1
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Property Market Report
Tasmania
March quarter 2015
About This Report
Preston Rowe Paterson prepare standard research reports covering the main markets within which we operate in each of our capital cities and major regional locations.
The markets covered in this research report include the commercial office market, industrial market, retail market, hotel and leisure market and residential market as well as economic factors impacting on the real estate markets within we operate.
We regularly undertake valuations of commercial, retail, industrial, hotel and leisure, residential and special purpose properties for many varied reasons, as set out later herein. We also provide property management services, asset and facilities management services for commercial, retail, industrial property as well as plant and machinery valuation.
To compile the research report we have considered the most recently available statistics from known sources. Given the manner in which statistics are compiled and published they are usually 3-6 months out of date at the time we analyse them. Where possible we consider short term movement in the statistics by looking at daily published data in the financial press. Where this shows notable fluctuation, when compared to the formal published numbers we have commented accordingly.
INSIDE THIS ISSUE:
Hobart Office Market 2
Retail Market 3
Industrial Market 4
Residential Market 4
Hotel & Leisure Market 6
Economic Fundamentals 7
About Preston Rowe Paterson 9
Contact Us 11
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Commercial Office Market
Hobart CBD
Supply by Grade (Stock) According to the Property Council of Australia Office Market Report January 2015, the Hobart CBD office stock has increased by 3,685 sqm to a total supply of 363,082 sqm in the six months to January.
A Grade office stock dominates the Hobart CBD market with a 51.9% share of the total market. B and C Grade office stock both
recorded a similar share of the total market at 19.4% and 18.9% respectively. The D Grade stock has remained unchanged since January 2012, amounting to 9.7% of the market.
Development Sites The Property Council of Australia’s (PCA) Office Market Report January 2015 have recorded the following office developments in
the Hobart CBD office pipeline. Parliament Square
development located in the Salamanca precinct is currently in the construction
phase. The landmark redevelopment owned by Citta Property Group will
20,709 sqm of office space and 1,200 sqm of retail area over 8 storeys on an
average floorplate size of 1,941 sqm. It will include 155 car spaces. The site includes the former St Mary’s Hospital, the Red Brick Building, 34 West Davey
Street, the former Government Printing Office building and the former PABX building. The development will include open public space, an amphitheatre, restored heritage buildings, 5-star green
office building, shops and cafes. It is expected to be completed by 2017.
2
Net Absorption The Hobart CBD office market has recorded a negative net absorption in the twelve months to January 2015 of –2,303 sqm. All office grades, with the exception of A Grade which absorbed 3,814
sqm of office space, recorded a negative net absorption in the six months to January.
C Grade recorded –4,237 sqm absorption in the six months to January, followed by D Grade at –1,440 sqm and B Grade at –400 sqm.
Chart 1 – Hobart CBD Total Stock by Grade– Source PCA
51.9%
19.4%
18.9%
9.7%
Hobart CBD Office Market
A-Grade B-Grade C-Grade D-Grade
Source: PCA/Preston Rowe Paterson Research
Investment Activity Preston Rowe Paterson Research has recorded the following major sales transactions that occurred in the Hobart CBD market during the three months to March 2015;
28 Elizabeth Street, Hobart TAS 7000
The office building has been sold for $4.5 million on an estimated yield of 11.07%. The property
has a ground floor retail are of 547 sqm and a net lettable area of 1,307 sqm across level 1 and 2.
The property is fully leased on an approximate annual income of $498,000. Rear access
underground car parking is available via Trafalgar Place.
Chart 2 – Hobart CBD Office Market Net Absorption – Source PCA
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Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15
Ne
t A
bso
rptio
n (
sq
m)
Hobart CBD Office Market
Net Absorption
Net AbsorptionSource: PCA/Preston Rowe Paterson Research
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Total Vacancy: The Hobart CBD office market total vacancy rate has increased by
1.6% to 8.9% in the six months to January 2015. The total office
vacancy in Hobart amounts to about 32,332 sqm. The both direct
and sub-lease vacancy increased by 0.8 to a rate of 7.2% and 1.7%
respectively.
