Property Pulse
30 April 10
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RP Data’s measure of pre-listings activity, the Market Activity Index, increased for the second consecutive week. The Index remains significantly higher than at the same time last year, however the flurry of new listings recorded in February and March appears to be moderating.
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This week the Australian Bureau of Statistics released their Consumer Price Index figures for the March 2010 quarter. The Consumer Price Index measures the level of price inflation and the results showed that over the last 12 months, prices had inflated by 2.9%. When volatile items are removed from the results a 2.9% increase has also been recorded. The Reserve Bank’s target for inflation is between 2% and 3% on an annual basis and given this, inflation of 2.9% is on the high side of their target range and may be cause for concern. Given these results, the likelihood of another interest rate increase when the Reserve Bank Board meets next Tuesday has probably increased due to these figures.
On Sunday the public will finally get a look at the much vaunted Henry Tax Review. It will be very interesting to see what recommendations come out of the review relating to property, specifically: land tax, negative gearing, stamp duty and capital gains tax. As we will discuss later on in the Pulse, taxation on property is an extremely important income stream for state and local governments. Whilst many would like to see changes to many if not all of these taxes they are certainly all very politically sensitive and as such any changes must carefully be considered as they are either politically very sensitive (negative gearing and capital gains tax) or may have a dramatic impact on Government revenue (land tax and stamp duty).
Advertised Stock on the Market
The number of newly advertised properties for sale during the last month fell sharply this week from almost 53,000 last week to almost 49,000. As a result, total listings have also recorded a significant fall compared to last week’s results. Nationally, there was almost 204,000 properties advertised for sale compared to more than 208,000 last week.
Want to know what is happening in your local patch? Make sure you have subscribed to RP Data's On the Market® service. Click here or phone 1300 734 318 for a free 2 week trial.
Latest National Auction Clearance Rates
Auction clearance rates eased last week, likely a result of the Anzac Day long weekend. There were also significantly fewer auctions last week compared to the previous week. The weighted average clearance rate across the capital cities last week was 70%. The nation's largest auction market, Melbourne, recorded an easing in clearance rates, sitting at 77%. In contrast, Sydney’s clearance rate actually showed an improvement on the previous week’s result with a 72% clearance rate.
Want to know the auction results for your local area? Log into rpdata.com and go the Auction Results panel on the top right corner of the home page.
Number of Properties Advertised for Rent
 The number of new rental listings fell over the most recent month and it was the third consecutive week of falls, whilst new listings remain below those levels from a month ago. Total rental listings have also fallen for the third consecutive week and now sit at the lowest level since the end of January 2010.
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Government property tax revenue slumps thanks to the GFC
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Data released this week from the ABS shows that Government revenue from property related taxes slumped during the 2008-09 financial year however, taxes on property remains the largest revenue source for State and Local Governments.
They say there are two guarantees in life: death and taxes. State and local governments raked in almost $28 billion in property related taxes during the 2008-09 financial year.
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Read the full article... |
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The New South Wales and Queensland seminars have already commenced, with strong attendance and excellent results from the participants. Register now to attend the remaining sessions!
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Last chance to win a trip to AREC2010!
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Commercial: Melbourne building sells vacant
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 A shop and office property in Melbourne has been sold at auction with vacant possession by agents of Fitzroys.
The building at 289 LaTrobe Street, Melbourne, at the corner of Sutherland Street, is zoned Central Area Development.
Fitzroys agents, David Bourke and Tom Noonan, marketed the property, which sold at auction for $2.82 million.
The two-storey building of 388 sqm on a 194 sqm site with 7.4 metres of street frontage was sold on a 90 day settlement.
Values of $7268/sqm and $14,536/sqm were achieved for the building and the land respectively by the sale.
Stay up-to-date with the latest commercial property news all in one place. Subscribe to the Australian Property Review for only $1.90 a week and receive a weekly newsletter that includes Auction Results, Deals of the Week, Retail News, Leasing Deals and an Industry Market Update. Click here to find out more information.
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Blog: The Government's take on housing supply
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The Federal Government’s National Housing Supply Council released their second State of Supply Report this week. Probably the most important finding of the 228 page document was the estimate that nationally there is a cumulative undersupply of 178,400 dwellings.
The greatest undersupply in dwellings was found to be within New South Wales (57,600) and Queensland (56,100). The states with the smallest estimated shortfall in housing were found to be: South Australia (100) and Tasmania (1,000).
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Read the full article at blog.rpdata.com... |
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2010 TCE National Property Management Conference - RP Data Special
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