Outlook for Australian Property Markets Perth

Size: px
Start display at page:

Download "Outlook for Australian Property Markets 2010-2012. Perth"

Transcription

1 Outlook for Australian Property Markets Perth

2 Outlook for Australian Property Markets Perth residential

3 Population growth expected to remain at above average levels through to 2012 Annual population growth WA Number of people 50,000 Natural increase 40,000 International migration Interstate migration 30,000 20,000 10, ,000 Annual population growth in WA has been growing at above the long-term average of 2.0% since mid Population growth of 3.0% in the year to June 2009 was the strongest recorded growth since International migration remains the driver of WA s population growth, increasing by a 23.4% annually, or some 42,800 people. While natural population levels remain high at 18,073 people annually, the rate of growth has slowed. Net interstate migration numbers continue to grow annually, however the rate of growth has also slowed. A net 4,825 interstate people moved to WA, an annual rise of 0.4%. Access Economics are forecasting for population growth to remain at above average levels over the forecast period. International migration is likely to remain the driver. Source: ABS Analysis: Westpac Property

4 Owner occupier demand is up on 2008 levels however began to slow over Q month rolling totals - housing finance for owner occupiers - WA Existing 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Source: ABS Analysis: Westpac Property Existing Dwellings New Dwellings New and Construct 6,000 5,000 4,000 3,000 2,000 1,000 - Overall owner occupier demand levels have improved over the year, increasing by some 22.1%. Demand to purchase or build a new dwelling was the driver, which increased by 55.5% annually. Demand to purchase an existing home also improved, albeit to a lesser extent than new homes, growing by 12.4% annually. Owner occupier demand was largely driven by first home buyers (FHBs) for the most part of However, the number of FHB approved for housing finance dipped in Q4, falling by 9.0% as the FHB boost was phased out. Non FHB demand stabilised over Q4, with growth of just 0.4% recorded. However, overall demand fell by 2.8% over Q4. Total owner occupier demand (FHB and non FHB) is likely to stabilise over 2010 as interest rates rise and affordability issues mount.

5 Whilst investor demand held up over Q and is likely to underpin demand into 2010 Price adjusted 3-month rolling total investor finance - WA Price adjusted $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Investor Finance Unlike owner occupier demand, annual investor demand has not improved on 2008 levels. Price adjusted investor finance for 2009 is 4.0% lower than a year ago. Investor demand was at its weakest over 1H 2009 at -10.3%, which is when owner occupier demand began to recover. A notable pickup occurred over 2H 2009 when investor demand increased by some 13.0%. Whilst total owner occupier demand fell over Q4 2009, investor demand held up, increasing by 0.5%, despite three interest rate rises. Demand in 1H 2010 is likely to be held up by investors, however as rental growth slows and interest rates rise further, demand is likely to stabilise from mid Source: ABS Analysis: Westpac Property

6 Despite improvement in demand and high population growth, approvals remain weak 3 month rolling houses and other dwellings approvals WA Number 6,000 Houses 5,000 4,000 3,000 2,000 1,000 - Other dwellings Despite continued strong population growth, total dwelling approvals for 2009 were lower than 2008 by 5.8%. Weak approvals for units drove the overall decline. Unit approvals for 2009 were 51% lower than a year ago while housing approvals are up by 8.7%. Population growth of some 65,704 in the year to June 2009 generated a need for 26,282 new dwellings at 2.5 persons per dwelling using Census 2006 data. Dwelling approvals of 19,938 in the year to December 2009, with a 95% conversion rate, would supply some 18,941 dwellings. This leaves WA undersupplied by some 7,341 dwellings. Supply levels have however seen an improvement over 2H Total dwelling approvals over 2H 2009 increased by 16.9%, driven by housing approvals. Approvals are unlikely to pick-up to levels required to satisfy population growth over the forecast period. Source: ABS Analysis: Westpac Property

7 Vacancy increase further over 2009 despite the under supply of dwellings Median other dwellings rent and vacancy rates - WA Rent per week $400 $350 $300 $250 $200 $150 $100 $50 $0 Rent Vacancy rate Vacancy rate 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Despite dwelling approvals not matching the demand generated by population growth, Perth s vacancy rate increased 220bps in the year to September 2009, to 4.8% On a quarterly basis, vacancy increased by 130bps. Perth s vacancy rate is currently above its 3.3% long-term average and is the highest rate recorded since Q The increase in the vacancy could be as a result of tenants moving into first time ownership as a result of low interest rates. This is likely to reverse in 2010 as ownership becomes less affordable and renting more attractive. Annually rents have increased by 2.9%, however most of this growth occurred in Q Rents remained fairly stable between Q1 and Q As renting becomes more attractive over 2010 due to rising interest rates, the potential for rents to increase will occur, albeit at a minimal rate. Source: REIA Q3 2009

8 Rising prices cause affordability to decline over Q4 Home loan affordability against long term average - WA Affordability index HLAI Long term average Forecast Affordability deteriorated over Q as a result of the proportion of family income to meet monthly loan repayments increased to 26.4% from 26.0%. Affordability is likely to have deteriorated further over Q4 2009, at a quicker pace than what occurred in Q3. Rising interest rates and continued price growth is to have been the driver of weaker affordability over Q4. With the cash rate forecast to increase from a current 3.75% to 4.50% by the end of 2010 coupled with continued price growth in 1H 2010, affordability is set to fall further. We do not however anticipate affordability to reach the lows of 2007/08. Source: REIA Analysis: Westpac Property

9 Median unit prices reach record high in Q3 2009; house prices not far behind Median residential prices - Perth Price ($ 000s) $500 $450 Median other dwelling price $400 Median house price $350 $300 $250 $200 $150 $100 $50 $0 Raw data: REIA Median house prices performed better than we had expected, increasing by 5.5% in the year to September Quarterly, house prices grew by 2.2% in Q3 with the ABS suggesting growth continued into Q4 at 5.7%. Perth s median house price is currently sitting just 2.1% below the peak of Q Should the ABS suggested growth of 5.7% have occurred in REIWA figures for Q4 2009, Perth s house prices will reach record levels. The median price for other dwellings reached a record high in Q after increasing by 7.8% annually. The current momentum is likely to continue over early 2010 as interest rates remain at low levels. We do however expect prices to stabilise around mid year as interest rates rise and affordability deteriorates further. However, a correction in prices over 2H 2010 should not be ruled should the Q4 rate of growth be maintained. Analysis: Westpac Property