On a year on year analysis the Hobart CBD A Grade vacancy rate
has increased by 2.6% to 5.7%. Similarly the C Grade and D Grade
vacancy rates have both grew by 2% to 4.1% to 13% and 10.5%
respectively. The only recorded tightening in vacancy was in the B
Grade office stock which fell by 1.9% to 12.7%.
Chart 3 – Hobart CBD Commercial Vacancy Rates – Source PCA
Retail Market
3
Investment Activity Preston Rowe Paterson Research has recorded the following major sales transactions that occurred in the Tasmania retail market during the three months to March 2015;
112 Argyle Street, Hobart TAS 7000 A car yard has been sold for $8.413 million, reflecting a rate of nearly $30,000 psm. The car yard is tenanted by Tilford Auto Group which retails cars. The siteretails used cars and services Chrysler Jeep Dodge, Skoda, Land Rover and Jaguar automobile brands.
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Vacan
cy R
ate
(%
)
Hobart CBD Commercial
Vacancy Rates
Direct Vacancy Sub-Lease VacancySource: PCA/Preston Rowe Paterson Research
Chart 4 – Tasmania Retail Turnover – Source ABS
Economic Statistics According to the Australian Bureau of Statistics category Retail Trade (March 2015), the retail turnover figures recorded in Tasmania produced positive results. The Tasmanian total industry retail turnover
increased by 0.4% over the month of March resulting in total turnover for the month of $476.7 million. This is a 4.4% increase when compared to March 2014.
The Tasmanian retail market had produced positive results over the month of March, except for Food retailing. The highest monthly retail
turnover growth was realised by Café, restaurants and takeaway service increasing by 2.7% ($49.6 million). Household goods retailing grew by 0.8% ($93.2 million) and Clothing, footwear and accessory
retailing increased by 0.6% ($31.9 million). Food retailing fell by –0.8% to a monthly turnover of $207.5 million.
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Tasmania Retail Turnover
Retail Turnover % ChangeSource: ABS/Preston Rowe Paterson Research
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4
Residential Market Economic Statistics According to the Australian Bureau of Statistics category 8731.0
Building Approvals March 2015, the total number of house dwelling approvals in the Hobart Statistical Division over the month has increased by 34% from 73 approvals to 98 approvals. In
comparison to March 2014, dwelling approvals realised a growth of 88%. The monthly total number of non-house dwelling approvals increased from 2 approvals to 67 approvals. In comparison to
March 2014 this reflected a decrease of 67%. The Hobart total dwellings market has recorded a total number of
165 dwelling approvals in the year to date 2015.
Year on year analysis recorded mixed results for Tasmanian retail.
Clothing, footwear and accessory retailing recorded the largest decline of –7.3%. Café, restaurants and takeaway service fell by –0.4% whilst Food retailing and Household goods retail both reported an annual
growth of 5.1% and 6% respectively.
Chart 5 – Tasmania Turnover % Monthly Change – Source PCA
Industrial Market Preston Rowe Paterson Research has recorded the following
significant sales transaction that occurred in the Tasmanian Industrial Market, during the three months to March 2015;
61 Boland Street, Launceston TAS 7250
A warehouse facility has been sold in vacant possession for $1.705 million. The property
features a 1,500 sqm clear span warehouse, three roller door access, 190 sqm of office and
showroom space and on-site parking. Launceston is located about 198km north of Hobart.
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Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015
Mo
nth
ly %
Ch
an
ge
Food Retailing Household goods Clothing, Footwear Cafe, Restaurants
Tasmania Retail Turnover
% Monthly Change
Source: ABS/Preston Rowe Paterson Research
Chart 6 – Hobart SD Dwelling Approvals – Source ABS
HOBART Market Affordability According to the Real Estate Institute of Australia (REIA) December quarter 2014, the Hobart median house price has remains unchanged to a price of $360,000. A decline of -2.7% was recorded
over the twelve months to December. Mixed quarterly results were recorded across all cities and zones.
