Herron Todd White Report Dec

8/3/2019 Herron Todd White Report Dec

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December2011

The Month In Review


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The month in review

Page Topic

3 Fatu - 2011 Th Ya that Wa

4 - 14 cial rtail

15 32 r id ti l

ctt conTenT

s


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The month in review

Ad w, th d i a. W a lwig th utai what ha a pllig 12 th.Laught, ta ad ta. Th pat ya ha dalt tha a w aw had with jut aupl yal uh.

A w all gi t idl up t th Xa ut ad wath th lativ -git ti ad haki, w

i th ti t hav a lg had lk at u ya i ppty.

Th w plty vt that llidd t ak thi a ya t gtt y t v.natual diat playd thi pat th pally ad aially, ut a th wld ty it with ilvy, tha a w u lk kywad ad utt ut lud oh ! What did w d t dv thi a wll?!

Th ya tatd with taid ptii t. 2010 didt ally gl up t uh,vy had ttld it th ida that th GFc ight uutal ad th wa plty

uhi ad lllipp aud th pla a w dug up Autalia. Hip ra 2011! Lt th gd till! Utuatly th ag t tud it a whip ad y th d th ya ayppti w gapig ath.

Ad w i y lat ha i 2011 t tat whippig a did qui. o agai dha th ky. Whilt I d w a u ud pu th wld y adu tu a likd t chia, Autalia ha idd th ally tuat glally.Hwv w tad d ad u lg i lttig u dw. mt patiipat tiu thd, it ad ta waitig l t ak thi v ad util ldly tpup ( a itt gup at lat) th it i likly th patt will aid ld.

2011 The Year that Was

FeATUre


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The month in review

Th tail t ha akig had wk it lat.rtail li d agt u ad thipat akt ha palpal. Flight t atya that piay lu hip ppty uy a ud with lid tai ig th . A th yapgd it appa that th tig t thhad t i.

I th tail tip akt, iad vaay ad v th tal gwth utlk ha titd th lvl dad ivt. Dad w upial ai lw, with th dual ipat wak tailal ad high ldig t pvtig w tat upad liitig xpai pla. Th a hwv a wxpti t thi ul. Quality ppti i lati withiial vaay ai i high dad. F xapl atata tail uit i Ptt Pit ld $850,000, quatig

t $9 043 p qua t

ceial oveview

commercIAL


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The month in review

I th a pit, th Highlad Hak ct,whih pd i 2008 ad pi 12,500 quat, 270 a pa ad ut utlt iludig

Fatati Fuitu, Th Gd Guy ad Dik sithelti, igd bt & L a a tat igi nv 2011.

caa

ov th pat 12 th th caa tail akt ha

had it up ad dw. At th giig th yaw witd th lu bad Dpt at caaaipt, a th t tiud t tuggl with iigvaay. Dpit thi lu vaay ai high i thly aiig utlt t withi th AcT, th DitFaty outlt i Fyhwik. Giv th hightd lvl vaay dd i th th utlt t ad thuqut lu , it i la that th dad ditiay tail i liitd withi th AcT.

It t all d ad gl hwv. A i i thdad d ad vag tailig ha ultd i awav w ad uihd upakt pjt. mttaly th aival ct it th AcT, i th a 13,000 qua t aility ad th p-itt Wlwth t th majua Pak hppig t, haad th dad d ad vag tailigwithi th apital.

Lkig wad, th p diti dd i thtail akt i th AcT will likly tiu it 2012,

a tiud wak tail al liit th dad

Highlights for 2011 include:

- ct th stklad shllhau

xpai.- Wllgg city cuil lkig t vap cw

stt mall. Th all i i d a upgad, hwv,th ppal ai talld (vhil a ha uld ut). Jut gt with it!

- riv al $6.1 illi th patially pltdAi tail/idtial dvlpt i Faiymadw. Aquid y a lal tiu, th pjt iw aig plti with a vapd aktig

apaig udway. W a waitig with itt t wh will ah th tail pa llwig cldii t th pjt.

- Wllgg city cuil puhaig th tvialQuatt dvlpt it. Whil a 1,280 qua tpti th it, whih pt aud 12% th ttal aa, ha ld t a gup Wllggivt a udild u, th aiigpti i t puhad y Wllgg city

cuil $5.2 illi. Whil th igial pt wapiaily idtial it did tai a utatial tailpt. Thi i likly a ht t diu t hld th uil, whih itd t tu th ppty ita udgt a pak with xitig uildig iglad ad udgig vati.

- Wlwth gaiig appval t uild it upakti bulli.

- Aldi pig it w upakt alg o

stt i Dapt

commercIAL


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The month in review

nwatl

Th nwatl rtail akt appa t hav talldud th wight tk th akt. Th GPT wdHut stt mall it, at ig i du diligad ailig t ll t lal dvlp buildv, hav w aktd a ight paat lk. o all lkwa ld t a lal w upi lat th hwvv lk ai th akt with littl t

ptd itt. o patiula t, th utatial adhiti David J buildig ai uld. Thlag plat availal hwv ay ti a lagtail huld thy l a v t th ailig Hutmall waatd. nw that th GPT ppti a litda paat diu izd ppti, thi i xtigdwwad pu th tail akt a a whl.Iaig upply withi a alady wak akt pitt ly gativ gw i th ht t.

....retail has been a sector in declinethroughout the country and the all

important Christmas selling period could

make or break struggling retail chains....

Whil th appal th mall tiu t all, it i alwth tig th a aj tail latd i tht th ity. ridt th ht d uit

lk aud nwatl bah iludig th w Avavia

Th atal uiti ballia ad by bayhav t advly ipatd. Hwv, with thtiud wak tail t th ha a gwig

ad pvalt all i 2011 a duti i tal.rpt a w gwig wak t i ballia whililia i by bay it ili ha agai tiudt ai.

evid uggt that day lati t hav all, hwv piu lati ultillutat t hldig iila lvl.

What i ig viu a vaai ippti whih wuld ally at th t ay all i t.

A with 2010, vlu al w vy lw it ipvig iaigly diult t idtiy th piti th akt. ow upi pa lw $400,000tiu t hw akaly lw yild.

Th t al th Li Wtpa bah a yild

8.2% t i idiativ tg yild i Li.eali i 2010, th al AnZ i by bay hwd ayild 6.4% t, whil i ballia a ully lad pit a tg lal tat hwd a yild 7.5% t. Wal udtad tly i mulluiy a ialppty piig ultipl tail tat ad thidtial at ld a yild 7.2% t (lw d xptati). Th al wuld uggt thatakt yild hav d althugh th td ha itt a th Fa nth cat nsW, a iila

aiati t lati ld ha ptd

commer

cIAL


7/56

7

The month in review

Lal tail hav al lt th pih whih i tu hagu t hut ladld. A iaig u tathav ud it diult t t thi la ligati ad

th Vitia sall bui cii ha witda utatial ia i tal diput lutiquii i 2011. Iduty u val that th tailt i tugglig thugh it tught pid ith 1960. Th laklut tail t i phap divy adud u pd upld y thi hit tuig duig dt lvl ad iaig thiavig.

It appa that tail wh a pitid utid thai tail tip with liitd xpu a t atdwh th i a dwtu i tail tad lvl. Phap th hadt hit tail tip ha bidg rad,rihd whih ha taditially kw itdiut t ad w ha t pt with th lik th Dit Faty outlt ad th lag al uuahppig t. Th vaay at wa ptd t havi a high a 10.6% i id 2011.

Aid th dwtu, th xpti t th ul i th wllplad tail wh a ud withi pit tipwithi mlu. swat stt i th mlucbD, Gli rad, Hawth ad chapl stt, suthYaa a gd xapl ilit tail dtiati i2011.

....industry sources reveal that the retail

sector is struggling through its toughest

i d i th 1960

capap shi ha ivd a $2.38illi a it it pviuly aquid i may 2006 $3.06illi.

Th ditial t th dyai havig th shi

a a ivlvd paty a ppd t ay idiati thakt td.

mILDUrA

Lal all tail a adviig it i th ya thy wuldath gt. A plt uiht th Lagtmall, mildua tail hu ha tak t th ya. Thiha had a dtital ipat hppig patt i th

ity hat t th advatag mildua ct gialhppig t wh hpp hav paduity ig, th whi t utt, tuk addut. A a ult th ivi lal hp havxpid hadhip, ad whilt th mall ha w pd, hppig patt hav aid luggih.stag tw th dvlpt i t had v thmall, t ptt agait i mildua xt liat. Thtpatu dd 38 dg wh th pht thmall wa tak hwv it lt lik 43 dg. A a

ult all hpp xpt th valu had tak ug ith had ud th awig.

commer

cIAL


8/56

8

The month in review

siilaly th a tw ppal t uild upakt/pialty hp plx i th atllit tw Iypl,latd v kilt th hat mildua. Fih

IGA (w 16 upakt withi 400 kilt mildua) hav a plaig pit Wlwth hwvd t. With th tw t lag ugh t uppt twupakt, Fih ay hav th advatag.

Th i dut that th tail ladap i milduai hitig all hp i th taditial talui ditit (cbD) t th ig x atial tailutlt. Th a pla t uild a w cl upakt,a Lw hadwa plx ad a big W t algFitth stt, appxiatly u kilt thtaditial cbD.

Thi hagig ladap i td i th ativity tail ppty ivt. buy hav a apptit d, uly lad tail pi, ad will uy atyild that t th pivd quality th tat,ath tha th pi lati. s a buig t, a cl upakt i mildua will ll at iila yild t

t gial t, typially i th ag 7% - 7.5%,wha yild taditial hp hav td.

Adlaid

Th Adlaid tail t xpid a diult ya i

2011 c t d d t h ti ht ith th i

ad a u ad t wd y th cladGup. Th vaai lt y th t i th latt hal th ya hav w lld.

ealy nv aw th pig th tag thdvlpt buid Villag whih addd 7,300qua t w tail pa t th xitig hppigt akig 30 w tail. Zaa ha d a a tat at th t t p thd 2011 gatig uh xitt lally, a ay th ppula itatial t t vlkAdlaid i avu th at tat.

....construction is now underway onRundle Place, Harris Scare will be joined

by Coles to co-anchor the 22,500m2 4

level retail component....

Kat ha igd a lg t la th it utlyupid y Ty r U, wh will vaatig th cbDaltgth thi ai t i latd at th Gpp X

Hak ct. Thi i ly a hadul itlag ugh t atiy th pa quid y Katwith jut ud 4,000 qua t pad v thlvl. Kat i xptd t p i aly 2012.

Duig th ya th ld Hai sa uildig at 77-91rudl mall wa dlihd ad tuti i wudway rudl Pla, a $385 illi piu ad tail pjt du plti i aly 2013.Hai sa will jid y cl t -ah th

22 500 t l l t il t hi h

commer

cIAL


9/56

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The month in review

patiula ppty. Th u $5 illi tail t havaid i tg avu with pivat ivt withyild aiig lativly ad agig tw 7%

t 8.5%. Typially, lw valu t gat gatptiti thugh a lag pl puha whiha ult i yild. Altativly, wh th iupid pptuity thugh ith a a t talvi, dvlpt, uiht a ughtat lati a ig t yild a al u.