10 Gross yields fall over 2009 as price growth outstrips income growth Gross residential yields against the mortgage rate Yield 19.1% 17.1% 15.1% 13.0% 11.0% 9.0% 7.0% 5.0% Gross yield Mortgage rate Forecast Gross investment yields fell by 30bps in the year to September 2009 to 4.7%. Higher growth in unit prices versus the growth in unit rents was behind the fall. With price growth forecast to have continued over Q and rental growth to have been weak, yields are expected to have fallen to around 4.4% by the end of Yields are forecast to remain around 4.4% for the most part of 2010 as rents and prices grow at similar levels overall. 3.0% Source: REIA Analysis and Forecasts: Westpac Property

11 Outlook for Australian Property Markets Perth offices

12 CBD supply to exceed demand resulting in a peak vacancy of 15.4% by the end of 2012 Net absorption, net supply and vacancy Perth CBD Square metres 200, , ,000 50, , ,000 Source: Historical data: PCA OMR January 2010 Forecasts: Westpac Property Net absorption Net supply Vacancy rate Vacancy rate Forecast 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% Vacancy in Perth s CBD increased from 1.3% a year ago to 8.3% by year s end, close to our forecast of 8.5%. The completion of some 85,336m 2 came at the worst of timing over 2009, when demand was negative at 17,461m 2. Supply this year is forecast to be even higher than 2009, as 144,140m 2 completes. Although it should be noted that recent closure of Raine Square (42,500m 2 ), although expected to restart and complete in 2010, may slip into However, it will have little impact on our peak vacancy forecast. Expectations are for a recovery in demand however, with 10.5% supply being added in 2010, demand is unlikely to match supply. Vacancy is set to increase to 13.6% by year end, before rising further to 14.0% in Vacancy is expected to peak in 2012 at 15.4%.

13 West Perth vacancy to peak at 8.4% in 2010 before falling to 4.3% by the end of 2012 Net absorption, net supply and vacancy West Perth CBD Square metres 25,000 20,000 15,000 10,000 5, ,000-10,000 Net absorption Net supply Vacancy rate Source: Historical data: PCA OMR - January 2010 Forecasts: Westpac Property Vacancy rate Forecast 25% 20% 15% 10% 5% 0% -5% -10% Demand over 2009 was not as weak as we had anticipated which meant our forecast vacancy of 8.0% by the end of 2009 did not eventuate. Instead, vacancy increased from 1.9% a year ago to 6.1% by late Supply was high in 2009 as 21,254m 2 completed. This came at a time when demand was negative at 2,737m 2, the second consecutive year of negative demand. Supply is forecast to slow over the forecast period with only 20,540m 2 currently under construction. Only 1 project of 6,800m 2 has DA approval, however it has been put on hold. Demand is forecast to turn positive over 2010 although will not exceed supply. As a result, we expect vacancy will peak in 2010 at 8.4% before falling to 7.3% in 2011 and 4.3% in 2012.

14 Rents fall by 29.0% in prime and 37.5% in secondary over 2009, further falls expected Net effective rents Perth CBD Rents ($) $900 Prime CBD $800 Secondary CBD $700 $600 $500 $400 $300 $200 Forecast $100 $0 Raw Data: CB Richard Ellis PTY Ltd Net effective rents fell close to levels we had forecast over Prime CBD rents declined by 29.0% over the year while secondary rents fell by 37.5%. We had expected that a jump in incentives to around 20% to 25% would have been behind the falls in rents. This was not the case. While incentives did increase from being non existent to 10% in Q2 2009, it was the decline in face rents that drove the significant falls. We continue to believe that incentives will reach up to 20% in prime and secondary grades. This, along with continued, but minor, falls in face rents will ensure effective rents decline further over 2010 by around 12-14%. This would see effective rents down by up to 37.5% in prime and 46.0% in secondary, peak to trough. This is below the 50% to 60% peak to trough declines we were expecting a year ago. Analysis and Forecasts: Westpac Property

15 The easing cycle appears to be over yields expected to stabilise over 2010 Office yields and 10 year bond rate Perth CBD Yield 11.00% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% Source: CB Richard Ellis & RBA Dec-07 Current (Dec 2009) 10-year average Yields continued to ease over 2009, however the rate of easing has slowed significantly in comparison to Office yields in Perth are now all above their 10-year averages by between 40bps in West Perth and 155bps in secondary CBD. Over 2009, prime CBD yields eased by 55bps whilst secondary CBD eased by 50bps and West Perth yields by 12bps. The majority of easing occurred in Q Yields appear to have reached their peak, with secondary CBD and West Perth yields stabilising from Q Interestingly, prime CBD yields firmed over Q by 12bps however this appears to be out of line. Westpac Property are of the view that as income levels continue to decline and vacancy increases, yields are unlikely to firm in Yields are expected to remain stable over the year.

16 Peak to trough value falls of between 36% and 46% likely in Perth s CBD Capital Values Perth CBD and West Perth Values ($/m 2 ) $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 CBD Prime CBD Secondary West Perth With yields continuing to ease over 2009 and rentals falling significantly from the peaks of late 2008, values have declined substantially in the CBD and West Perth markets. Values have so far fallen by 26.0% in prime CBD and 35.0% in secondary CBD since peaking in late Values in West Perth have so far fallen by around 27.0% since peaking in Q With rents forecast to decline further over 2010, peak to trough value falls of around 36% to 46% in Perth s CBD are likely. West Perth is likely to see further falls in value over 2010, but not the extent of the CBD. Source: CB Richard Ellis

17 Outlook for Australian Property Markets Perth retail

18 Retail sales to jump from 2H 2011, driven by continued strong population growth Retail sales growth annual change - WA Retail sales growth 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% Nominal retail sales Real retail sales Forecast Quarterly retail sales in WA were weak in Q2 and Q3 2009, growing at 0.9% and -0.4% respectively, well below the 1.8% average. Q lifted, but remained below average, growing at 1% over Q3. Annually, retail sales are forecast by Access Economics to continue to grow at below trend levels over 2010 before picking up to above trend from 2H It appears as though population growth is a major driver behind the jump in retail sales from On a per capita basis, retail sales are actually forecast to remain fairly stable from 2010 to Source: ABS & Access Economics Analysis: Westpac Property