The highest quarterly growth in median house sales prices was Launceston which grew by 7.2% to $284,000, followed by Middle Hobart at $319,000 (3.5%). Inner Hobart houses recorded a
quarterly fall of –6% to a median price of $463,500; Outer Hobart by –3.2% to $348,500 and North-West Centres by –2.3% to $234,500.
Year on year analysis revealed predominantly negative results on Tasmanian house sales. Launceston median house prices was the only annual growth recorded of 3.3%. Inner, Middle an Outer Hobart
recorded an annual decline of –1.4% -1.8% and -0.7% respectively. North-West Centres recorded annual median sales price declines of –2.3%.
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD 2015
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Hobart SD Dwelling Approvals
Houses OtherSource: ABS / Preston Rowe Paterson Research
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5
Rental Market The December quarter revealed varied results in Tasmanian house
rentals. Rent in the regional cities recorded growth whereas Hobart house rents remained relatively stable. The highest quarterly growth was recorded in North-West Centres 2 bedroom house of 12.7% to
medina weekly rent of $248. The largest fall in median weekly rent was noted in Outer Hobart 4 bedroom house of –8.4% to $394.
The Inner Hobart 3 bedroom, Middle Hobart and Launceston 4 bedroom house median weekly rent remain unchanged at $400, $410 and $365 respectively.
Year on year analysis also revealed mixed results in Tasmanian median house rents. An annual growth was recorded across the
Inner Hobart, Launceston and North-West Centres house rents. The highest annual growth in median weekly rents was reported in North-West Centres 4 bedroom house which increased by 29.3% to $375.
The greatest annual decline in median weekly rent was noted in Outer Hobart 4 bedroom house of –7.3%.
Chart 7 – Median House Price by Zone – Source REIA
Similarly, the median other dwellings prices in Tasmania noted
mixed results in the Hobart zones in the December quarter 2014. The most significant quarterly fall was in Launceston decreasing by –11.1% to $200,000 median sales prices, followed by North-West
Centres at –6.4% to $201,300 and Middle Hobart at –5.5% to $225,000. Inner and Outer Hobart median prices grew by 11.6%
and 13.3% to the median sales price of $337,500 and $294,500.
Year on year analysis revealed mixed results recorded as at December 2014. The largest decline in other dwelling median sales price was Launceston which fell by –14.9%, followed by Middle
Hobart at –1.1%. The highest annual growth was recorded in Outer Hobart followed by North-West Centres and Inner Hobart
increasing at 11.3%, 3.2% and 0.7% respectively.
Chart 8 – Median Price for Other Dwellings by Zone – Source REIA
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Median House Price by Zone
Median House Price Quarterly % ChangeSource: REIA/Preston Rowe Paterson Research
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e (
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rice
Median Price for Other Dwellings by Zone
Median Unit Price Quarterly % ChangeSource: REIA/Preston Rowe Paterson Research
Chart 9 – Median Weekly Rents for Houses by Zone – Source REIA
Tasmania Other Dwellings rentals revealed predominantly positive
quarterly results. The largest growth were recorded in the Launceston, Inner Hobart and Outer Hobart 3 bedrooms other dwellings which reflected a quarterly increase of 22.3%, 13.9% and
17.9% to the median weekly rent of $340, $450 and $330 respectively .
There were limited median weekly rent declines recorded in the December quarter. Inner Hobart 1 bedroom, Middle Hobart 2 bedroom and North-West Centres 1 bedroom other dwelling rents
fell by –8.7%, -4% and –6.3% respectively to $210, $240 and $150. No rental results were recorded for Outer Hobart 1 bedroom other
dwellings in the December quarter 2014. Year on year analysis of Tasmanian other dwellings rentals has
revealed growth, except for Outer Hobart 2 bedroom which declined by –6.7% to $280. The highest rental growth was recorded in the North-West Centres 3 bedroom other dwelling that increased by
33.3% to a median weekly rent of $300.