A a i pit i th al a tail vi tlatd at 1888 Lga rad, Upp mut Gavattwhih ld at auti i Apil 2011. Th t ha ag lttal aa - tail 735 qua t ad agd tay ix, iludig Pizza Hut, suway, nightowl, Thity cal bttlhp ad a Idia tauat.

Th ppty had a wightd avag la xpiy 2.09 ya ad ld $2.9 illi, whih td aaalyd yild 7.72%.

rtail t with a pi pit v $5 illi agally ahivig t yild tw 8% t 9%.

Th t a typially ahd y at lat aj uh a cl, Wlwth IGA ad hav tgtay pl ad lg WALe. Th t yild ativ dud ptiti w puhaad th gig tight ldig vit. othtail at with high ik pl iludig iu uha ultipl vaai, igiat tal aa ad ptay ix a tuig yild v 9%.

....looking orward to 2012, we anticipate

ti ti th t d i t t

udatal ivtt tatgy wh idigtig thi vlatil akt.

Th t hidight w hw u that ay hp a vy i 2011 wa wihul thikig. I at, it appat that th Gld cat tail akt i i vw hap w tha it wa 12 th ag.

Th a tw ditit tail dvlpt th Gld cat; th dly ppulatd tuit tuh a su Paadi at d th ptu, adth uua ad lal t at th th d th

ptu. Whilt th tw typ tail ativity hava vatly dit lit a, th pa th itgly tid it u piay iduti tui adtuti.

Th 2011 tail akt wa typid y dud ud ad dud u pdig. That upld with dud ppulati gwth ad thtg pig Autalia dlla udid tuitu ad al ultd i vy littl tuti

ativity.

rdud ativity i tui ad tuti ha aidit ipat ppl wkig withi auatuig,iptig, whlalig, a, al tat ad plaigiduti, t t ti th dit ipat tailthat lly ly th akt. With uh a adipat, it i ay t hw th tig thakt ha wpt thugh u uity ad gatlyipatd tail pat thughut th Gld cat.

commer

cIAL


10/56

10

The month in review

by ad lag, uua ad tail t thav aitaid a tatu qu v th u 2011.Ladld hwv, hav ad with th hallg

dwwad pu t ad iaig vaay ithi pialty t. A a gal vati, uuaad t that pviuly had lw vaay whav uu vaai, ad th u quiiig ad t u advi tal diput iditly th ia.

Th 2011 al akt wa diatd y al udituti y iv ad aag, a ad w hav puhd t thi aial liit. Thiha ultd i a gat u al duig 2011 avd a d t t th akt ath tha hldut tt day.

A xptd, ivtt yild hav aid tad uy tiu t ltiv i thi ivttdii. Thi highlight th ipta waitaiig a high quality upay ix ath thaghtig th hight pil t thi ittig

tat.

t t. W td iad ailu tauati th aa ad a all yild gap gi tauatppti, pad t iila ppti with a

typial tail i pla, t t th addd ik thiat la.

Ivt tatd t ak it th akt twad thlatt pat th ya with a hit i u t vi typlati, uh a th ld ahid lal vit. W td a al th mut clu shppigct, ahd y a IGA, whih ahivd a al pi $6.1 illi with a aalyd yild 9% ad a WALe 2.1 ya. Agt ptd that itt i thi typ at had ipvd duig th ya.

Th th tg idiat at th ak d th ya,wa th g lag pai ivtig ithi gi. A lag ppd Havy na t had i Wi Fa, ad i du t p i 2012.buig ha al puhad tw it i th gi uth dvlpt. cl ad Wlwth havpuhad it tally t xpad a hppig t

with a mat it ppd i na.

....we noted a sale o the Mount Coolum

Shopping Centre, anchored by an IGA,

which achieved a sale price o $6.1 million

with an analysed yield o 9%....

Th tat t u ha haldd a wl tu wath ad tuit pat a pditig a tg

d d ki Thi h h l d

commer

cIAL


11/56

11

The month in review

A u all tail t ad ulky gdppti a utly th akt ad hav ahivdliitd itt t dat. sal utly hav l iitd

t all tad al uildig t tly w upi.

Futh ativity i at duig 2012 udpid yth gwig u t i th suat bai ad tht iitiat taid withi thcbD mat Pla.

ctal Qulad

bUnDAberG

Th tail akt i budag ha ud pui 2011. Vaay at hav tiud t alatpatiulaly lag tail hw pi with

akig tal lvl i x $50,000 p au.Vaay lvl i all hp i gd lati hav a l pud hwv tal lvl havgally dlid. Vaay lvl i nighhd adsuua shppig ct al ai gally lw.

Th tw t igiat al ipvd tail at ibudag hav th Wlwth shppig cti child at $8illi idiatig a adjutd yild at i

th d 8 5% W l th h d 16 i i

Th ha liitd al ativity v th pat 12th hwv Hugy Jak ld i Fuay a yild 6.6% at a ali puha i 2008 6%. Pi

with atially add tat a attatig piu up t 1.5% yild pad t lally tatdivtt ppty.

Th aj aut th ya wa th puha th xitig ct shppig ct y stklad.

Th puha iludd a dvlpt appliati stag tw ad a uudig 5.5 hta pal lad.stklad hav idiatd that thy xpt t giwk th d tag y July 2012 at a t $130illi. o plti, th t will upy aut35,000 qua t ad will ptdly th iggthppig t 500 kilt mahydt rkhapt. Th Gup hav igalld thiitti t kp th dvlpt tak y payigth iatutu hag $1.8 illi i Ju 2011.

Thi pjt alg with th aut t tut aw 96 d pivat hpital ha litd d ad ha

tly a iad lvl quiy atiald hai lkig t talih thlv i th twalg with pvidig a uh dd t t th gituti iduty.

commer

cIAL


12/56

12

The month in review

pig thi d t ui th 23 nv2011. stag Tw pi a Wlwth upakt,mDald ad a uth 20 piality t, with a

pla th xitig bI-Lo t vtd it a clupakt.

makay rgial cuil ha appvd stag Thad u th t, whih ha aakd t a v gat hu ativity ad th thidaj ial t i makay. Th pa plti i tiatd t aud 45,000 quat. stag Th tuti i hduld t i lat 2012.

Th maia Tw ct (tig Aza Avu) ha appvd. Th $38 illi tail, ial adidtial pjt i hduld t tat tuti i2012 ad will atu th lagt upakt wt makay with aut 15 pialty tail. Th upaktwill pi appxiatly 3,200 qua t adth ttal pa th pialty tail will upt 2,000 qua t. Diui a ud way with

val th aj upakt pat t u thah tat.

rtail ppty i tightly hld, with t ptdal i th makay cbD aj hppig tpit.

Dugla, mut Luia, Idalia, budll ad buhladbah.

A a aj lw t th tail t, th $200illiFlid Plaza tail/ttait t that waplad th cbD ha all v at Autxx waplad it ivhip. Thi ha lt a uattati 1.6hta dvlpt it i th hat TwvillcbD th akt.

Th t t igiat tail taati i th Twvill akt ud lat ya with cl Gup

Ppty Dvlpt aquiig tw it; i Kiwaad i Dagu a id valu aud$21illi. Th tw al, wh aalyd t at pqua t, a idd aggiv aquiiti ith ut akt vit.

....as a major blow to the retail sector,

the $200M Flinders Plaza retail/

entertainment centre that was planned

or the CBD has allen over.... Thughut 2011 w hav a iad td ituti/xpai tail ppty i Twvill,th tail akt i gal ai t. ct

Twvill althugh, a u-gial t ha plad th akt y ct Ppti Gup, a thylk t liquidat at ad tutu. ovall th tailakt ai at th tt th akt.

commer

cIAL


13/56

13

The month in review

gad uh tk a dig th akt ad dpigpi. Itad i u pii iv tk i igpgivly ld i a lativly dly ahi. F

ita v th pat tw ya all th HdlyGup tk, ivlvig appxiatly 170 uit i ttal,ha ld at ly lativly i diut tthi akig pi.

Vaay at i th tal akt hav vd ak duig2011 th v-upply ituati that wa pviulyvidt, t it withi th alad akt agally aptd a a 3% t 5% vaay at. Hwvtal vaay at hav tdd t ia v th latix th, yptati t ppulati gwth,thugh with idal divg tw huad uit. nvthl th akt gally i xptdt ud pu a ti pg au th lak w pivat tal huig dvlpt,patiulaly w uit dvlpt, ad th lw tat th ivtt ppty akt. Th td vaayat hu td at 2.5% duig ot 2011, whiluit dd a td vaay at 4.5%. Th vall

akt vaay at td at 3.5%

Dawi

Pth

ovall 2011 ha t a ya wh iitial aktxptati athd atual pa. mt aalytat pitiv gwth th ak th tat highi gwth ad lw uplyt. Hwv, w

wuld hav atiipatd th vital alaitiuh a cyl Yai ad th Japa Tuai, thplitial diitgati i th il ih middl eat adnth Aia uti, ad u th i adaial pl atig th Us ad eup.

Th high vig dt th uth eupauti ad Us hav ipatd ivt d,ultig i vy high utuati i at pi

quity ad aial akt thughut th wld.cl t h, th ha gwig vchia ppty akt ul ad utaiaility thihigh i gwth giv th iu plaguig thiaj xpt akt i eup ad th Us. Ti aiaig tw chia ad th Us gadig thiptiv uy valu ad thi ipat thiptiv t tad.

Dpit all th iu, th tat y ha

i t i d ili D d

commer

cIAL


14/56

14

The month in review

at play, ad th vaid atu ppti piigthi atgy, it i t upiig that th tail pptyakt ha hw vaid pa v th ya.

Gally pi ppti i thi la hav pdaaly wll havig aitaid valu ad liddad, whil u-pi ppti hav t xttlaguihd.

Th Pth cbD tail ppty akt ha pdtt tha t, dpit th igiat additialtk addd y w tuti. ov 2008 ad 2009appxiatly 24,000 qua t w pa waaddd t th Pth cbD. I 2012 appxiatly 15,500qua t w tail pa i atiipatd. Vaayat a gally tiatd at lw 5.5%. ovall thalatig tk lvl hav athd y gwigdad.

Th tatig ad idtial vaai i thPth cbD hav tgthd d that thippty gt will tiu t attat pau ad i tu ivt. T xtt th igiat

additi w pa ha ultd i thi aktig a tw ti akt with th ld dvlptiaigly ig pivd a a day pptyakt. Ppty al i thi gt th akt,whih a pdiatly ad up stata Titld uitppti, gally hav htag willig uylkig t puha ith lad vaat ppti.

Taati i thi u-akt quit liitdalthugh thi i du t th lak upply a thppti a gally vy tightly hld. buy i thi

t i iti d t k tti

gial iz Thli squa shppig ct whih ld $21 illi, at a paig yild 11%. Th hppigt whih ha a GLA 14,583 qua t wa

uihd i 2010 at a t $2.5 illi. Th pptywa puhad y a pivat ivt llwig a lgthy12 th aktig apaig.