19 Retail supply levels low in 2010 however potential supply levels need to be watched Retail supply 2009 to Perth Square metres 250,000 Mooted DA Approved 200,000 Under Construction Complete 150, ,000 50,000 0 Supply levels fell significantly over 2009, with just 72,201m 2 completing during the year. This is approximately 60% lower than a year earlier. The supply was evenly spread across centre types. Supply under construction has increased slightly since mid 2009 although levels are some 43% lower than a year ago. Supply under construction for bulky goods has fallen substantially after an influx of supply in 2007 and Overall supply levels for 2010 is not of any concern. However, mooted projects have risen by 57% since mid 2009 as projects were placed on hold during the economic uncertainty With weak sales growth forecast for 2010, new starts are unlikely to be of a major concern. However, as sales growth lifts from 2011, the level of potential supply will need to be watched a confidence grows. In particular bulky goods which has some 181,661m 2 in the early feasibility stage or on hold. Source: CB Richard Ellis Analysis: Westpac Property

20 Retail rents recover in 2H09 however strong growth unlikely to occur until 2011 Retail net effective rental growth Perth Growth 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% Source: CB Richard Ellis Analysis: Westpac Property Prime CBD Regional Sub regional Neighbourhood Bulky Goods 1H H H H 2009 With the exception of regional centres, retail net effective rents declined over 2009 by between 6.2% in neighbourhood centres and 8.4% in Prime CBD centres. Rental declines occurred in 1H 2009, when economic confidence was at its weakest. Rents have since begun to recover through stabilisation or minimal growth in 2H Bulky Goods have however continued to decline over 2H 2009, a likely result of excess supply. Although retail sales are expected to continue to grow, they are forecast to grow at below average levels. This would more likely result in rents remaining stable over However low supply levels may deliver limited growth in the larger centres, should they continue to capture greater market share. Growth should pick up from 2011 as sales revert to above average levels, although if supply increases faster than expected it may put a cap on the extent of growth achieved.

21 Yields appear to be around right levels now however risk premium to narrow over 2010 Retail shopping centre yields - Perth Yield (%) 10.00% Dec % Current (Dec 2009) 10-year average 8.00% 7.00% 6.00% 5.00% Annually, yields eased by between 38bps in regionals and 75bps in CBD prime and neighbourhood centres. While yields eased in Q by between 9bps in sub regionals and 19bps in neighbourhood centres, they remained stable in Q4. Since the market peak, yields have increased by between 80bps in regionals and 175bps in neighbourhood centres, reverting back to around 2005/06 levels. Despite the amount of easing, which appears in-line with national easing levels, Perth yields continue to sit below their 10-year averages. While this would generally indicate yields need to ease further, it is more likely that increased investor demand over the year will ensure yields remain around current levels. Source: CBRE & RBA Analysis: Westpac Property

22 Outlook for Australian Property Markets Perth industrial

23 Industrial demand indicators rebound faster then anticipated over 2H 2009 State economy indicators - WA Annual change (%) 16.00% GSP 14.00% Private consumption 12.00% Industrial production 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% Forecast -6.00% GSP rebounded faster than anticipated, growing at above average levels over 2H Despite the rebound, GSP for 2009 was the weakest on record at -2.9%. Access Economics expects the rebound to continue over 1H 2010, bringing annual GSP to above long term average levels at 5.6%. While not negative, consumption growth rates were also at their weakest on record in 2009, at 0.3%. Consumption is forecast to remain weak over 1H 2010 before growing at around long term average levels from 2H Industrial production was weak for the most part of 2009 before picking up to around long term average levels in Q4. With demand from China and GSP having recovered, the need for industrial property should improve over Source: Access Economics, Q Analysis: Westpac Property

24 Which means vacancy may fall as supply levels drop over 2010 Annual industrial construction values - WA Value $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Work Completed Work Commenced Industrial supply in Perth remained steady in 2009 in comparison to the previous year, with 175,024m 2 completing. The majority of this supply came online in 1H Expected supply levels in 2010 will however be significantly lower as only 28,426m 2 of industrial space is currently under construction and a further 15,215m 2 has DA Approval. The significant falls in activity is backed by ABS data, which suggests a 39% drop in work commenced in comparison to a year ago. With demand expected to improve over 2010 and supply to remain limited, vacancy rates are likely to decrease. We do however suggest a watch is maintained on Unit Estates, particularly should the major development in Hazelmere, Perth North (120,000m 2 development, currently in early planning) commence and not be staged. Source: ABS Analysis: Westpac Property

25 Improving demand and low supply should allow rents to increase from 2H 2010 Industrial Net Effective Rents - Perth Rent ($/m 2 ) $140 Warehouse A $120 Warehouse B $100 $80 $60 $40 $20 $0 Overall net effective rents fell over 2009 by 15.4% in Perth, with the majority of decline occurring in Q2. Despite rents continuing to fall in Q4 2009, the rate of decline on a quarterly basis is slowing. Rents are now 14-16% below the peaks of mid Considering rents more than doubled in the four years to mid 2008, Perth s industrial market has experienced a limited correction in Rents are now back to around mid 2007 levels. With demand indicators suggesting the need for industrial property should improve, coupled with a low supply pipeline, rents are unlikely to continue to fall over Westpac Property is of the view that rents are likely to stabilise over 1H 2010 with growth to occur from mid 2010 as demand picks up and vacancy levels fall. Growth levels are not however expected to be as strong as what occurred between 2004 and Source: CB Richard Ellis

26 Prime yields to stabilise however secondary yields may encounter further pressure Industrial warehouse yields - Perth Yield 14.00% 12.00% 10.00% 8.00% Industrial yields continued to ease over Q4 2009, however the pace of easing has slowed significantly. A grade warehouse eased by 55bps over 2009 while B grade eased by 42bps. Since peaking in Q4 2007, yields have increased by 169bps in secondary and 205bps in prime. Prime warehouse yields are amongst the highest nationally, and are now sitting above their 10-year average by around 15bps. 6.00% 4.00% 2.00% 0.00% Warehouse A Warehouse B 10-year Bond Secondary warehouse yields sit 60bps below their 10-year average and nationally appear too low. Further pressure, albeit minimal, is likely in the secondary market in order to bring yields in line with national levels. Prime yields are likely to remain stable over 2010, however increased investor appetite due to the high yield may cause some firming to occur late 2010 or early Source: CB Richard Ellis & RBA Analysis: Westpac Property