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Hobart Inner Hobart Middle Hobart Outer Launceston North-West Centres
We
ek
ly M
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ian
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Median Weekly Rents for Houses by Zone
2 Bed House 3 Bed House 4 Bed HouseSource: REIA/Preston Rowe Paterson Research
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6
Hotel & Leisure Market
Preston Rowe Paterson Research recorded the following significant sales transactions that occurred in the Hobart Hotel Market, during
the three months to March 2015;
St John Street, Launceston, TAS 7250
The Richman family has purchased The Sebel Launceston hotel from Tasmanian Boutique Hotels Pty Ltd
for $10 million. The 4.5 stars hotel features 49 rooms of one and two bedders across 8 storeys,
conference room, fitness centre, restaurant and bar. The average occupancy rate at the Sebel in 2013-14 was 79.3%, which is better than the Tasmanian average of
58.5%. The sale reflects a rate of $204,081.65 per room. 139 Wilson Street, Burnie TAS
7320 The Comfort Hotel Burnie was sold for $1.5 million. The 3 star
hotel features 55 rooms across 4 levels, restaurant, bar and lounge, business centre, and a function
room for up to 350 seatings. The sale reflects a rate of $27,272.70 per room. Burnie is located approximately 47km east of Devonport and 296km northeast of
Hobart.
Chart 10 – Median Weekly Rents for Other Dwellings by Zone – Source REIA
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$150
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Hobart Inner Hobart Middle Hobart Outer Launceston North-West Centres
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ly M
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ian
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nt
Median Weekly Rents for Other Dwellings by Zone
1 Bed Unit 2 Bed Unit 3 Bed UnitSource: REIA/Preston Rowe Paterson Research
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Chart 11 – Gross Domestic Product (GDP) – Source ABS
Chart 12 – Unemployment – Source ABS
Economic Fundamentals
Chart 13 – Cash Rate—Source RBA
7
Labour force
Over the month to March 2015, the number of unemployed people decreased by 1,530 from 766,038 in February to 759,156 in March which is a 0.20% decrease. In comparison to March 2014, the
number of unemployed people has increased by 42,327 which reflected an annual increase of 5.90%. The unemployment rate as at March 2015 is 6.2%.
The number of unemployed seeking full time employment recorded an increase over the month of March by 700 to 546,800 persons,
reflecting a growth of 0.13%. The number of unemployed seeking part time employment recorded a decreased over the month by 2,200 to 217,700 persons, reflecting a decrease of 1.05%.
Tasmania experienced an absolute decrease over the quarter in seasonally adjusted employment by 2,023 persons to 239,354
persons. The unemployment status in Tasmania has remain unchanged at 6.6% in the March quarter.
Interest Rates
As at the date of publishing, the official Cash Rate over the March quarter 2015 has decreased by 25 basis points to 2.25%. The Reserve Bank of Australia’s Media Release for March 2014, released
3rd March 2014 explained that; “In Australia the available information suggests that growth is
continuing at a below-trend pace, with domestic demand growth overall quite weak. As a result, the unemployment rate has gradually moved higher over the past year. The economy is likely to be
operating with a degree of spare capacity for quite some time yet...Credit is recording moderate growth overall, with stronger growth in lending to investors in housing assets...The Bank is
working with other regulators to assess and contain risks that may arise from the housing market. In other asset markets, prices for equities and commercial property have risen, in part as a result of
declining long-term interest rates.”
GDP
GDP figures for the March quarter 2015 are not available until the
3rd June 2015, however, over the December 2014 quarter revealed
that the Australian economy recorded growth of 0.55% seasonally
adjusted which reflected growth of 2.47% seasonally adjusted over
the twelve months to December 2013.