Th tail ppty akt ha vlvd daatially vt ya, with hppig t ig lagad th itduti ulky gd dvlptagglatig a u lag tail, whih haitid ptiti igiatly. cqutlyld tyl tip hp ad hw dvlpta ig iaigly lt. A xptd thilw d th akt ha had a hallgig ya. Whav td v th ya that th ppti quilgthy llig pid ad ptitiv piig. buy ithi akt td t p liitd apital ad a liitdpttial i aquiig th ay a.

....most retail properties are tightly held

and the limited supply has helped to

balance the weak demand....

ovall tail ppty ha had a ixd ya, hwvt at atig thi akt a xtal ivlvigth i ad aial iuta i th Us adeup. Th iu at pt appa plx ad alikly t ai a with ivt th wld v ti t . Ud th iuta it ilikly that tail ppty will tiu t l th ipat

ti i t ti t D it th i

commer

cIAL


15/56

15

The month in review

residential oveview

n ally xptd 2011 t d akiggwth i th idtial t, hwv galxptati wa that a lwly ulig akt wuld a thig th ig twlv th. Utuatly t th ipat va i ad thgig lak d ha talatd it al tattig. Th ay wll ight light thhiz wh aj pjt ad iatutu lkd

i h ll li i k

I lati t u pditi at th tat th ya, upti th akt pvd t ut tha wgav it dit . Whilt ativity ad valu lvl tailid,th akt did ai aily tg with agt ptiga tt tha xptd ya.

South and South West Sydney

Ivt tud t th akt llwig th GlalFiaial cii ad hav wd itt i th lw

resIDenTIAL


16/56

16

The month in review

It appa th itt at ut mlu cup Day ha t littl t lat 2011 t v.

....the Sydney market outperormedthe greater Sydney Metropolitan as the

demand or inner city living remains

signicantly high....

Futh itt at ut, alg with th lak tk, ay th suth Wt akt tu t th pi ahivdi 2010. Hwv ua u akt th ty t a t h i Autalia i w yd ay t

h uy (au u akt hav vd ydth gwth i wag). With th ipdig a tax,iig tax, ia i gy, ptl ad d pi,ay ivt a d aut wh th yi hadd.

Eastern Suburbs and Inner West

Th i wt ad at uu ppty akt

wt tgth t tgth th t hal 2010. Th tg akt ativity tiud wll ydxptati, vtually lig a itt atpt up, aud th t wit. A 2011 lld i thakt tailid ad aid tg thughut 2011.

Th pig ppty akt i ig it l witha auda ppty ad lid auti laaat 2011. ety lvl ppty pi hav iaddu t pu th Gvt tap duty gatwhih xpi th 1t Ja 2012 ad lid tal tu

i d h

ud dvlpt tiu t pvid th t h-uy akt with a ix adal ad id-agppty.

Th dia pi i caa ai tady at $520,000 tadad idtial huig pad t $510,000at th a ti lat ya. mdiu dity ppty th th had ha iad y 7% t $415,000 th ak aj w dvlpt i th I suth.Vd thughut caa hav d t lwthi pi xptati giv iad upply adt u tit, a ti wld aialakt ad lal plitial utaity.

A pditd, th tal akt i 2011 ha aia i upply, du aily t th plti laguit dvlpt, i patiula, oal i bl,Vv i bu ad Kigt Pla i Kigt. Hwv,ptd ppulati gwth 1.8% ha ultd i atiud tight vaay at ad tady t, pvidigivt with g tu 5% t 6%.

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17/56

17

The month in review

Thughut 2011 th Illawaa ppty akt hagally diatd y w-upi wh apdiatly u ad dad uy lkig t u

th aily h i th id-ti pi ag. Th hav it a th ad Hlugh thught Kiaa, with thi hag i u t th id-ti piag.

....ll ollow in 2012 when the Liberal

State Government changes the rules....

IrIs pt that th dia pi hu i th

Wllgg LGA gw $419,000 i 2010 t $450,000 th a pid i 2011. Uit al iad lightly, $338,000 t $349,000. Th w iial iai th dia pi i th shllhau ad Kiaa LGA.

Thi hag i akt dyai a that vd aahivig ly lightly tg pi thi ppti,ut th i plgd ti th akt with l tk.

Th lwig akt diti hav uagday ivt ak it th akt v th lat ix t 12th. rwd d i th y, upldwith tg tal tu ha ivt tuigt th aa. Thy hav pdiatly ud thi cbD aa Wllgg ad ig uu thcbD uh a Gwyvill, Kiavill ad Faiy madw.

Thi i du t th l pxiity th uu tth Uivity, whih allw a tg tat pl ivt, gd tal tu ad lw vaay at.

Th h d d d i 2009 d l 2010 l

utaity i th lal y, atig al tatpi i all t.

nwatl

Thi ya ha lativly lak th pitiv wt. W hav had th llwig u i patiula d xpt ay what hlgially

a I thik th:

Earthquakesat the beginning oftheyear and againjut tly.

Civilunrestinmiddleeasterncountries stressingoutth ajity th wt wld wh a liat iddl at il.

Civil disobedience and rioting in England. (notu th di tw ivil ut ad ivil

didi ut I u th i a plitial dititi) Variousoccupy protests inmany cities around the

wld.

JustinBeiberbrokeoutbothmusically(debatable)andthugh dt with Pativ.

EuropeanwoeswhichIllleavesimplyatthatsoIdonthav t lit Ilad, Ilad, G, Ptugal, spaiad Italy paatly. Althugh I wuldt advt paatig ut Italy th pu dy gld that

i sil i b l i H h l

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18/56

18

The month in review

It a a gui lak d hal uy.Th i a tial hag i th havi uyv th pat 12 th. *wully ttud taph

waig ahad.* Pviuly pttial puha,pially t h uy w axiu ad widaut iig th at v that hip ha aild.

Th ality i that th at ha aid ly ahdt th dk, th gi hath i p ad a guyhai with a iati pa tikig ut hi ak pkt i uttig thig aut a iptdl ad pat ig had t gt. I uld g a w t ut yu gt th pitu.

sal u a dw ptty uh a th adi all LGA i u aa. Adtally al agt aptig a lak ppty th akt. Divigaud th uu ad uty tw w plty luul ig vaiu puvy h.

Thi appa t at dd with what agt a ayigut I thik what thy a atually vyig i that thi a lak auatly pid h th akt atpt. may vd a till hldig ut pi

whih puha a lg willig t pay. W aig xtdd aktig pid a t typ ppty. I nl bay i patiula w hav widpad diutig ad 12 th aktig pid ptig ppti, it appa that thladap ha hagd idaly. may vd havyt t gi thi.

Th chita / nw Ya pid i taditially a quitti ya th idtial ppty akt ad w

d i i di i 20 i i

Th dig vt i Qulad, ad t a l xttnth nsW, did hav ipat th akt,hwv thi wa tly ht livd. Th ai ipat

th ppty akt i tit. Th tiuigutaity i wld aial akt, iludig theupa dt ii tiu t ul thi gativakt tit.

....our prediction was that the lower end o

the market is considered to remain stable

with the mid to upper end o the market

considered to be the most vulnerable ....

Th t pitiv ha th 25 pit dp iial itt at i aly nv 2011. Thi ayult i taility tig th akt pla. Atatd i u Fuay pditi, th akt ha atd y th that iaig a itt atad ak itt at agi. It i t aly at thi tagt pvid ay vid ipvd akt titdu t th t at dp.

W diud th piility ig pu dt lvl i itt at tiu t i thughut2011 whih ay pily a wakig i pptyvalu. Thi ha t ud at a igiat lvl,hwv, th i till gig pu dt lvlwithi th nth cat, v takig it aut tht 25 pit dp i ial itt at.

Ld tiu t ai gally tigt i thi

l di li i i l l h i hi h

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19/56

19

The month in review

w It th quitt ya (2010) w hav had a vylg ti. At th giig th ya, t agt ltthat th akt wa gig t pik up a th ya vd

. Thi did t u ad th akt ha aidgally t. Hwv, th ha al a iadvlu al uig i t th.

Th by bay idtial ad ual idtial pptyakt ha al atd y iaig u d al whih a ipatig valu lvl. Thi ipatiulaly th a th id t tp d th akt.

s d h c

Thi uld a ult ivt haig th lwdia pi ad high tha avag tal yild. Whav lat td th id lvl pi ag, uh a i

Ta Wt gi t wak ad ptig ppty igta Ta ha aid a thugh-ut thya.

W hav i th pat xpd u autd high i atal uit ad vall w ud thiti th akt t hav th hadt hit i 2011.I Ft i patiula, w hav iaig u d uit i pi th tgag, withw havig t apt dud t ahiv al.

o th ig pitiv i 2011 th mid nthcat ha th t, tiuati adplti aj iatutu pjt. Patiulalyad iatutu, whih ait i duig th tavlti t th mid nth cat th gial t.

Futh uth i th Hawk nt ad Ta Gad aa,id pid igl idtial dwllig ai aily

tal with a light wakig i th vlu al 2010 it 2011. Th i ai pak, thi igth uth quat, wh al vlu aly duldu th hliday ta.

Lkig ak at th ya, th mid nth cat pptyakt ha dd i a l lightly pitiv piti thaw had xptd. Althugh till gally halthy. Thgli hp gig wad i th t at ut th rbA with xptd ad a itt at

ll i d h ill k h

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20/56

20

The month in review

Vacant Land Sales 2011Sales

2010Sales

Variation MedianValues

Gd LGA 145 182 -20% +9.25%

Wyg LGA 207 411 -50% +8.8%

Residential DwellingSales

Gd LGA 2059 2601 -21% -3%

Wyg LGA 2094 2468 -15% -2%

Residential UnitSales

Gd LGA 745 968 -23% -1.5%

Wyg LGA 446 510 -13% -7%

Dwelling Sales over

$3m

Gd LGA 4 9 -55% +9%

Wyg LGA 1 0 - -

Dwelling Sales $2m

to $3m

Gd LGA 11 10 +10% -4%

Wyg LGA 0 0 - -

Dwelling Sales $1m

to $2m

Gd LGA 83 63 +31% +7%

Wyg LGA 6 12 -50% +24%

Dwelling Sales $500kto $1m

Gd LGA 534 727 -36% +3%

Wyg LGA 173 208 -20% -0.5%

D lli S l $28 k

Th a thi a itptd i a u way ad w hall lav that t th thit.

but a with all tatiti, thy huld alway tak itxt with what att t ad u pit viw, th tt li i th i all i ppty valu.

T thi d, w hav ud that;

1. Th vall dia valu idtial uit ll y1.9% i th Gd LGA v th pat ya ad lt 5% t th valu it wa v ya ag.

2. Th dia valu uit i Wyg LGA ll y 7%duig 2011 ad agai l t 5% t th valu it wa

v ya ag.