27 Prime values likely to stabilise while secondary remains under pressure in early 2010 Industrial capital values Perth Values ($/m 2 ) $2,000 $1,800 Warehouse A $1,600 Warehouse B $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Industrial capital values in Perth fell on average by between 17.5% in secondary grades and 20% in prime grades over While most of the weakness occurred in 1H 2009, values continued to fall in 2H 2009, albeit at a slower pace. After growing at unsustainable rates (by 140% between 2004 and 2008), values peaked in 1H Since then, values have fallen by up to 25% in secondary and 30% in prime. Values are now back to early 2007 levels Prime values are likely to enter a period of stabilisation as rents and yields remain around current levels through to mid While likely to be minimal, growth should occur once rents begin to rise in 2H Secondary values may see further downward pressure in 1H 2010 as yields continue to ease. Further falls are likely to be minimal. Source: CB Richard Ellis

28 Land values begin to stabilise Average industrial land values - Perth 0.25ha sites Value ($/m 2 ) $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 East Perth South Perth North Perth North East Perth Industrial land values fell in Perth by between 4.7% in the North East to 20.8% in the North over The majority of weakness occurred in 1H Values began to stabilise in Q in the East and North East while the North and South recorded further falls of 4.4% and 4.0%, respectively. Since the peak, land values have declined by between 15.2% in the North East and 29.1% in the East. Land values are expected to remain stable over 2010, which may begin to attract developers to start building again from Source: CB Richard Ellis

29 Disclaimer Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts. Information current as at February This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac Banking Corporation (ABN ) ("Westpac") accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. If you wish to be removed from our mailing list please send an to 2010 Westpac Banking Corporation. CB Richard Ellis Ltd (CBRE) does not warrant the accuracy or completeness of the information in this publication, including any information sourced from CBRE, and CBRE accepts no, and disclaims all, liability for any loss or damage whether occasioned by reliance on such information or otherwise.

Outlook for Australian Property Markets Sydney

Outlook for Australian Property Markets Sydney Outlook for Australian Property Markets 2010-2012 Sydney Outlook for Australian Property Markets 2010-2012 Sydney Residential Stimulus and the confidence drives recovery Finance commitments to buy or construct

More information

Adelaide CBD Office Market

Adelaide CBD Office Market SPRING 2015 MARKET TRENDS Leasing demand strengthened in the year to July 2015, led by take up from the Government and regulatory authorities and Utilities, Mining and resources sectors. Supply additions

More information

Market Commentary Canberra Office

Market Commentary Canberra Office Market Commentary Canberra Office November 2015 Executive Summary A further strengthening in the Canberra office market has been recorded over 3Q15 with a total of 9,300 sqm of positive net absorption.

More information

Recent Developments in Housing: Prices, Finance and Investor Attitudes

Recent Developments in Housing: Prices, Finance and Investor Attitudes Reserve Bank of Australia Bulletin July Recent Developments in Housing: Prices, Finance and Investor Attitudes Over the past five years, there has been a sustained rise in house prices in most major cities

More information

DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK

DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Research Report DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Second Quarter 2013 Economic Outlook Business and consumer spending to drive recovery Quantitative easing beginning its expected unwinding

More information

Residential Commentary Sydney Apartment Market

Residential Commentary Sydney Apartment Market Residential Commentary Sydney Apartment Market March 216 Executive Summary It has been a good year for the NSW economy. State Final Demand (SFD) increased 3.% in 215, as compared to an average of 2.2%

More information

Commercial Property Newsletter

Commercial Property Newsletter Commercial Property Newsletter November 2010 Inside: Irish Commercial Property Commentary UK Commercial Property Commentary - Irish Life UK Property Fund Information European Commercial Property Commentary

More information

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis Current Issues Note 27 By Yeukai Muchenje and Nick Ennis copyright Greater London Authority November 2010 Published by Greater London Authority City Hall The Queen s Walk London SE1 2AA www.london.gov.uk

More information

Home loan affordability report

Home loan affordability report Home loan affordability report Joint Quarterly Survey No. 89. ember Quarter Low affordability challenges Gen X, Y Home loan affordability has taken another beating as the proportion of family income required

More information

Household Borrowing Behaviour: Evidence from HILDA

Household Borrowing Behaviour: Evidence from HILDA Household Borrowing Behaviour: Evidence from HILDA Ellis Connolly and Daisy McGregor* Over the 199s and the first half of the s, household debt grew strongly in response to lower nominal interest rates

More information

Home Owners Confidence Boosted as Affordability Improves

Home Owners Confidence Boosted as Affordability Improves JOINT QUARTERLY SURVEY NO.1 JUNE QUARTER Home Owners Confidence Boosted as Affordability Improves e quarter recorded an improvement in housing affordability with the proportion of income required to meet

More information

Australian Housing Outlook 2014-2017. By Robert Mellor, Managing Director BIS Shrapnel Pty Ltd October 2014

Australian Housing Outlook 2014-2017. By Robert Mellor, Managing Director BIS Shrapnel Pty Ltd October 2014 Australian Housing Outlook 2014-2017 By Robert Mellor, Managing Director BIS Shrapnel Pty Ltd October 2014 Recent Residential Property Market Trends Residential property demand has varied across purchaser

More information

Quarterly Review. The Australian Residential Property Market and Economy. Released November 2014

Quarterly Review. The Australian Residential Property Market and Economy. Released November 2014 Quarterly Review The Australian Residential Property Market and Economy Released November 2014 Better data + = Better analytics Better decisions Contents Housing Market Overview Sydney Market Overview

More information

UK Prime Rents and Yields MarketView

UK Prime Rents and Yields MarketView Q 2 Q1 2 Q1 2 Q 2 Q2 2 Q1 2 Q 2 Q 2 Q2 2 Q 2 Q2 211 Q 212 UK Prime Rents and Yields MarketView CBRE Global Research and Consulting RENTS - RISERS 2 YIELDS - FALLERS RENTS - FALLERS YIELDS - RISERS ACCELERATING

More information

Australian Housing Outlook 2014 2017. Prepared by BIS Shrapnel for QBE October 2014

Australian Housing Outlook 2014 2017. Prepared by BIS Shrapnel for QBE October 2014 Australian Housing Outlook 2014 2017 Prepared by BIS Shrapnel for QBE October 2014 DISCLAIMER: The information contained in this publication has been obtained from BIS Shrapnel Pty Limited and does not