In seasonally adjusted terms, the main industry gross value added
contributors to GDP were Mining (+0.5%), Financial and insurance
services (+0.5%) and Healthcare and social assistance (+0.3%). In
trend terms, the largest detractor was the Professional, scientific and
technical services (-0.5%).
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Gross Domestic Product
Gross Domestic Product Seasonally Adjusted % Change Seasonally AdjustedSource: RBA /Preston Rowe Paterson Research
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on
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Unemployment (Rate and Persons)
Unemployed Persons Unemployment RateSource: ABS/Preston Rowe Paterson Research
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Interest Rate Movements
Cash RateSource: RBA /Preston Rowe Paterson Research
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Chart 14 – Consumer Price Index – Source RBA
Chart 15—Consumer Sentiment Index—Source Westpac Melbourne
Institute
8
Chart 16 –Movement in Exchange Rates – Source RBA
CPI According to the Australian Bureau of Statistics (March 2015), the Australia’s All Groups CPI increased by 0.2% over the March quarter from 106.6 to 106.8. The annual CPI change to March 2015
recorded a growth of 1.3%. The most significant price rises over the March quarter were for
Domestic holiday travel and accommodation (+3.5%), Tertiary education (+5.7%) and Medical and hospital services (+2.2%). The greatest price fall over the March quarter was attributed to
Automotive fuel (-12.2%) and Fruit (-8%). The Housing Group increased by 0.8% over the March quarter. The
main contributors to the price rise were in new dwelling purchase by Owner-occupiers and Electricity recording a growth of 0.9% and 1.9% respectively. Over the twelve months to March 2015, the
housing group recorded growth of 2.7% which was backed by the 4.8% annual growth in new dwelling purchases by Owner-occupiers and a 2.1% rise in Rents.
Consumer Sentiment The Westpac Melbourne Institute of Consumer Sentiment Index fell
by 1.2% in March from 100.7 index points in February to 99.5 index points in March. Over the quarter the index has increased by 8.4 points, a 9.22% growth. Over the twelve months to March 2015 the
index recorded no annual change. The Index is returning to its pre-budget level in May 2014. Westpac’s Senior Economist, Matthew Hassan commented; “Some softening in sentiment was always likely in March given the big lift (in February) following the RBA’s surprise 25bp rate cut… The overall message
seems to be that while consumers remain very concerned about the outlook for the economy and job security, they are less concerned than they were in December and acknowledge the more positive
situation around interest rates.”
Exchange Rates & Equity Markets
Australian Exchange Rates
Over March quarter 2015, the Australian Dollar fell significantly
against the US Dollar, decreasing from $0.8202 in December to
$0.7634 in March. Over the twelve months to March, the Australian
dollar has decreased by 17.21% from $0.9221 USD.
The Australian Dollar also recorded a quarterly decline against the
British Pound and the Japanese Yen. The Australian Dollar
exchange rates against the Pound and Yen fell by 2% and 6.4%
respectively. The Australian Dollar rose against the Euro by 4.80%.
Year on year analysis saw the Australian Dollar decline against the
British Pound by 6.85% to £0.5164 and 3.28% in the Yen to ¥91.72.
The Australian Dollar experienced an annual increase against the
Euro of 5.41% €0.7070.