3. mdia valu dwllig i Gd LGA ll y 3%duig 2011 t aut th a it wa v ya ag.

4. mdia Valu dwllig i th Wyg LGA awa dip jut ud 2% duig 2011 ad aut 4% twhat i wa v ya ag.

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21/56

21

The month in review

ahd id nv ad pt a ig i auth tw al i thi gt at saatga ad Palbah.

Thi t i a l vulal ad ativ tth a akt pu that at th th t th al tat akt. Th ppti that th highi lvl ud i high valu ad xutiv pptyhuhld guaat high lvl iuity taial pu ay d t viitd.

W that th lwig i thi t i likly ault th ati upply ud ig ad availalthugh th aj ld. expu ad ik dl ayhav udg a gi adjutt.

Th ult, it appa i that w i thi gt t hav lagly ptd t dlay th al thi pptiutil th akt ipv, ath tha tak a hit. It uld aid that ath tw th ui ptigpid withut tvy ad ad lt itat aytiulat thi gt agai.

Mortgage Sales

Utuatly, tgag al hav agai allt th ctal cat.

Advtit th tgag al ilud utll, ud ituti t ll t whih a gulaly i th advtiig atial th at.

h l h d d h

This year would read as follows;

Suburb Type Low High Median Shit Over

12 Months

Avoca

Beach

Hu $340,000 $4.35 $572.500 +0.44%

Budgewoi Hu $170,000 $825,000 $290,000 -4.7%

Ettalong

Beach

Uit/

Villa

$1 20,000 $862 ,500 $3 40,500 -4.6%

Gosord Uit $178,000 $434,000 $267,000 -1%

GreenPoint

Hu $330,000 $1.01 $430,000 n chag

Jilliby Lityl $575,000 $1.085 $670,000 -7%

Kanwal Hu $180,000 $550,000 $287,500 -7.25%

KilarneyVale

Hu $153,500 $730,000 $310,000 -3%

Killcare Hu $412,500 $1.62 $775,000 -9.35%

Killcare

Heights

Hu $450,000 $1.345 $590,000 +7%

Kincumber Hu $240,000 $760,000 $370,000 -4%

Lisarow Hu $236,000 $610,000 $409,500 -2.25%

Ourimbah Hu $260,000 $568,000 $343,000 -16%

Matcham Lityl $720,000 $1.75 $960,000 -12.7%

Terrigal Hu $341,000 $1.65 $559,375 -1%

Terrigal Uit $248,000 $1.325 $495,000 -7.5%

The

Entrance

Uit $160,000 $770,000 $310,000 -4%

Umina

Beach

Hu $257,000 $985,000 $360,000 -5.25%

W W i / $ $ $

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22/56

22

The month in review

xptd th wh hut th t w th high d.ou pditi at th tat th ya w aalyauat althugh th ty lvl akt pd

lt tt tha atiipatd. riig tal ad a lak tal tk i tiutig t ipvd al vlui th ty lvl akt. sal vlu hav ipvdtwad th d th ya hwig ig that vyi it way. All play a t gttig t xitd a thad t vy i gig t a lg, lw haul.

mlu

Ppti i mlu with viw, lag aut lad with a vy high quality ih hav tiudt p aaly wll, whil th withut piattiut hav tuggld t tai th pi that wahivd duig 2010. Idiati a that pptiwith pxiity t ky iatutu uh a puli

tapt, th cbD ad tail aity ai aalywll upptd.

Th ut dad mlu ptig idtialppti gally igiat th lal adva high t wth idividual. Th ptigidtial akt ha patly id th u illidlla akt with lativ vpiig ultig itagay i uu.

Market Losers

Th uu i ptig lati whih hav dd

a ptag dp i dia apital valu iludmalv ad elwd. Hwv, th ptag dpi elwd ay hav a a ult a halthy Juquat tig a dia av td i 2009.malv appa t hav xpid a dp i thdia pi i th spt quat pad withhitial dia i 2009 whih wa ultiatlypil th igiat ptag hag 26.86%.

Th dly ppulatd uu latd l t thcbD, nwpt, maidt, suth Yaa ad Fligta uig avag a 5% t 10% da 2010lvl du i pat t th ig ta - ad iaduildig - ulti-uit dvlpt .

Predictions

Th i-mlu idtial uildig

that t pit it th diu t. At a valu,th updtd upply pipli uggt a pttiallydtailiig iu akt ut. Ivtigi apatt i a tgthig td. A hu adtwhu pi i t lvl utid adaility,lityl hi a ad ad apatt lt i atlyt ll th vid thugh w upid tig.

Htpt 2012 ilud bayk Hu, calt Uit, Hidlg Wt Hu, Kigvill Uit,

dd

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23/56

23

The month in review

rgial Vi

ecHUcA

Th ehua/maa idtial ad ual idtialt ai aily udud with ly dat dadad high tha al upply vlu availal t thakt. Th ha dwwad ti ipiig ad lvl valu duig th t pat th yawhil ay agt ptd tg tha al wittadig pid uggtig that th akt tailidwhat duig that pid. cu a dli i th glald ad agt a w ptig that uy aig iaigly ltiv with ditialal. Lvl valu wuld t did a at tt with th dd al hwig dli whil

Traralgon

Th Taalg ppty akt tiu t ai

tal. Hwv du t high vaat lad pi th uppd th akt t ukig th td withth pviu th t ix th idiatig a ia idad tw ya t v ya ld h i th ag $400,000 t $550,000.

Th lw ad iddl d th akt ai talwith iial vt i pi i th pviu tht ix th.

Th tal akt ai itt with tu appxiatly 5.5% t 6.5% i th lw t iddl ag th ppty akt.

90 Mile Beach Areas

Th ppty akt ai lw with vt ith pviu i t 12 th. W tiatd a dwtui valu tw 5% ad 10% i th pviu tw

ya t th ya. Th aa pi a high upply ppti hwv vy iial dad. Pptia xpiig plgd pid th akt, i a 12 th plu.

Vaat lad pi hav t vd i t ti.

....the Gippsland property market has

slowed in the previous 12 months with

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24/56

24

The month in review

mILDUrA

ou ai pditi at th tat th ya w that

th tight huig tal akt ay w thugh t adt lit i valu i th id ag huig aktad that th aig wat titi ay gatitt i th lag ual idtial lt that uudmildua.

Lkig ak it i vidt that th tal akt haaid tight, ut that w a yt t ay igiatlit i valu. sal vid uggt t la

idtial ppty hav at lid th pat twya, ad it i t aly t gaug whth th tduti i itt at will hav ay pitiv t.

Th u al uig ah th i till lightlydw th lvl ig ahivd i th pid up t2006/2007. Whil thi ay patly attiutal t atight ldig vit, it al pit t a lvl auti th uy.

....where most residential areas o

Australia has suered a downturn in

values Mildura has stayed static....

Whil mildua d hav a lativly ad i a,th at ai that u ai iduti, iigatdhtiultu i wi gap ad itu i patiula,ha tiud t laguih. Thi ha al atdth dwta pig, ight ad tatigui, ultig i lw plyt gwth

ovall Adlaid ai quit a tal akt ad whiltth dli i valu i t iigiat, th lat daddid xpi aual ia i valu aud 5

t10%. At tag th yli atu th pptyakt d that th i gig t tiuig.

Vaay at, whih hav at vy lw lvl aut 1% th t hal 2011 hav w iadt aut 3%. It i pulatd that thi uld du tvd ual, uwillig (t dp thi pi) t llthi ppti, tig th ut itad.

Whilt u pditi w aud th ak, wvlkd tiig th iu aiatdwith vupply i th ut th ad uthuu. Hwv th uxptd itt at ut (alypditi 2011 w tw itt ati) ay a pu a littl. othwi th at uti t xptd t hav uh ipat u akt atpt ay jut up a littl y t pd th chita hppig!

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25/56

25

The month in review

w aw ad agai hut willig t takth ik lativly hap d td ppty.Whilt it at aid that pi th ppti

hav udd duig th ya, th d t gwig apta agt uy that ay utud ight tt aagd.

W pditd that th ll ivt ptig havilydd ppti ay a wll it tight au it wagig t had t ak a al, ad that t w t hav ight. Th ituati wa t hlpdalg y th pt GFc mak II aggd y vigdt w i th U.s. ad eup. Th ult ha t

ptig ppty ld at pi wll lw xptati.s hav ld withi a twlv t ight thpid at a diut.

W al td th ia i dad la wuldtalat it a pil tal . Wll tal didai tg hwv w ay hav a tuhvptiiti i u tal gwth pditi.

W w t akig th h that aid d ppty wuld gt a piu thakully. Whilt d it ai th t dial, th akt a thad ha gally lw ad it diult t thik a t that ha ay had tuig apital gwthv th pat ya. Ivt ppty i patiula tk aatig a th dul whay th d z ad thglal y pvd t uh th pulat.

Phap th wa aa that aw adaptaility

Gld cat ad Twd cat

I th Gld cat idtial akt 2011 w a vl ittaily wat witt y b elt. Th ha t t uh gig t laugh aut. Likwi th wa ig Jh Giha th ith. nt uh itigu

ay piai. Th ha t aythig that uld did a advtuu, T clay i utt. s wh wt u ty i 2011? Giv that thigtatd ut lativly paully, with a tai dg ality ad dd up aig th pat t u i th idtial t, th dit huld g t th tha stph Kig.

Lkig at u sWoT aalyi th giig thya w a wh w wt ight ad wh w wt

wg i u at 2011.

Strengths

A a a th tgth th Gld cat a d,th cat didt quit liv up t xptati. o, athway lkig at it ight t agu that th tgth th Gld cat pvtd a v w dli i thidtial akt tha atually ud.

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26/56

26

The month in review

Opportunities

At th tat th ya pig t h uy ad

al liquidat uit w idtid a pptuitii th akt ad adly pakig, thy ai . Whilth idtial akt i lw ad dautig t uy (patiulaly ixpid t h uy t ti ivt), takig a lg t viw altat, th i vy gd valu i puhaig idtialppty i th ut akt. opptuiti t uy i aakt a lw a thi ly aud aly.

Lkig at th akt a dit pptiv,

id thi: I ivtig w, wuld yu ath uya duplx i suthpt ad gt a tady tu 4% 5% wuld yu p t uy ha i a tk aktatuatd with talk th vig dt ii i eup?Hw aut ivtig i Italia d? Thy a hwiga 8% tu at th t. Pally, pad tth ivtt, ik ad ta aptty gd t w.

Threats

Itt at w idtid a a that at th tat 2011. A it tu ut, w didt iv a ia, ut wdidt gt ay li ith! (t util nv ayway.)F t th ya w w kpt guig aut whatwa gig t happ ah th. It d that th at w tippd t g up, th xt th thyw tippd t g dw. All that pulati d tadd utaity ad a lak diti t a akt that

I 2010, it wa itt at ia that put th ak

. I 2011, mth natu thught h wuld hava g, ad aud th wt atual diatxpid i Qulad ti with th di Jauay, ad yl Yai.