More information

RESEARCH PERIODICAL THE ECONOMIC OUTLOOK FOR LONDON

RESEARCH PERIODICAL THE ECONOMIC OUTLOOK FOR LONDON RESEARCH PERIODICAL THE ECONOMIC OUTLOOK FOR LONDON Report prepared for the City of London Corporation by Oxford Economics Published April 2013 Overview The outlook suggests that London is expected to

More information

SQM Research Media Release. Housing Market will Slow in 2016. Melbourne to Outperform

SQM Research Media Release. Housing Market will Slow in 2016. Melbourne to Outperform SQM Research Media Release Housing Market will Slow in 2016. Melbourne to Outperform Monday, 19 th October 2015 Australian dwelling prices are forecasted to rise in 2016 at the slowest pace recorded since

More information

housing outlook Australian Housing Outlook 2012 2015 Prepared by BIS Shrapnel October 2012

housing outlook Australian Housing Outlook 2012 2015 Prepared by BIS Shrapnel October 2012 housing outlook Australian Housing Outlook 2012 2015 Prepared by BIS Shrapnel October 2012 housing outlook DISCLAIMER: The information contained in this publication has been obtained from BIS Shrapnel

More information

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate

More information

Population growth in WA has slowed from 88,000 per year in 2012 to 31,000 in 2015.

Population growth in WA has slowed from 88,000 per year in 2012 to 31,000 in 2015. Monday, Tuesday, 9 June June 151 WA Economic Outlook Summary Employment levels in Western Australia are at an all-time high of almost 1. million. The State has grown, in fits and starts, over the past

More information

Quarterly Review. The Australian Residential Property Market and Economy. Released September 2015

Quarterly Review. The Australian Residential Property Market and Economy. Released September 2015 Quarterly Review The Australian Residential Property Market and Economy Released September 215 Contents Housing Market Overview 3 Sydney Market Overview 9 Melbourne Market Overview 1 Brisbane Market Overview

More information

Housing market report

Housing market report Domain Capital City Market Report Prepared July Dr Andrew Wilson, Senior Economist Australian Property Monitors Buyer momentum rises and the Australian housing market strengthens to record levels National

More information

Housing Affordability Report

Housing Affordability Report Housing Affordability Report Joint ly Survey No. 94. ch Interest rate increases bite hard The title of the Deposit Power/Real Estate Institute of Australia Home Loan Affordability Report has been changed

More information

Domain House Price Report June Quarter 2015

Domain House Price Report June Quarter 2015 Domain House Price Report June Quarter 2015 Dr Andrew Wilson Senior Economist for the Domain Group Key findings Sydney market reports remarkable growth over June quarter to reach median house price of

More information

Bond Market Momentum, Valuation and Risks

Bond Market Momentum, Valuation and Risks Bond Market Momentum, Valuation and Risks New Zealand Fixed Income Monthly Commentary August 1 christian@harbourasset.co.nz + 89 Global bond yields stabilised in July, as markets weighed up two opposing

More information

RETAIL : OFFICE : INDUSTRIAL. UK Commercial Property Market Overview June 2009

RETAIL : OFFICE : INDUSTRIAL. UK Commercial Property Market Overview June 2009 RETAIL : OFFICE : INDUSTRIAL UK Commercial Property Market Overview June 2009 MARCH 2009 UK Commercial Property Market Overview June 2009 2 KEY HIGHLIGHTS Total returns fell by 7.1% over Q1 2009 according

More information

Consumer Sentiment Indicators and the Economic Outlook

Consumer Sentiment Indicators and the Economic Outlook Consumer Sentiment Indicators and the Economic Outlook July 2014 Key Points: Consumer confidence fell sharply after federal Budget 2014/15 and there are concerns about the budgets implications for economic

More information

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan Stronger Data Lead to Upward Revisions in Purchase Originations Forecast for 2015 and 2016 MBA Economic and Mortgage Finance Commentary: July

More information

West End of London Office Property Market Outlook

West End of London Office Property Market Outlook September 2011 West End of London Office Property Market Outlook Mark Callender, Head of Property Research, Schroders By contrast with the pedestrian recovery of the overall UK economy, the West End of

More information

This document has been published by the Housing Industry and Forecasting Group.

This document has been published by the Housing Industry and Forecasting Group. October 212 iiiiiiii Disclaimer This document has been published by the Housing Industry and Forecasting Group. Any representation, statement, opinion or advice expressed or implied in this publication

More information

Renminbi Depreciation and the Hong Kong Economy

Renminbi Depreciation and the Hong Kong Economy Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact

More information

Property Operators and Real Estate Services Industry Report

Property Operators and Real Estate Services Industry Report Property Operators and Real Estate Services Industry Report Property Operators and Real Estate Services Industry Report Industry Division Rental, Hiring and Real Estate Services Industry Division Industry

More information

MELBOURNE RESIDENTIAL MARKET

MELBOURNE RESIDENTIAL MARKET WINTER 2015 MARKET TRENDS Demand remains robust. Population growth and low interest rates remain key market drivers. Dwelling investment remains high but should slow. Price growth is continuing. Long-term

More information

Contents 2 3. New Zealand Housing and Construction Quarterly. September 2015

Contents 2 3. New Zealand Housing and Construction Quarterly. September 2015 New Zealand Housing and Construction Quarterly Contents 2 3 Quarterly highlights Featured this quarter Housing Market 4 House values by region 5 Rents by region 6 housing market 7 Price and rent comparisons

More information

Australian Housing Outlook 2015 2018. Prepared by BIS Shrapnel for QBE October 2015

Australian Housing Outlook 2015 2018. Prepared by BIS Shrapnel for QBE October 2015 Australian Housing Outlook 2015 2018 Prepared by BIS Shrapnel for QBE October 2015 DISCLAIMER: The information contained in this publication has been obtained from BIS Shrapnel Pty Limited and does not

More information

Schroder Property Multi-let industrial estates: more than just your average manufacturer

Schroder Property Multi-let industrial estates: more than just your average manufacturer Schroder Property Multi-let industrial estates: more than just your average manufacturer July 201 For professional investors and advisers only Introduction Eleanor Jukes, Senior Property Research Analyst

More information

Housing Market Overview Prepared for CitiBank. January 2014

Housing Market Overview Prepared for CitiBank. January 2014 Prepared for CitiBank January 214 Combined capital cities Combined capital city home values increased by 2.8% over the final quarter of 213 according to the RP Data-Rismark Home Value Index. Home values

More information

CAPITAL ATTRACTION: THE RISE OF AUSTRALIA AS AN INVESTMENT DESTINATION

CAPITAL ATTRACTION: THE RISE OF AUSTRALIA AS AN INVESTMENT DESTINATION CAPITAL ATTRACTION: THE RISE OF AUSTRALIA AS AN INVESTMENT DESTINATION 8 th September Stephen McNabb - Head of Research, Australia Prepared for: UNSW Real Estate Symposium 2015 TODAY S PRESENTATION Observations

More information

The Australian Property Institute Inc. Australian Property Directions Survey

The Australian Property Institute Inc. Australian Property Directions Survey The Australian Property Institute Inc. Australian Property Directions urvey AY 2013 T his is the 30th API Australian Property Directions urvey conducted by the Australian Property Institute (NW Division).