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0
Se
p-1
0
Ma
r-1
1
Se
p-1
1
Ma
r-1
2
Se
p-1
2
Ma
r-1
3
Se
p-1
3
Ma
r-1
4
Se
p-1
4
Ma
r-1
5
An
nu
al
% C
ha
ng
e
Au
s A
ll G
rou
ps
Consumer Price Index
All Groups CPI - Australia Annual % ChangeSource: PCA/Preston Rowe Paterson Research
60
70
80
90
100
110
120
130
Ma
r-0
5
Se
p-0
5
Ma
r-0
6
Se
p-0
6
Ma
r-0
7
Se
p-0
7
Ma
r-0
8
Se
p-0
8
Ma
r-0
9
Se
p-0
9
Ma
r-1
0
Se
p-1
0
Ma
r-1
1
Se
p-1
1
Ma
r-1
2
Se
p-1
2
Ma
r-1
3
Se
p-1
3
Ma
r-1
4
Se
p-1
4
Ma
r-1
5
Co
nsu
me
r S
en
tim
en
t
Consumer Sentiment Index
Consumer Sentiment IndexSource: RBA /Preston Rowe Paterson Research
20
30
40
50
60
70
80
90
100
110
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
Ma
r-0
6
Jun
-06
Se
p-0
6
De
c-0
6
Ma
r-0
7
Jun
-07
Se
p-0
7
De
c-0
7
Ma
r-0
8
Jun
-08
Se
p-0
8
De
c-0
8
Ma
r-0
9
Jun
-09
Se
p-0
9
De
c-0
9
Ma
r-1
0
Jun
-10
Se
p-1
0
De
c-1
0
Ma
r-1
1
Jun
-11
Se
p-1
1
De
c-1
1
Ma
r-1
2
Jun
-12
Se
p-1
2
De
c-1
2
Ma
r-1
3
Jun
-13
Se
p-1
3
De
c-1
3
Ma
r-1
4
Jun
-14
Se
p-1
4
De
c-1
4
Ma
r-1
5
1 $
AU
D b
uy
s (Y
en
)
1 $
AU
D b
uy
s (U
S,
UK
, E
uro
)
Movement in Exchange Rates
US $ UK Pound Euro YenSource: RBA /Preston Rowe Paterson Research
prth- 9
Phone: +61 2 9292 7400
Fax: +61 2 9292 7404
Address: Level 14, 347 Kent Street Sydney NSW 2000
Email: [email protected]
Follow us: Visit www.prpsydney.com.au
© Copyright Preston Rowe Paterson NSW Pty Limited
9
Our Research At Preston Rowe Paterson, we pride ourselves on the research which we prepare in the market sectors within which we operate. These include Commercial, Retail, Industrial, Hotel & Leisure and Residential property mar-kets as well as infrastructure, capital and plant and ma-chinery markets
We have property covered · Investment · Development · Asset · Corporate Real Estate · Mortgage · Government · Insurance · Occupancy · Sustainability · Research · Real Estate Investment Valuation · Real Estate Development Valuation · Property Consultancy and Advisory · Transaction Advisory · Property and Asset Management · Listed Fund, Property Trust, Super Fund · and Syndicate Advisors · Plant & Machinery Valuation · General and Insurance Valuation · Economic and Property Market Research
We have all real estate types covered
We regularly provide valuation, property and asset man-agement, consultancy and leasing services for all types of Real Estate including: · CBD and Metropolitan commercial office buildings · Retail shopping centres and shops · Industrial, office/warehouses and factories · Business parks · Hotels (accommodation) and resorts · Hotels (pubs), motels and caravan parks · Residential development projects · Residential dwellings (individual houses and apart-
ments/units) · Rural properties · Special purpose properties such as: nursing homes;
private hospitals, service stations, oil terminals and refineries, theatre complexes; etc.