A idiati hw th suhi cat ad thughutth t hal 2011 a i u aalyi t-quat al th suhi cat. W lk at thiquat a thi i typially u uit pid,with ay hlidayak takig i th chita/Jauay hliday ad eat. I 2007 th ttal u taati ahd jut i x 4000. I 2008, thttal u taati ll t jut lw 3000, withth ig a lw dli t 2010 wh taatiahd 2500. I th t quat 2011, th ull ipat th atual diat wa lt with taati alligt jut 1167.

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27/56

27

The month in review

suth Qulad

TooWoombA

Thi alda ya w aw th akt lw ali with gi i valu ight a th ad. Th

u at agai whih udpid u aktwa adaility.

Lkig at th dit gt; th t h uygt i utly lkig pitiv tha alithi ya. rtly w witd a ia i vluut valu ai tati. s gi wa vidt ppti whih w ply ptd, i daylaliti quid aita.

Th $400,000 t $500,000 gt hwd th atd a av, ad th upp ad ptig gttill ai lw with liitd tuv.

Vlu vaat lad al hav td aily dut th dwtu i tuti. Dvlp ptdthat uy w withdawig thi itt wdvlpt hwv th wa till gd itt twaat dvlpt.

eat Twa 4.8%

Wilt -10.2%

middl ridg -0.6%

Halaxt -12.8%

Highld 1.6%

All thig idd u pditi Twa wa tagt. Th akt ai vaial hwv alvlu hav tly tgthd whih ay thult wd d i additi t th ppityad wk availaility i u agiultual, iig, gy,

tuti ad t whih tiu taitai huhld i.

IPsWIcH

With th d th ya appahig at w t th ya that wa i Ipwih ad uud. I Fuayu ky pditi 2011 w:

Themarketwillsoften

Any rise in the local market will be linked to theppity th Autalia y a a whl

Theaect of theJanuary oodswill be reected inliitd dad atd ppti.

So, how did we go???

2011 ha th ya livig autiuly with akt

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28/56

28

The month in review

ctal Qulad

rocKHAmPTon

Th ya that wa. At th Jauay 2011 aj d

vt whih atd th lwlyig uu th city rkhapt ad uudig ual/ual idtiallad, w pditd that th uu wuld l attativ t w/upi ad ivt. oului wa that a duti i al vlu advalu wuld llw.

sal iati th ya i Fuay 2011 th wt atd uu, Dpt Hill, t that that ly ight al hav ud with a dia

al pi $136,500. I w pa thi iati tth al Dpt Hill th a pid duig 2010(pi t th d) at 16 al with a dia al pi $183,500, u pditi appa t t.

.... a number o prestige unit developers

on the Capricorn Coast have discounted

list prices to stimulate activity in the

market....

it ituatd withi talihd udivii, whih havxpid iial itt ad hav aid thakt xtdd pid ti.

supiigly, th hav tady al algTh eplaad i Hvy bay thughut th iddl th ya, with pi ig i th id $500,000ag. T dat, th hav 30 al th Hvybay ad uudig gi (4655 ptd) av$500,000 thi ya. I 2010, 74 al w ahivd i tha pi akt, idiatig that thi typ ppty ii lw dad du t a dliig akt d adutai i diti.

Th upply idtial uit ha gadually dudthughut th ya with dvlpt lligtk at diutd pi. ct ali i thya td that vy ight i ight atth Ppp mtgag al, ad thi appa t hav t. A th gadual upply uit i adv ti (hpully thughut 2012), dad huldua ad tiulat w dvlpt ativity.

mAcKAY

Wl all t u lat lu thi ya. I thi luw lk ak v 2011 ad viw wh w w adwh w hav t. What a di 12 tha ak! At th giig th ya, th ajity makay idt w dvlpig wd t thak hug aiall ttal (3.3 tw sptad mah!). ou uth ighu rkhapt

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29

The month in review

Vaay lvl a lw 1% puttig u pu t lvl, whih hav a tady ia vth lat w th. Lal agt a ptig th u

$450,000 akt i vy ativ at pt, patly dut thi tal pu. It i alt hap t pay adwllig tha t i thi pi ag. Th duti iitt at huld al ait thi akt gt.

s vall, t t ad a ya wh put it txt withall i ppty a th apital iti ad u gial utpat. Th y makay adbw bai i hldig tg, with a aily ight utlkv th ht t diu t. Th ly dwid i thalady high valu i makay, with dia valu v$400,000 ig th hight th aj gial ti Qulad.

At thi pit, I wuld lik t tak th pptuity t thakall u lyal ad ddiatd lit ad ad thi

i lw pid pdut wha high pid/ptig pdut av $700,000 hav ly iagially.

Vacancyrateshaveconsistentlyremainedbelow1%.

StrongyieldsarecontinuingtoattractinvestorstotheGladt idtial akt with tal valu tillipvig.

Demand for accommodation in Gladstone anduudig aa i a gat tha upply.

Twvill

ovall, Twvill idtial ppty aktpa thughut 2011 i t did a laklut.

sal vlu ad vall dad tk a attig ith t quat th ya ipatd y d aiall,cyl Yai ad t a l xtt th d i uthat Qulad. Dad ad al vlu uddi th d quat th ya with th data t Augut2011 idiatig that th vlu al a tdig atlvl lightly av a iila ti lat ya, hwv thdia al pi ha dud.

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30/56

30

The month in review

o a pitiv t, th idtial tal akt hatightd uth thughut th ya t tdig atud 3% with upwad pu ig plad tal

at. rtal at th hu ad uit a tdigat at lightly av th i 2010.

cai

Th cai tail akt ha pgivly add i thtat 2008 a a ult th lal i dwtuladig t duti i u ad tui pdig.

Thugh w w piv th cai tail akt t at a th tt th yl, th lw tat th i vy i cai a that th tailppty akt ha aid ai at duig 2011.It ut al aid that tail ppty al i cai

a xtly padi, with t al ivlvig tailppty ig ixd u tail / uildig tat uyut igl pi.

Thi ya aw Ld La th l w thcai ctal hppig t at payig $261 illit uy th 50% tak hld y jit w Wtld.

Thi al, whih tk pla i ot, pt th taj tail ppty taati ay igia icai i th $29 illi al th rait hppig

Plaigly th ha pitiv w vpviu th. Adig t Abs th ot 2011uplyt at i utly 4.9%, dud

5.7% i Fuay. Futh, llwig th lu a u aj ply ad plat i th thwt th tat, th appval th dvlpt a $70 illi daiy dvlpt wa al a wlaut. Hwv, th all pkt gdw hav wll ad tuly utwighd y thgativity uudig th tiud t th tatgvt t ipv th tat aial piti.

Th au hav iludd igiat udgtutak ad hiig z a all dpatt,

tutuig wk ad th ig vlutaydudai. Patiulaly ig t th puli ith v tial iu utak t halth adduati, with th aa ivig igiat diautiy ad vag. Futh t thi, iu uudigth dvlpt th Gu pulp ill ad tyt gally tiu t ai ludd.

....the market is not immune to the

economic situation and the generaleeling o people is that o caution....

Th ipat th vt th ppty akt ha i li with u pditi ali i th ya. Aad tk viw th akt val that valuhav tiud t ai tagat thughut thya with vy dt littl gwth. Whilt lligpid hav xtdd i laliti, a w tdali wll ptd ppti i tg lati

resIDenTIAL


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31

The month in review

Dawi

2011 ha a tyig ya th idtial pptyakt a tplita Dawi. Th t hal thya wa akd y vy lw tuv ad diutigi t akt gt. Th d hal th ya hahw iad tuv, ut al pi hav aiddpd ad uth diutig ha ud i aa. may taati a w at aly 2009 pi ad attahd i-dtahd ptig ppti axpiig idit th akt pid, whilw pi quiliiu a talihd. oth pkt dtahd dwllig hav aitaid lw t datgwth v thi pid.

s i thi what wa xptd y H Tdd WhitDawi at th tat 2011? Y ad . W pditd

i Fuay that th ya wuld hw vall pigwth ad ay diutig. Hwv, thakt gt that hav xpid th gattl thi ya w what uxptd. WhiltPalt appa t hav l tailid ata ya tp pi duti, Dawi taditiallytal th uu hav xpid igiatpi vlatility. Thi t ha pud ith ty lvl t id-ag uu ad l at thupp d thi akt gt. Pviu hap pi

Us Pidt baak oaa ha al jut thi wkaud a pat p up t 250 Us tpi Dawi, iig t 2,500 Us tp v a v ya pid.

Th t th ppty akt thi auti aily gligil, a th tp will hud i aak,ut it d ait Dawi i ig a itatialp ad tg atial pup. With valth pttial iig pjt ad th liv xptiduty ak i ati (alit what wudd) wid that Dawi uld a ittig akt tkp a y i th ig ya.

Pth

Wh w td 2011, w w ptiiti aut thya ahad, hpig that th wt th t th

GFc w hid u. Littl did w kw! Whilt eupaaial akt ai agil (t ay th lat), chiatiu t tik alg, pvidig uity u ih tat uh a Wt Autalia.

ou pditi 2011 wa Th vlu pptilitd al i likly t ia i th t quat a gadual duti atd y a ia i ativity lati th ya. I ality, litig pakd at 17,760 i mah

resIDenTIAL


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32

The month in review

adtal vid wll av avag t tui th i ity apatt akt, wh th tagt ivt i th luativ y i y ut igad.

Th alld ig l th akt w th utuatppl that a ut ti ad had t ali thi l.

Th a a lag ti th akt, with th wt td ig lad pulat thatpuhad lag pal lad thughut 2006 ad2007 alg with th lag l alid i th thpiu ad t h uy akt. W hav a lag ia i tgag ativity, patiulaly iuu th ua ig ad i th Pl gi.

ovall, th t pig uu 2011 a diultt judg du t th gu ig atd y luggihal ativity. Th i la patt t th hightgwth uu ptd y reIWA, with a ixtu hill uu ad piu ivid ad ataluu.

Th udatal appa t avual a w

t th d 2011, with al ativity tatig t ia,tk akt duig, tightig vaay at adtg t igati. Whilt th t quat 2012 will tha likly ai udud, w ai autiulyptiiti that th akt will tu t ild gwth.

resIDen

TIAL


33/56

33

The month in review

conTAc

Ts

Ofce Phone Email

Adlaid, sA 08 8231 6818 [email protected]

Aluy/Wdga, nsW/VIc 02 6041 1333 [email protected]

baidal, VIc 03 5152 6909 [email protected]

bathut, nsW 02 6334 4650 [email protected]

bdig, VIc 03 5480 2601 [email protected]

bia cial, QLD 07 3002 0900 [email protected]

bia ridtial o, QLD 07 3353 7500 [email protected]

bia rual Qulad, QLD 0417 753 446 [email protected]

buuy, WA 08 9791 6204 [email protected]/Wid bay, QLD 07 4154 3355 [email protected]

bult, WA 08 9754 2982 [email protected]

cai, QLD 07 4057 0200 [email protected]

caa, AcT 02 6273 9888 [email protected]

Dawi, nT 08 8941 4833 [email protected]

Diliqui, nsW 03 5881 4947 [email protected]

Du, nsW 02 6884 2999 [email protected]

ehua, nsW 03 5480 2601 [email protected]

eald, QLD 07 4980 7738 [email protected]

Gladt, QLD 07 4972 3833 [email protected]

Gld cat, QLD 07 5584 1600 [email protected]

Gdiwidi, QLD 07 4671 5300 [email protected]

Gd, nsW 1300 489 825 [email protected]

Gith, nsW 02 6964 4222 [email protected]

Hvy bay, QLD 07 4124 0047 [email protected]

Hat, TAs 03 6244 6795 [email protected]

ctat


34/56

34

The month in review

pti ha tak th gl th havt t a dg.

s aa a al xpiig diulti with wtditi.

