Lease picking up two of the assets. A stand-alone freehold office building at 320 Russell Street in Melbourne's CBD has been sold prior to auction to a private investor for $3.35 million. Architects appointed to retirement village project Melbourne based architects Rothe Lowman have been appointed by Southern Cross Care Victoria to design the proposed Lynbrook Retirement Village. The project involves the development of around 200 independent living units and 96 aged care bedrooms, with a construction value of around $55 million. Contribution of Gambling to Retail Estimates - ABS Over the period from September quarter 2003 to September quarter 2005, the Total retail series grew by 10.1%, Hotels and licensed clubs grew by 12.5% and Gambling grew by 18.8%.

[Friday, November 11, 2005] Owner-occupiers cotton on to Footscray A two storey property in the Docklands Cotton Mills development in Footscray, Melbourne, has been purchased by an owner-occupier for $1.65 million. It comprises office, warehouse and showroom space. Sydney residential auctions – volumes up, prices down Spring has seen the traditional increase in the amount of residential property being offered at auction in Sydney but it has come at price with median house and unit prices continuing to fall according to independent industry analysts, CPM Research. New Performing Arts Centre for Tassie ASX listed Celtex Limited, Ausmusic Limited, the University of Tasmania and the Department of Economic Development have reached agreement to development a new Performing Arts Centre for Tasmania. Fundamental reform needed: HIA The Housing Industry Association has challenged governments to adopt a new housing plan, identifying the need to better leverage assets to generate new housing opportunities, and to bring public housing back from the brink of disrepair through redevelopment. Stable, not stirred Despite the widespread industry belief that the residential housing market is on shaky ground, the release of internal sales data has prompted Ray White to conclude the market is much more stable than first thought. Lending Finance, Australia - ABS The seasonally adjusted series for the value of total commercial finance increased by 7.4% in September 2005. The fixed lending series increased 6.7% while revolving credit increased 8.8%. The seasonally adjusted series for the value of total personal finance commitments fell by 1.2% in September 2005. This decrease was due to a fall in revolving credit (down 2.3%) more than offsetting an increase in fixed lending (0.2%). European Cities Monitor 2005 - Cushman & Wakefield Senior executives from 501 European companies gave their views on Europe’s leading business cities. In the overall rating of best cities for business the top cities of London and Paris continue to lead by some margin. Barcelona overtakes Amsterdam into 5th place and Madrid also closes up to form a leading group of seven cities.

[Wednesday, November 09, 2005] Wednesday 9 November 2005 News & Research Harvey Norman secures six Megamart stores Harvey Norman Holdings Limited has entered a conditional agreement to acquire the leases over six Megamart stores in New South Wales, Queensland and Victoria from Coles Myer, with plans to convert the stores to Harvey Norman outlets. The remaining three stores in the defunct Megamart chain will be closed. Strong operations and development activity The Westfield Group has just released its update of operational performance for the third quarter reporting good rental growth and strong leasing activity with full occupancy maintained in most of its national portfolio. Retail sales continuing to show strong signs in the United States, with only moderate growth in the Australian and New Zealand markets and the United Kingdom slightly negative for the quarter. Five out of seven ain't bad A portfolio of seven retail properties owned by Mirvac were auctioned separately yesterday, with five of the properties selling. The portfolio, including a Woolworths supermarket, are part of a mixed-use development in Potts Point, Sydney. Centro and Leda join forces Centro Properties Group and Leda Holdings have teamed up for a joint venture worth around $450 million, with Centro acquiring 50% of the Hyperdome Tuggeranong shopping centre in the ACT for $195.6 million reflecting a yield, after acquisition costs, of 6.25%. In turn Leda has acquired a 50% interest in Centro Hervey Bay, Queensland, which has been joint ventured at $29.1 million, at a pre-acquisition cost yield of 6.6%. Rise in new home lending a good sign A modest increase in lending for new homes during August and September is encouraging news for the home construction sector, according the Housing Industry Association (HIA). Wentworth adds to property management portfolio Investment property firm Wentworth Mutual Limited has acquired the property management business of The Professionals Property Plus Real Estate in Thornlie, Western Australia. The acquisition, due to settle in December 2005, will increase the total properties under management for Wentworth Mutual in Western Australia to over 3000. Housing Finance, Australia - ABS Total value of dwelling finance commitments excluding alterations and additions rose by 3.2% in September 2005. The value of owner occupied housing commitments increased by 3.7%, due mainly to increased competition between lenders. The value of investment housing commitments increased by 2.1% (up $106m), driven primarily by a large increase in the value of commitments for the construction of dwellings for rent or resale (up $91m, 17.4%). Australian National Accounts: State Accounts - ABS The volume measure of gross state product (GSP) in 2004-05 increased in all states. Tasmania and Queensland experienced the strongest growth (up 4.0%) followed by the Northern Territory (up 3.6%). NSW showed the weakest growth rate in 2004-05 of 1.1%. NSW was the only state to have a growth rate below the Australian GDP growth rate of 2.3%. Institute Index of Consumer Sentiment - Westpac-Melbourne Institute The Westpac Melbourne Institute Index of Consumer Sentiment rose by 9% in November from 98.7 in October to 107.6 in November. Probably the most important factor behind this strong jump in sentiment has been the 6% fall in petrol prices since the last survey.

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