More information

QUT Digital Repository:

QUT Digital Repository: QUT Digital Repository: http://eprints.qut.edu.au/28852 Eves, Chris and Wills, Peter (2003) The true cost and performance of individual residential property investment and the implication on real estate

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

GDP growth. annual % change. Source: European Commission. Total employment growth. annual % change. Source: European Commission.

GDP growth. annual % change. Source: European Commission. Total employment growth. annual % change. Source: European Commission. Economy Economy According to the latest European Commission (EC) forecasts for the Greek economy, economic activity is estimated to continue to grow at well above the Euro area average at around 3.% in

More information

Australian Housing Outlook Prepared by BIS Shrapnel for QBE LMI October 2013

Australian Housing Outlook Prepared by BIS Shrapnel for QBE LMI October 2013 Australian Housing Outlook 2013-2016 Prepared by BIS Shrapnel for QBE LMI October 2013 DISCLAIMER: The information contained in this publication has been obtained from BIS Shrapnel Pty Limited and does

More information

CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2014

CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2014 CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2014 AUSTRALIA, MAINLAND CHINA, HONG KONG, INDONESIA, MALAYSIA, NEW ZEALAND, SINGAPORE AND VIETNAM Legal notice CPA Australia Ltd ( CPA Australia ) is one

More information

5. Price and Wage Developments

5. Price and Wage Developments . Price and Wage Developments Recent Developments in Inflation Inflation rose in the December quarter, following a low September quarter outcome (Table.; Graph.). Indicators of underlying inflation increased

More information

Spotlight Key Themes for UK Real Estate in 2015

Spotlight Key Themes for UK Real Estate in 2015 Savills World Research Commercial, Residential & Rural Spotlight Key Themes for UK Real Estate in 2015 savills.co.uk/research Spotlight Key Themes for UK Real Estate 2015 THE UK REAL ESTATE MARKET IN 2015

More information

Policy Response Buy to Let Tax Relief

Policy Response Buy to Let Tax Relief Savills World Research Policy Response Buy to Let Tax Relief Autumn 215 savills.co.uk/research In his May budget the Chancellor announced a limit on mortgage interest relief for buy to let investors in

More information

Property Risks Bigger in the East

Property Risks Bigger in the East Analyst Hillary Ho Li Ling +6565311517 hillaryho@phillip.com.sg Property Risks Bigger in the East Executive Summary China: Barring the Europe debt crisis, downside risks to growth pertains largely to the

More information

Full Tilt The Outlook For Multifamily Lending

Full Tilt The Outlook For Multifamily Lending MULTIFAMILY Full Tilt The Outlook For Multifamily Lending b y JA M I E WO O DW E L L Multifamily lending is booming. Last year s breakneck pace of lending is expected to carry into 2015. But where s it

More information

This document has been published by the Housing Industry Forecasting Group.

This document has been published by the Housing Industry Forecasting Group. April 215 Update 213 Disclaimer This document has been published by the Housing Industry Forecasting Group. Any representation, statement, opinion or advice expressed or implied in this publication is

More information

The Vietnamese Real Estate Market (in minutes)

The Vietnamese Real Estate Market (in minutes) The Vietnamese Real Estate Market (in minutes) What is really happening? Presented by: ADAM BURY Senior Manager, Research & Consulting CB Richard Ellis (Vietnam) Co., Ltd. Wednesday 21 st March, 2012 What

More information

Economic Outlook December 2015

Economic Outlook December 2015 Economic Outlook December 215 Economics Unit HEADLINES The global economy has slowed slightly in 215, as a result of further slowing of emerging economies. Improvement is expected in 216, though there

More information

July 2014. UK Commercial & Residential Property Markets Review: July 2014 1

July 2014. UK Commercial & Residential Property Markets Review: July 2014 1 July 2014 UK Commercial & Residential Property Markets Review: July 2014 1 UK Commercial & Residential Property Markets Review: July 2014 2 UK COMMERCIAL & RESIDENTIAL PROPERTY MARKETS REVIEW: JULY 2014

More information

Gold Coast 16 th October 2014

Gold Coast 16 th October 2014 Gold Coast 16 th October 2014 THIS MATUSIK PRESENTATION IS OPINION & NOT ADVICE. THE AUDIENCE SHOULD SEEK THEIR OWN PROFESSIONAL ADVICE ON THE SUBJECT BEING DISCUSSED. PROPERTY CYCLE GOLD COAST HOUSING

More information

Australian Commercial Real Estate

Australian Commercial Real Estate AMP Capital Investors Limited ABN 59 001 777 591, AFSL 232497 AMP Capital House View Australian Commercial Real Estate January 2014 The Australian economy is transitioning away from mining back to services

More information

The case for high yield

The case for high yield The case for high yield Jennifer Ponce de Leon, Vice President, Senior Sector Leader Wendy Price, Director, Institutional Product Management We believe high yield is a compelling relative investment opportunity

More information

The Australian Property Institute Inc. Australian Property Directions Survey

The Australian Property Institute Inc. Australian Property Directions Survey The Australian Property Institute Inc. Australian Property Directions Survey OCTOBER 2014 T his is the 33rd API Australian Property Directions Survey conducted by the Australian Property Institute (NSW

More information

Household debt levels now higher than before the financial crisis 20 April 2016

Household debt levels now higher than before the financial crisis 20 April 2016 Household debt levels now higher than before the financial crisis 2 April 216 Household debt is rising fast. Relative to incomes, household debt levels are now higher than the peaks reached prior to the