A apht aud th uty v th lat thilud:

The release of expressions of interest for 15,203hta i th od ditit i Wt Autalia will dut gat high lvl itt.

Waterstorageinthemajorityof irrigationcatchment

ovall akt diti hav ipvd dtly vth lat th with th xptd ia i piglitig. Whilt al vlu i t aa hav ipvdit ha a lativly lw a. Th udatal th akt a w lativly thd.

Good quality property values are holding, whilst

rual maket Dietins

rUrAL


35/56

35

The month in review

gd at cdg ut wt diti hav ipatd thHawd ad badwat ill aa platig ad ata. Hwv t wa t ht di diti a

avuig gwth.

There has been little activity in land sales.

Th Autalia uga iduty th ah ad

dvlpt gaiati a ptdly gigad th buau suga expit stati (bses)at budag i xptd t l. Plat dig ihduld t udtak at makay. nsW gwa d with t ly th utu th dig u tpial uga a vaiti uital t nsW utth agi xti vi that w pvidd ybses.

Macadamias

suth nsW

Havt ha jut tatd i uth nw suth Wal adth at Vitia, with t ala th gud adhavtig ud way. Pi a a it diappitig, yilda aut avag, ut pti i dw avag.

Th a did t ih tgly i aa with apid aut ix ight wk aud lat wigthat pvtd axiu pti ad gai ll, ut it ha

taily a vatly tt a tha ay i th latt ya, ad tt tha th a t th th adwt u. It will till a upl wk alyhavt tat a aily l wath i pditd thxt wk with light aiall. I th lat wk ayaa ivd tw 20 ad 40 ai that willait gai ll what ad aly p.

Fw ppti a ig d al whih i uuual thi ti th ya a t ual ppti a plad

th akt duig pig - i patiula i pig whppti a th t thy hav lkd a lg ti.

clldia stati i up thi wk at auti ad it will ittig t th ult.

Dltit stati at mudal a Wagga Wagga ial th akt ad will autid th 15thD. Dltit i a 2,550 hta ppty with atiatd ayig apaity 30,000 Dse, ad ha a

rUrAL


36/56

36

The month in review

rUrAL

ctal nsW

ctiuig itt aiall, gd patu gwigditi ad a gal aa ptii i ladig t adat ia i al quii ad ativiti alit a lw a i th ctal Tallad. Th tauti a blayy ppty attatd ix guiidd ad whilt th ppty did t ll, th pa ipi till td a ipvt i akt diti.

A u thig auti will pvid aidiati i puha a willig t t vdxptati i th ut a i thy will tiut hld ak t valu. Whilt th akt aidiult i lati t al ativity it huld td thati aal diti dtiat hp ad/ pi all igiatly, ativity will dut lw t agat dg tha what utly i ig xpid.

....continuing consistent rainall, good

pasture growing conditions and a general

area o optimism is leading to a moderate

increase in sales enquiries....

Th valu tw gd quality ppti adday quality tiu t gw. Ppti thatqui xpditu i lati t patu dvlpt,ig ad wat iatutu a patiulaly had t

rgial Vitia

ecHUcA

2011 witd a ia i vall al lvl withigiatly taati thughut th ditittha duig 2010, tig ipvt i wattag ad utlk t diti. Th wa

a tg ia t ppig ppti duig th t hal th ya th ak tg yild i th 2010/11a th al t gt thi p . Th tail d th ya ha a uy ativity i all aldaiy a ad utlk whih hav at axtdd pid.

W t that th wat akt ha ad igiatlyv th pat 12 th. Thi i th ak ipvdwat tag, vaiati t th Fdal Gvt uy

ak ad utaity uudig th muay Daligbai Pla whih ha dlayd val ti at thill atd guid wa lad.

Hpully thi ppig a will ih wll ad allwpdu t gt thi p th upig havtad t 2012 with a upl gd a ud thilt!


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37

The month in review

rval stati at Wyada piig 53,100hta ixd gazig uty whih ld at autit a lal puha a ptd gu $2,015,000.

Th ia i lal ppty taati ay a ig wd d i th ual akt th ak gd aal diti ad ipvd ah w. Wa ptiiti that thi will utaid whilt avualditi ad dity pi tiu.

ctat:

Digy maki Ph: (07) 4671 5300

rUrAL

Th ha a upl ittig al i thgi iludig a aj Vitia wat allati alad a lag htiultual hldig i th suth Autalia

rivlad. Grampians Wimmera Mallee Water GWM Water

tly dutd it t v auti HadwkGwth Wat. 7,000 mL wa ld whih 6,975 mLwa ld t th Dald mial sad w AtLiitd jut ud $18 illi ($2,571/mL). Thaual wat allati i a pid 25 ya.

Th vu gatd i put twad udig thWia-mall Pipli Pjt. Ath ath

Gwth wat will autid i aly 2012. Alargevineyardof418hectaresintheSARiverland,

Qual Wt wa tly ptd a ld t aadjiig w (chi itt) $10.6 illi.Autalia Vitag Liitd ha a lg ttat th ppty ud a la at a tg tthat ha v ya util xpiy ad thi had thpi itdd t paid. Th 510 ha hldig ha 418ha platd t vi. A pat wat allati 2,244 mL wa iludd i th al.

ctat:

sha na Ph: (03) 5021 0455

....crop yields and quality have been

mixed with reports o minimal prime

hard wheat coming rom properties in the

broader Roma region....


38/56

38

The month in review

i th Ht riv rgi will it aud$400,000,000 ivtd it th lal uga iduty.

....Sun Water has again stated thateconomically the Water or Bowen

Scheme is unviable to construct and as

such there are no plans or any urther

supply to Bowen....

Horticulture

A 736 hta talihd iigati ppty i bw

i gig t auti 24th nv. Thi lag apviuly ud a ad htiultual p ad witha wat allati 469 galit ay pv t that th lag aa th bw htiultualppty akt.

Th tat a ihd a littl ahad ti witha w dilitatig dia, livd t hav igiatd th budag aa, pvidig uth agt ag

gw. Agai lik th a gw Igha, ttt thig i 2012.

su Wat ha agai tatd that ially th Wat bw sh i uvial t tut ad th a pla ay uth upply t bw. Thulti-illi dlla t pt at At Pit idvlpig Autalia lagt al xpt pt ay th gvt t thik th h a vat aut wat will quid al dut uppi i th

rUrAL

ppty pviuly ld $11.1illi i 2008. okstati i wd a th tp u lk ictal Qulad. Th ha idal iig

aquiiti takig pla v th pat 12 th ad wxpt t th diplad lad w tig thakt i 2012.

Th ha a tady u all al tikigv a tal Qulad whih giv idiati

that th a taily till ittd puha i thakt at th ight pi. bttg Pak (992.45ha, 8kth baaa) ad elli cap Wt (2,295ha, uthbauhiia) w ttd at auti v th pat w wk,ut aild t ah thi v pi, it i ptd thatgtiati t ttl a dal a till i pg. A u ctal Qulad ppti a t t g t autiladig up t chita iludig rlw (2,140ha,50k th Ta), ad rkwd (8,600ha,100k th-wt rkhapt). Th i xptd


39/56

39

The month in review

rUrAL

a lg t dvlpt pti giv that tatutyplaig ad vital appval wuld d t takld y th w w dvlpt uld

gi.

Th uudig orIA utly pi appxiatly14,000 hta iigati lad (tly cuuuaad Aquitai lay ud uw iigati) whih ha dvlpd ad xpadd i th tuti th Divi Da at Kuuua i 1963. Lak Agyl(10,763GL ad with a ua aa 70,300ha wh ull)wa pd i 1972 ad pvid th highly lialiigati upply t th orIA ad th plad xpai

aa. cp utly gw i th orIA ilud hia,hyid d, l, ag, pupki, tt, iad adalwd. W udtad that thi la lad ha attatd iu ivtigati thuti i u gi wh a ptdly ivtigatigpptuiti lag al iigatd agiultu. Wudtad that th aquiiti ig tagtd i aud 6,000 hta t dvlpd ugaawhih ha uully gw i th orIA i thpat. Giv th pl ittd pati t dat,th iu glal d uity appa t a divig.

I additi t th 15,203 hta av, w a awa at lat tw th pivatly wd ad pttiallyiigal aa hld lad (with a id aa ix 8,000ha) withi th gal orIA lality thatuld pttially it th ix d t th akt.


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40

The month in review

mArKeTInDIcATors

Comparative Property Market Indicators - November 2011

Comparative Analysis o Capital City Property Markets

T diu th appliaility th capital city idiat t idividualppti ituati, tat yu lal H Tdd Whit :

sydy (02) 9221 8911mlu (03) 9642 2000bia cial (07) 3002 0900bia ridtial (07) 3353 7500Adlaid (08) 8231 6818Pth (08) 9388 9288Hat (03) 6244 6795

Dawi (08) 8941 4833caa (02) 6273 9888

Comparative Analysis o New South Wales/ACT Property Markets

To diu the appliaility o the nsW/AcT idiator to idividual

propertie or ituatio, otat your loal Herro Todd White ofe:

Th llwig pag pt a galid vviw th tat ppty akt i capital city nw suthWal/AcT, Vitia/Taaia, Qulad ad suth Autalia/nth Tity/Wt Autalia latiuig aig ik-atig al. Thy a t a guid t idividual ppty at.

F uth iati tat rik ca, rah Dit, H Tdd Whit, (07) 4057 0200, y ail [email protected]


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41

The month in review

mArKeT

InDIcATors

Comparative Analysis o Queensland Property Markets

T diu th appliaility th Qulad idiat t idividualppti ituati, tat yu lal H Tdd Whit :

bia cial (07) 3002 0900bia ridtial (07) 3353 7500budag/Wid bay (07) 4154 3355cai (07) 4057 0200eald (07) 4980 7738Gladt (07) 4972 3833Gld cat (07) 5584 1600

Hvy bay (07) 4124 0047Ipwih (07) 3282 9522makay (07) 4957 7348rkhapt (07) 4927 4655suhi cat (mllaa) (07) 5444 7277

Twa (07) 4639 7600 Twvill (07) 4724 2000Whituday (07) 4948 2157

Comparative Property Market Indicators - November 2011

Comparative Analysis o South Australia/Northern Territory/Western

Th llwig pag pt a galid vviw th tat ppty akt i capital city nw suthWal/AcT, Vitia/Taaia, Qulad ad suth Autalia/nth Tity/Wt Autalia latiuig aig ik-atig al. Thy a t a guid t idividual ppty at.