· Infrastructure
We have all types of plant & machinery covered
We regularly undertake valuations of all forms of plant, machinery, furniture, fittings and equipment including: · Mining & earth moving equipment/road plant · Office fit outs, equipment & furniture · Agricultural machinery & equipment · Heavy, light commercial & passenger vehicles · Industrial manufacturing equipment · Wineries and processing plants · Special purpose plant, machinery & equipment · Extractive industries, land fills and resource based
enterprises · Hotel furniture, fittings & equipment
We have all client profiles covered Preston Rowe Paterson acts for an array of clients with all types of real estate, plant, machinery and equipment interests such as: · Accountants · Banks, finance companies and lending
institutions · Commercial and Residential non bank lenders · Co-operatives · Developers · Finance and mortgage brokers · Hotel owners and operators · Institutional investors · Insurance brokers and companies · Investment advisors · Lessors and lessees · Listed and private companies corporations · Listed Property Trusts · Local, State and Federal Government Depart-
ments and Agencies · Mining companies · Mortgage trusts · Overseas clients · Private investors · Property Syndication Managers · Rural landholders · Self managed super funds · Solicitors and barristers · Sovereign wealth funds · Stock brokers · Trustee and Custodial companies
prth- 10
Phone: +61 2 9292 7400
Fax: +61 2 9292 7404
Address: Level 14, 347 Kent Street Sydney NSW 2000
Email: [email protected]
Follow us: Visit www.prpsydney.com.au
© Copyright Preston Rowe Paterson NSW Pty Limited
10
We have all locations covered
From our capital city and regional office locations we serve our client’s needs throughout Australia. Globally, we operate directly or via our relationship offices for special purpose real estate asset classes, infrastructure and plant & machinery.
We have your needs covered Our clients seek our property (real estate, infrastructure, plant and machinery) services for a multitude of reasons including: · Acquisitions & Disposals · Alternative use & highest and best use analysis · Asset Management · Asset Valuations for financial reporting to meet ASIC,
AASB, IFRS & IVSC guidelines · Compulsory acquisition and resumption · Corporate merger & acquisition real estate due diligence · Due Diligence management for acquisitions and sales · Facilities management · Feasibility studies · Funds management advice & portfolio analysis · Income and outgoings projections and analysis · Insurance valuations (replacement & reinstatement
costs) · Leasing vacant space within managed properties · Listed property trust & investment fund valuations & re-
valuations · Litigation support · Marketing & development strategies · Mortgage valuations · Property Management · Property syndicate valuations and re-valuations · Rating and taxing objections · Receivership, Insolvency and liquidation valuations and
support/advice · Relocation advice, strategies and consultancy · Rental assessments and determinations · Sensitivity analysis · Strategic property planning
prth- 11
Phone: +61 2 9292 7400
Fax: +61 2 9292 7404
Address: Level 14, 347 Kent Street Sydney NSW 2000
Email: [email protected]
Follow us: Visit www.prpsydney.com.au
© Copyright Preston Rowe Paterson NSW Pty Limited
11
Sydney (Head Office)
Level 14, 347 Kent Street
Sydney NSW 2000
PO BOX 4120, Sydney NSW 2001
P: 02 9292 7400
F: 02 9292 7404
W: www.prpsydney.com.au
Follow us:
Directors
Gregory Preston
M: 0408 622 400
Gregory Rowe
M: 0411 191 179
Associate Directors
Elizabeth Duncan
M: 0448 656 103
Michael Goran
M: 0448 757 134
Erika Minnaard
M: 0448 886 335
Neal Smith
M: 0448 656 647
New Zealand Offices
Dunedin
Greymouth
Hamilton & Morrinsville
New Plymouth
Tauranga
Wellington
Preston Rowe Paterson NSW Pty Ltd
ABN: 61 003 139 188
The information provided within this publication
should be regarded solely as a general guide.
We believe that the information herein is accu-
rate however no warranty of accuracy or reliabil-
ity is given in relation to any information con-
tained in this publication. Nor is any responsibility
for any loss or damage whatsoever arising in any
way for any representation, act or omission,
whether expressed or implied (including responsi-
bility to any person or entity by reason of negli-
gence) accepted by Preston Rowe Paterson
NSW Pty Ltd or any of its associated offices or any
officer, agent or employee of Preston Rowe
Paterson NSW Pty Limited.
Capital City Offices
Adelaide
Brisbane
Hobart
Melbourne
Sydney
Regional Offices
Albury Wodonga
Ballarat
Bendigo
Central Coast/Gosford
Geelong
Gold Coast
Gippsland
Griffith
Horsham
Mornington
Newcastle
Wagga Wagga
Warrnambool
Relationship Offices
Canberra
Darwin
Perth
Other regional areas