More information

Market Commentary Melbourne CBD Office

Market Commentary Melbourne CBD Office Market Commentary Melbourne CBD Office July 2015 Executive Summary The Melbourne CBD office market recorded strong net absorption of 26,000 sqm in 2Q15. This is the fifth consecutive quarter of positive

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

Residential Property Prospects

Residential Property Prospects Residential Property Prospects 2015 2018 Extract to indicate the general nature of the report www.bis.com.au BIS Shrapnel Pty Limited June 2015 The information contained in this report is the property

More information

UK commercial property provides investors with strongest returns in 2014 Global Equity levels at record high

UK commercial property provides investors with strongest returns in 2014 Global Equity levels at record high NOT FOR BROADCAST OR PUBLICATION BEFORE 00.01 HRS THURSDAY 27 th NOVEMBER 2014 Lloyds Bank Private Banking Assetwatch report tracks the value of nine asset groups. The asset classes are UK Shares, Global

More information

London Market Snapshot October 2015 10/15

London Market Snapshot October 2015 10/15 London Market Snapshot October 2015 10/15 Global Macro Overview Global equities experienced their sharpest falls since 2011, with most major markets moving into correction territory (a fall of more than

More information

Widen. your investment horizon. Real Estate Investments

Widen. your investment horizon. Real Estate Investments Widen your investment horizon Real Estate Investments Agenda Market update Commercial Real Estate Processes to be followed Q & A Real Estate Trends A Snapshot Office Market Trends INDIA 4 Asia Pacific

More information

The UK housing market and house prices

The UK housing market and house prices December 213 Supplementary forecast information release: House price model The OBR is releasing the information below as a supplement to the December 213 Economic and fiscal outlook. We explain our new

More information

6. Economic Outlook. The International Economy. Graph 6.1 Australia s Trading Partner Growth* Year-average RBA forecast

6. Economic Outlook. The International Economy. Graph 6.1 Australia s Trading Partner Growth* Year-average RBA forecast 6. Economic Outlook The International Economy Growth of Australia s major trading partners is expected to remain around its long-run average pace in 15 and 16 (Graph 6.1). Forecasts have been revised down

More information

Property Report. Western Australia

Property Report. Western Australia Property Report National overview Today s climate of low interest rates coupled with property values that in some regions have fallen by 10% over the past 18 months, are giving first home buyers and entry

More information

Research & Forecast Report OFFICES H1 2016

Research & Forecast Report OFFICES H1 2016 Research & Forecast Report OFFICES H1 2016 DEALS MAP 2015 by > 10.000 m² 5.000-10.000 m² 2.000-5.000 m² 1.000-2.000 m² < 500 m² A5 CASCAIS Z 6 PONTE 25 ABRIL Z 2 Z 3 AMOREIRAS AV. 24 CAMPO GRANDE MARQUÊS

More information

MBA Forecast Commentary Joel Kan, jkan@mba.org

MBA Forecast Commentary Joel Kan, jkan@mba.org MBA Forecast Commentary Joel Kan, jkan@mba.org Weak First Quarter, But Growth Expected to Recover MBA Economic and Mortgage Finance Commentary: May 2015 Broad economic growth in the US got off to a slow

More information

Real estate market outlook Asia Pacific

Real estate market outlook Asia Pacific July 1 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic recovery continues to strengthen across the region, with export-led economies set to benefit the most Office

More information

RICS Global Commercial Property Monitor Q3 2014

RICS Global Commercial Property Monitor Q3 2014 Simon Rubinsohn Chief Economist srubinsohn@rics.org +44 (0)207334 3774 RICS ECONOMICS RICS Global Commercial Property Monitor Q3 2014 * RICS Occupier Sentiment Index (OSI) is constructed by taking an unweighted

More information

Housing demand in the ACT Findings from demographic and economic projections and economic

Housing demand in the ACT Findings from demographic and economic projections and economic Households ('s) Proportion of the population A consortium of peak community sector organisations has been formed to research housing and homelessness issues in the ACT. The consortium is comprised of ACT

More information

3. Domestic Economic Conditions

3. Domestic Economic Conditions 3. Domestic Economic Conditions Growth in the Australian economy appears to have remained a bit below average over 1 (Graph 3.1). Strong growth in the September quarter was driven by a rebound in resource

More information

ARLA Members Survey of the Private Rented Sector

ARLA Members Survey of the Private Rented Sector Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Fourth Quarter 2013 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW December,

More information

New South Wales State and Regional Population Projections 2001-2051. 2004 Release TRANSPORT AND POPULATION DATA CENTRE

New South Wales State and Regional Population Projections 2001-2051. 2004 Release TRANSPORT AND POPULATION DATA CENTRE New South Wales State and Regional Population Projections 21-251 251 24 Release TRANSPORT AND POPULATION DATA CENTRE THE TRANSPORT AND POPULATION DATA CENTRE (TPDC) The TPDC is located in the NSW Department

More information

THE ARLA REVIEW & INDEX

THE ARLA REVIEW & INDEX THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second

More information

DEMOGRAPHIC DRIVERS. Millennials are also driving the increase in racial and ethnic diversity. The minority share of this generation is already

DEMOGRAPHIC DRIVERS. Millennials are also driving the increase in racial and ethnic diversity. The minority share of this generation is already 3 DEMOGRAPHIC DRIVERS As the US population becomes both older and more diverse in the coming decades, the demand for alternative types of housing will increase. Although the baby boomers will continue

More information

REA Group Property Demand Index

REA Group Property Demand Index REA Group Property Demand Index Nerida Conisbee Chief Economist at REA Group MARCH SEPTEMBER 2016 The REA Group Property Demand Index is produced by the REA Group, owner and operator of realestate.com.au

More information

Defining Housing Equity Withdrawal

Defining Housing Equity Withdrawal Housing Reserve Equity Bank of Australia Bulletin February 23 Housing Equity The increase in housing prices in recent years has contributed to rising household wealth and has helped to underpin continued

More information

LOAN APPROVALS, REPAYMENTS AND HOUSING CREDIT GROWTH 1

LOAN APPROVALS, REPAYMENTS AND HOUSING CREDIT GROWTH 1 LOAN APPROVALS, REPAYMENTS AND HOUSING CREDIT GROWTH Introduction The majority of household borrowing is for the purchase of existing or new housing. Developments in borrowing for housing are important