F uth iati tat rik ca, rah Dit, H Tdd Whit, (07) 4057 0200, y ail [email protected]

i


42/56

Hn T Wht Cpyght 2011N pnblty ccpt t ny th pty t ht y u ly n th whl ny pt f th cntnt f th publctn.

markeT iNdiCaTors

The month inreview

Capital City Property Market Indicators as at November 2011 Houses

42

Factor Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin Canberra

Rental Vacancy Situation Shortage ofavailable propertyrelative to demand

Balanced market Balanced market Shortage ofavailable propertyrelative to demand

Shortage ofavailable propertyrelative to demand


Balanced market Balanced market

Rental Vacancy Trend Tightening Increasing Steady Steady Tightening Steady Steady Steady

Demand for New Houses Fair Fair Soft Fair Soft Soft Fair Fair

Trend in New House Construction Steady Steady Increasing Declining Declining Declining Steady Steady

Volume of House Sales Declining Increasing Steady Declining Steady Declining Increasing Declining

Stage of Property Cycle Peak of market Declining market Bottom of market Declining market Declining market Declining market Bottom of market Declining market

Are New Properties Sold at PricesExceeding Their Potential Resale Value

Frequently Occasionally Occasionally Occasionally Occasionally Occasionally Occasionally Almost never

Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend

0

1

2

3

4

5

6

Sydne

y

Melbourn

e

Brisban

e

Adelai

de

Pert

h

Hoba

rt

Darw

in

Canberr

a

Increasing

Sharply

Increasing

Steady

Tightening

Tightening

Sharply

Demand for New Houses

0

1

2

3

4

5

6

Sy

dney

Melbou

rne

Bris

bane

Adela

ide Perth

H

obart

Darw

in

Canbe

rra

Very Soft

Soft

Fair

Strong

Very Strong

Stage of Property Cycle

0

1

2

3

4

5

6

Sydne

y

Melbourn

e

Brisban

e

Adelai

de

P

erth

Ho

bart

Darw

in

Canberr

a

Declining Market

Peak of Market

Rising Market

Bottom of Market

Start of Recovery

The month in review


43/56


markeT iNdiCaTors

The month inreview

Capital City Property Market Indicators as at November 2011 Units

43


Rental Vacancy Situation Shortage ofavailable propertyrelative to demand

Balanced market Balanced market Shortage ofavailable propertyrelative to demand




Rental Vacancy Trend Tightening Increasing Steady Steady Tightening Steady Tightening S teady

Demand for New Units Fair Fair Soft Fair Soft Soft Soft Fair

Trend in New Unit Construction Steady Increasing Increasing Declining Declining Declining Steady Steady

Volume of Unit Sales Declining Steady Steady Declining Steady Declining Increasing Declining

Stage of Property Cycle Peak of market Declining market Bottom of market Declining market Declining market Declining market Bottom of market Declining market


Frequently Occasionally Occasionally Occasionally Occasionally Occasionally Occasionally Almost never



0

1

2

3

4

5

6

Sydney

Melbourne

Brisbane

Adelaid

e

Perth

Hoba

rt

Darwin

Canberra

Increasing Sharply

Increasing

Steady

Tightening

Tightening Sharply


0

1

2

3

4

5

6

Sydney

Melbou

rne

Brisbane

Adelaide

Perth

Hobart

Darw

in

Canberra

Declining Market

Peak of M arket

Rising Market

Bottom of M arket

Start of Recovery

Demand for New Units

0

1

2

3

4

5

6

Sydne

y

Melbourn

e

Brisban

e

Adelaid

e

Pert

h

Hoba

rt

Darw

in

Canberr

a

Very Soft

Soft

Fair

Strong

Very Strong

The month in review


44/56


markeT iNdiCaTors

The month inreview

1

Capital City Property Market Indicators as at November 2011 Retail

44


Rental Vacancy Situation Balanced market Balanced market Balanced market Balanced market Balanced market Over-supply ofavailable propertyrelative to demand


Rental Vacancy Trend Increasing Steady - Increasing Steady Steady Steady Increasing Steady Steady

Rental Rate Trend Stable Declining - Stable Stable Stable Stable Stable Stable Stable

Volume of Property Sales Steady Steady Declining Declining Steady Declining Steady Declining

Stage of Property Cycle Rising market Peak of market -Declining market

Bottom of market Declining market Rising market Declining market Bottom of market Bottom of market

Local Economic Situation Flat Flat - Contraction Flat Flat Steady growth Contraction Steady growth Flat

Value Difference between Quality Propertieswith National Tenants, and ComparableProperties with Local Tenants

Very large Small - Significant Significant Significant Significant Small Significant Very large

Red entries indicate change from 3 months ago to a higher risk-rating Blue entries indicate change from 3 months ago to a lower risk-rating


0

1

2

3

4

5

6

Sydney

Melbour

ne

Brisbane

Adelaide

Perth

Hobar

t

Darw

in

Canbe

rra

Increasing

Sharply

Increasing

Steady

Tightening

Tightening

Sharply


0

1

2

3

4

5

6

Sydne

y

Melbour

ne

Brisban

e

Adelai

de

Perth

Hobart

Darwin

Canber

ra

Declining Market

Peak of Market

Rising Market

Bottom of

Market

Start of Recovery

Local Economic Situation

0

1

2

3

4

5

6

Sydne

y

Melbou

rne

Brisban

e

Adela

ide

Pert

h

Hoba

rt

Darwin

Canber

ra

Severe Contraction

Contraction

Flat

Steady Growth

High Growth

The month in review


45/56


markeT iNdiCaTors

The month in review

New South Wales Property Market Indicators as at November 2011 Houses

45

Factor Albury BathurstCan-berra/Qbeyan

CentralCoast

Dubbo GriffithMudgee

New-castle

Orange SydneyTam-worth

TweedCoast

WaggaWagga

Wollon-gong

Rental Vacancy Situation Balancedmarket

Shortage ofavailablepropertyrelative todemand

Balancedmarket

Shortageofavailablepropertyrelative todemand -Balanced

market


Balancedmarket

Shortageofavailablepropertyrelativetodemand

Shortageofavailablepropertyrelative todemand

Severeshortageofavailablepropertyrelative todemand



Balancedmarket -Over-supply ofavailablepropertyrelative to

demand

Over-supply ofavailablepropertyrelative todemand


marketRental Vacancy Trend Steady Tightening Steady Steady Steady Steady Steady Steady Steady Tightening Tightening Steady -

IncreasingIncreasing Steady

Demand for New Houses Soft Strong Fair Fair Fair Soft Fair Fair Strong Fair Fair Soft Soft Fair

Trend in New House Construction Declining Steady Steady Declining Steady Declining Steady Declining Steady Steady Steady Declining Declining Declining -Steady

Volume of House Sales Steady Steady Increasing Declining Increasing Increasing Steady Declining Steady Declining Declining Steady Declining Steady -Declining

Stage of Property Cycle Decliningmarket

Risingmarket

Bottom ofmarket

Peak ofmarket -Decliningmarket

Risingmarket

Start ofrecovery

Risingmarket

Decliningmarket

Risingmarket

Peak ofmarket

Peak ofmarket

Bottom ofmarket

Decliningmarket

Peak ofmarket

Are New Properties Sold at PricesExceeding Their Potential ResaleValue

Occasion-ally Occasion-ally Occasion-ally Occasion-ally Occasion-ally Occasionally Almostnever Almostnever Occasion-ally Frequently Occasion-ally Occasion-ally Occasion-ally Occasion-ally



0

1

2

3

4

5

6

Albu

ry

B

athurs

t

C'berra/ Q

'beya

n

Central

Coast

Dubb

o

Griffith

Mudg

ee

Newc

astle

Oran

ge

Sydn

ey

Tamw

orth

NSW

FarNth

Coast

Wagga

Wagg

a

Illa

warra

Increasing Sharply

Increasing

Steady

Tightening

Tightening Sharply


0

1

2

3

4

5

6

Albur

y

Bathu

rst

C'be

rra/ Q'be

yan

Central

Coas

t

Dubb

o

Griffi

th

Mud

gee

Newca

stle

O

range

Syd

ney

Tam

worth

NSW

FarNth

Coa

st

Wagga W

agga

Illa

warra

Declining Market

Peak of Market

Rising Market

Bottom of Market

Start of Recovery


0

1

2

3

4

5

6

Albu

ry

B

athurs

t

C'be

rra/Q

'beya

n

Central

Coas

t

Dubb

o

Griffi

th

Mudg

ee

Newc

astle

Oran

ge

Sydn

ey

Tamw

orth

NSW

FarNth

Coas

Wagga

Wagg

a

Illa

warra

Very Soft

Soft

Fair

Strong

Very Strong

The month in review


46/56


markeT iNdiCaTors

The month in review

New South Wales Property Market Indicators as at November 2011 Units

46


CentralCoast

Dubbo Griffith MudgeeNew-castle


TweedCoast

WaggaWagga

Wollon-gong



Balancedmarket


market


Balancedmarket


Balancedmarket

Severeshortageofavailablepropertyrelative todemand



Balancedmarket -Over-supplyof availablepropertyrelative todemand

Balancedmarket


marketRental Vacancy Trend Steady Tightening Steady Steady Steady Steady Steady Steady Steady Tightening Tightening Steady -

IncreasingSteady Steady

Demand for New Units Very soft Fair Fair Soft Soft Soft Fair Fair Fair Fair Fair Soft Soft Fair

Trend in New Unit Construction Declining Steady Steady Declining Declining Declining Steady Declining Steady Steady Steady Declining Declining Declining -Steady

Volume of Unit Sales Steady Steady Declining Declining Steady Increasing Steady Declining Steady Declining Declining Steady Declining Steady -Declining