More information

PREMIUM TRAFFIC MONITOR MAY 2015 KEY POINTS

PREMIUM TRAFFIC MONITOR MAY 2015 KEY POINTS PREMIUM TRAFFIC MONITOR MAY 2015 KEY POINTS Passenger travel on international markets rose 6.2% in May compared to a year ago, accelerating on the 3.8% increase in April. Economy class travel grew at a

More information

ANALYSIS OF NEGATIVE GEARING AND CGT CHANGES

ANALYSIS OF NEGATIVE GEARING AND CGT CHANGES ANALYSIS OF NEGATIVE GEARING AND CGT CHANGES February 2016 Prepared by UDIA in partnership with MacroPlanDimasi BACKGROUND On 12 February 2016, the ALP released a Tax Reform Statement As part of the statement,

More information

RP Data Housing market update. October 2014

RP Data Housing market update. October 2014 RP Data Housing market update October 2014 Residential real estate underpins Australia's wealth Source: RP Data, ASX, SPAA, PCA 2 Capital gain: Home values up 9.3% over past year, however the annual rate

More information

Recent Developments in the Housing Market and its Financing

Recent Developments in the Housing Market and its Financing Recent Developments in the Housing Market and its Financing Luci Ellis Head of Financial Stability Department Financial Review Residential Property Conference 2010 Sydney - 18 May 2010 I d like to thank

More information

SA Economic Outlook. Monday, 26 May 2014. State Report SA

SA Economic Outlook. Monday, 26 May 2014. State Report SA SA Economic Outlook Summary The South Australian economy is facing challenging economic conditions. Economic growth will likely remain modest over the coming year, but there is prospect for improvement.

More information

Housing Affordability Report

Housing Affordability Report Housing Affordability Report MARCH QUARTER Housing affordability improves on the back of falling interest rates as loan sizes rise and incomes stall The first quarter of showed an improvement in housing

More information

FRBSF ECONOMIC LETTER

FRBSF ECONOMIC LETTER FRBSF ECONOMIC LETTER 01-1 April, 01 Commercial Real Estate and Low Interest Rates BY JOHN KRAINER Commercial real estate construction faltered during the 00 recession and has improved only slowly during

More information

Housing Affordability Report

Housing Affordability Report Housing Affordability Report JUNE QUARTER Stable market but no reprieve for first home Housing affordability remained relatively steady in the June quarter of with the proportion of income required to

More information

The Westpac Group third quarter 2011 sound core earnings growth

The Westpac Group third quarter 2011 sound core earnings growth Media Release 16 August 2011 The Westpac Group third quarter 2011 sound core earnings growth Third quarter 2011 highlights (compared to results for the average of 1Q and 2Q 2011) 1 Cash earnings of approximately

More information

Recovery in UK property to gain momentum. Recovery in UK property market to gain momentum. Research & Strategy. June 2013. Economic growth recovering

Recovery in UK property to gain momentum. Recovery in UK property market to gain momentum. Research & Strategy. June 2013. Economic growth recovering Research & Strategy Recovery in UK property to gain momentum June 13 Recovery in UK property market to gain momentum This hasn t been a typical recession and it won t be a typical recovery. Nevertheless

More information

may 2014 Improved Household Spending & Global Environment Expected to Accelerate Economic Growth A Cushman & Wakefield Research Publication

may 2014 Improved Household Spending & Global Environment Expected to Accelerate Economic Growth A Cushman & Wakefield Research Publication United States economic update A Cushman & Wakefield Research Publication may 2014 The Thaw is Here Improved Household Spending & Global Environment Expected to Accelerate Economic Growth Summary & Conclusions

More information

Briefing Office sector November 2014

Briefing Office sector November 2014 Savills World Research Beijing Briefing Office sector November 2014 SUMMARY Image: CBD area, Chaoyang district City-wide vacancy rates hovered at the lowest level in China despite the market receiving

More information

The underlying fundamentals of housing affordability: the Sydney dynamics.

The underlying fundamentals of housing affordability: the Sydney dynamics. The underlying fundamentals of housing affordability: the Sydney dynamics. Associate Professor Angelo Karantonis Head of School School of the Built Environment University of Technology, Sydney Keywords:

More information

RP Data chart pack. October 2014

RP Data chart pack. October 2014 RP Data chart pack October 2014 Macro housing market indicators 2 Residential real estate absolutely underpins Australia s wealth position Residential Real Estate $5.6 Trillion Australian Superannuation

More information

CoreLogic TEG Rewards Consumer housing market sentiment survey Released: Tuesday 19 April, 2016

CoreLogic TEG Rewards Consumer housing market sentiment survey Released: Tuesday 19 April, 2016 National Media Release CoreLogic TEG Rewards Consumer housing market sentiment survey Released: Tuesday 19 April, 2016 Two thirds of Australians think the housing market is vulnerable The latest CoreLogic

More information

Drowning in a mountain of debt

Drowning in a mountain of debt Drowning in a mountain of debt Dear Investors, 29 Dec 2015 Australian s are the most indebted citizens in the world. The average Australian (according to the RBA) owes about US$56,000. The second most

More information

CB Richard Ellis Group, Inc. Investor Presentation

CB Richard Ellis Group, Inc. Investor Presentation CB Richard Ellis Group, Inc. Investor Presentation February 2009 Forward Looking Statements This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation

More information

RESEARCH DUBAI REAL ESTATE INVESTMENT REPORT INVESTMENT SENTIMENT YIELD PERFORMANCE INTERNATIONAL TARGET MARKETS

RESEARCH DUBAI REAL ESTATE INVESTMENT REPORT INVESTMENT SENTIMENT YIELD PERFORMANCE INTERNATIONAL TARGET MARKETS RESEARCH DUBAI REAL ESTATE INVESTMENT REPORT 21 INVESTMENT SENTIMENT YIELD PERFORMANCE INTERNATIONAL TARGET MARKETS UAE ECONOMIC PERFORMANCE AND DUBAI REAL ESTATE INVESTMENT OVERVIEW Survey data pointed

More information

EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS

EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS AUGUST 2013 INTRODUCTION The net lease market has been highly competitive for the first half of 2013 with buyers pursuing office and industrial

More information

Chapter 1: Economic commentary

Chapter 1: Economic commentary Compendium: Chapter 1: Economic commentary This section of the Pink Book provides an examination of recent trends, main movements and international comparisons for a range of information contained in subsequent

More information