Stage of Property Cycle Decliningmarket

Risingmarket

Decliningmarket

Bottom ofmarket

Bottom ofmarket

Start ofrecovery

Risingmarket

Decliningmarket

Risingmarket

Peak ofmarket

Peak ofmarket

Bottom ofmarket

Decliningmarket

Peak ofmarket

Are New Properties Sold at PricesExceeding Their Potential ResaleValue

Occasion-ally

Occasion-ally

Almostnever

Occasion-ally

Occasion-ally

Occasion-ally

Almostnever

Almostnever

Occasion-ally

Frequently Occasion-ally

Occasion-ally

Occasionally

Occasion-ally



0

1

2

3

4

5

6

Albury

Bathu

rst

C'berra/Q

'beya

n

Centra

lCoa

st

Dubb

o

G

riffith

Mudge

e

Newcastle

O

range

Sydne

y

Tam

worth

NSW

FarNth

Coast

Wagga

Wagg

a

Illaw

arra

Increasing Sharply

Increasing

Steady

Tightening

Tightening Sharply


0

1

2

3

4

5

6

Albu

ry

Bathu

rst

C'berra/Q'

beyan

Central

Coast

Dubbo

Griffith

Mu

dgee

Newcastle

Oran

ge

Sydn

ey

Tamwo

rth

NSW

FarNth

Coa

st

Wag

gaW

agga

Illawa

rra

Declining Market

Peak of Market

Rising Market

Bottom of Market

Start of Recovery


0

1

2

3

4

5

6

Albury

Bathu

rst

C'be

rra/Q'be

yan

Centra

lCoast

Dubb

o

Griffith

M

udge

e

New

castle

O

range

Syd

ney

Tam

worth

NSW

FarNt

hCoa

st

Wagga

Wagg

a

Illaw

arra

Very Soft

Soft

Fair

Strong

Very Strong

The month in review


47/56


markeT iNdiCaTors

The month in review

New South Wales Property Market Indicators as at November 2011 Retail

47


CentralCoast

Dubbo Griffith MudgeeNew-castle


TweedCoast

WaggaWagga

Wollon-gong


Balancedmarket



Balancedmarket





market

Balancedmarket

Balancedmarket -Over-supplyof availablepropertyrelative todemand


Over-supplyof availablepropertyrelative todemand

Balancedmarket

Rental Vacancy Trend Steady Steady Increasing Increasing Steady Steady Steady Increasing Tightening Increasing Increasing Increasing Increasing Steady -Increasing

Rental Rate Trend Stable Stable Declining Declining Stable Stable Stable Declining Increasing Stable Declining -Stable

Declining Declining Stable

Volume of Property Sales Steady Steady Declining Declining Steady Decliningsignificant-ly

Steady Declining Steady Steady Declining Decliningsignificantly

Declining Steady

Stage of Property Cycle Risingmarket

Risingmarket

Decliningmarket

Decliningmarket

Risingmarket

Bottom ofmarket

Bottom ofmarket

Decliningmarket

Risingmarket -Peak ofmarket

Risingmarket

Peak ofmarket

Decliningmarket

Decliningmarket

Bottom ofmarket

Local Economic Situation Flat Flat Flat Flat Flat Flat Flat Flat Steadygrowth

Flat Steadygrowth

Flat Contraction Flat -Contrac-tion

Value Difference between QualityProperties with National Tenants,and Comparable Properties withLocal Tenants

Significant Small -Significant

Significant Significant Small -Significant

Large Significant

Significant Small -Significant

Very large Significant Significant Significant Significant



0

1

2

3

4

5

6

Albu

ry

Bathurst

C'berr

a/Q'beyan

CentralC

oast

Du

bbo

Leeto

n

Mudg

ee

Newca

stle

Ora

nge

Sydne

y

Tamworth

NSW

FarNthC

oast

Wagga Wa

gga

Illawarr

a

Increasing Sharply

Increasing

Steady

Tightening

Tightening Sharply


0

1

2

3

4

5

6

Albu

ry

Bathurs

t

C'be

rra/Q'be

yan

Centr

alCoa

st

Dubb

o

Leeto

n

Mud

gee

Newca

stle

Orang

e

Sydne

y

Tamworth

NSW

FarNthC

oast

Wag

gaWagg

a

Illawarra

Declining Market

Peak of Market

Rising Market

Bottom of Market

vStart of Recovery


0

1

2

3

4

5

6

Albu

ry

Bathu

rst

C'be

rra/Q'b

eyan

Central

Coas

t

D

ubbo

Lee

ton

Mud

gee

Newcas

tle

Oran

ge

Sydn

ey

Tamwo

rth

NSW

FarNth

Coas

t

Wag

ga Wag

ga

Illawa

rra

Severe Contractiont

Contraction

Flat

Steady Growth

High Growth

Th nth n review


48/56

Th nth n review


markeT iNdiCaTors

Victoria/Tasmania Property Market Indicators as at November 2011 Houses

48

Factor Bendigo Echuca GippslandMelbourne

Mildura WangarattaLatrobeValley

WodongaBurnie/Davenpor

Hobart Launceston


Balancedmarket

Balancedmarket

Balancedmarket

Balancedmarket

Over-supply ofavailableproperty relativeto demand

Balancedmarket




Shortage ofavailableproperty relativeto demand

Rental Vacancy Trend Steady Steady Steady Increasing

Steady Steady Steady Steady Steady Steady Steady

Demand for New Houses Fair Fair Soft Fair Strong Fair Soft Fair Soft Soft Soft

Trend in New House Construction Steady Steady Declining Steady Declining Declining Declining Declining Declining Declining Declining

Volume of House Sales Steady Steady Declining Increasing

Steady Declining Declining Declining Declining Declining Declining


Risingmarket

Peak ofmarket

Decliningmarket

Bottom ofmarket

Peak of market Peak ofmarket

Peak ofmarket

Decliningmarket

Decliningmarket

Decliningmarket

Are New Properties Sold at Prices

Exceeding Their Potential Resale Value

Almost

never

Almost

never

Occasionally Occasion-

ally

Occasion-

ally

Almost never Occasion-

ally

Almost never Occasionally Occasion-

ally

Occasionally



0

1

2

3

4

5

6

Bendigo

Echuca

Gippsla

nd

Melbour

ne

Mildura

Wan

garatta

Latrobe

Valley

Wodon

ga

Burnie-

Devonp

ort

Hobart

Laun

ceston

Increasing Sharply

Increasing

Steady

Tightening

Tightening Sharply

v


0

1

2

3

4

5

6

Bendig

o

Echuca

Gippslan

d

Melbourn

e

Mildura

Wan

garatta

Latrobe

Valley

Wodong

a

Burnie-

Devonpo

rt

Hobart

Laun

ceston

Declining Market

Peak of Market

Rising Market

Bottom of M arket

Start of Recovery


0

1

2

3

4

5

6

Bendig

o

Echuca

Gippslan

d

Melbour

ne

Mildura

Wangara

tta

Latrobe

Valley

Wodong

a

Burni

e-Devonpo

rt

Hobart

Laun

ceston

Very Soft

Soft

Fair

Strong

Very Strong

The month in review


49/56


markeT iNdiCaTors

Victoria/Tasmania Property Market Indicators as at November 2011 Units

49




Hobart Launceston


Balancedmarket

Balancedmarket

Balancedmarket


Balancedmarket

Balancedmarket

Balancedmarket



Shortage ofavailableproperty relativeto demand

Rental Vacancy Trend Steady Steady Steady Increasin

g

Steady Steady Steady Steady Steady Steady Steady

Demand for New Houses Soft Soft Soft Fair Fair Fair Soft Fair Soft Soft Soft

Trend in New House Construction Steady Steady Declining Increasing

Declining Declining Declining Declining Declining Declining Declining

Volume of House Sales Steady Steady Declining Steady Steady Declining Declining Declining Declining Declining Declining


Risingmarket

Peak ofmarket

Decliningmarket

Bottom ofmarket

Peak of market Peak ofmarket

Peak ofmarket

Decliningmarket

Decliningmarket

Decliningmarket


Almostnever

Almostnever

Occasionally Occasion-ally

Almostnever

Almost never Occasion-ally

Almost never Occasionally Occasion-ally

Occasionally



0

1

2

3

4

5

6

Bendigo

Echuca

Gippsla

nd

Melbou

rne

Mildura

Wangar

atta

LatrobeVa

lley

Wodong

a

Burni

e-Devon

port

Hobart

Launces

ton

Increasing Sharply

Increasing

Steady

Tightening

Tightening Sharply


0

1

2

3

4

5

6

Bendig

o

Echuc

a

Gippslan

d

Melbour

ne

Mildura

Wangara

tta

Latrobe

Valley

Wodong

a

Burni

e-Devonpo

rt

Hobart

Laun

ceston

Declining Market

Peak of Market

Rising Market

Bot tom of M arket

Start of Recovery


0

1

2

3

4

5

6

Bendigo

Echuca

Gippsla

nd

Melbou

rne

Mildura

Wan

gara

tta

Latrobe Va

lley

Wodon

ga

Burnie-

Devonp

ort

Hobart

Launces

ton

Very Soft

Soft

Fair

Strong

Very Strong

The month in review


50/56


markeT iNdiCaTors

Victoria/Tasmania Property Market Indicators as at November 2011 Retail

50




Hobart Launceston


Balancedmarket

Balancedmarket

Balancedmarket


Balancedmarket

Balancedmarket

Balancedmarket



Over-supply ofavailableproperty relativeto demand

Rental Vacancy Trend Steady Steady Increasing Steady -

Increasing

Increasing Steady Increasing Steady Increasing Increasing Increasing

Rental Rate Trend Stable Stable Stable Declining- Stable

Declining Stable Stable Stable Stable Stable Stable

Volume of Property Sales Steady Steady Declining Steady Declining Steady Declining Steady Declining Declining Declining


Risingmarket

Decliningmarket

Peak ofmarket -Decliningmarket

Bottom ofmarket

Rising market Decliningmarket

Rising market Decliningmarket

Decliningmarket

Decliningmarket

Local Economic Situation Flat Flat Contraction Flat -Contrac-tion

Severecontrac-tion

Flat Contrac-tion

Flat Contraction Contraction Contraction

Value Difference between Quality

Properties with National Tenants, andComparable Properties with LocalTenants

Small Small Small Small -Significan

t

Significant Significant Small Significant Small Small Small



0

1

2

3

4

5

6

Bendig

o

Echuc

a

Gippsl

and

Melbou

rne

Mildur

a

Wangar

atta

Latro

be Valle

y

Wodong

a

Burn

ie-De

vonpor

t

Hoba

rt

Increasing Sharply

Increasing

Steady

Tightening

Tightening Sharply


0

1

2

3

4

5

6

Adelaide

Adela

ideHills

Baros

saValle

y

IronT

riangle

Alice

Springs

Darw

in

South

WestW

APe

rth

Declining Market

Peak of Market

Rising Market

Bottom of M arket

Start of Recovery


0

1

2

3

4

5

6

Adelaide

Adela

ideHills

Baros

saValle

y

IronT

riangle

Alice

Springs

Darw

in

South

WestW

APe

rth

Severe

Contraction

Contraction

Flat

Steady Growth

High Growth

The month inreview


51/56


markeT iNdiCaTors

Queensland Property Market Indicators as at November 2011 Houses

51

Factor CairnsTowns-ville

Whit-sunday

MackayRock-hampton

EmeraldGladstone

Bunda-berg

HerveyBay

Sun-shineCoast

BrisbaneGoldCoast

IpswichToo-woomba

Rental Vacancy Situation Shortage ofavailablepropertyrelative todemand -Balanced

market

Balancedmarket



Balancedmarket

Severeshortage ofavailablepropertyrelative todemand

Severeshortage ofavailablepropertyrelative todemand


Balancedmarket


Balancedmarket

Shortage ofavailablepropertyrelative todemand -Balanced

market

Balancedmarket

Shortage ofavailable

Herron Todd White Report Dec

Documents

Transcript of Herron Todd White Report Dec