Building approvals continue to surprise on the upside – rising a seasonally adjusted 3.8% to a 20 year high in October from September against a market forecast for a 1% fall after September’s big 15.4% jump.
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It is only one deal and it is only the sale of an equity interest in one CBD building in Sydney, but seeing it’s being done by GPT, one of the country’s major office building owners and managers, it will be treated as a potential signal that 2021 could be a turning point and signal the start of a tough period for this property class in the wake of the COVID-19 pandemic and the changes it is forcing on economic activity.
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It’s time to think outside the square, to examine emerging sub-classes of assets that could provide better income and capital growth.
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Is this a lead for the rest of Australia’s states (not the ACT which has changed the way it taxes property)? The 2020-21 NSW budget will make dramatic changes to homeownership costs once changes to replace the much-hated stamp duty are worked out.
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It can take guts to voice unpopular views. Last Thursday, about 20 minutes into our team’s 9am weekly distribution meeting, I recalled someone voicing what everyone else was thinking, that “property is just on the nose right now”.
Read MoreAustralian building approvals strengthened to a 19 month high in September as the green light for new private housing and apartments saw its largest monthly rise this year.
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The concept of using the home to release capital is not new; there have been variations around this concept for years. But for whatever reason none has really caught the public’s imagination. We suspect that’s about to change.
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Dexus, has seemingly shrugged off the impact of the pandemic with a series of new leases and a further push into funds management (which is aimed at offsetting over time the concentration on CBD office buildings) by selling off unwanted existing assets.
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Two interesting developments from the economy yesterday. The number of job vacancies in Australia bounced back strongly in the three months to August, while house prices are not as weak as many pundits had predicted.
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More solid news from the housing sector in the shape of the August building approvals data from the Australian Bureau of Statistics. After July’s strong rise, residential approvals steadied in August following the relaxation of COVID-19 related restrictions in most states and territories, according to the ABS.
Read MoreDexus Property Group share price fell yesterday as investors bailed out in the wake of analysts at Morgan Stanley downgrading the securities to an underweight rating from overweight.
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The Agency Group (ASX:AU1) is one of Australia’s fastest-growing integrated real estate service companies, with approximately 280 real estate agents. The company recently released their Preliminary Final Report for the full year ended 30 June 2020.
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The coronavirus hit to the economy is driving yet another cyclical downturn in property prices. But it could have a more lasting effect in improving affordability via a long tail of unemployment, lower for longer levels of immigration and a shift to working from home.
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Australia’s largest shopping mall group, the Westfield mall owner Scentre Group is looking at a sharp fall in June 30 half-year earnings and will slash the value of its 42 shopping centres across Australia and New Zealand by around 10% or about $3.8 billion thanks to the impact of the COVID-19 pandemic.
Read MoreThe looming housing crunch is happening with the value of new home loans fell $2.2 billion in May, the largest fall in the history of the series. Owner-occupier home loans have dropped 10.2% ($750 million) over the month, while investor only loan commitments fell by 15.6% ($1.4 billion) nationally, according to the Australian Bureau of Statistics.
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Property giant GPT Group has joined Vicinity Centres in writing down the value of its shopping centres. GPT joined Vicinity with more than half a billion dollars in preliminary cuts with the final figure to be released in August after a further revaluation on June 30.
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Australian house prices dipped in May and look like continuing to edge lower in the next few months, despite the easing of restrictions on auctions and open house inspections.
Read MoreAs has been expected job advertisements collapsed in April as lockdowns closed business across the economy and job support schemes emerged with delays to the actual handing out of money, but building approvals in March held up better than forecast, according to data released yesterday.
Read MoreChris Andrews, Senior Vice President and Chief Investment Officer of La Trobe Financial looks at the outlook for the residential property market for the rest of the year.
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Fool’s paradise? Sydney and Melbourne house prices again rose strongly in March but there were more signs of a slowdown following tough restrictions on how real estate agents can sell properties during the coronavirus pandemic.
Read MoreThe coronavirus pandemic & associated shutdowns to economic activity now poses a significant threat to the outlook for property prices. The question is how big the threat is?
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With inflation low, and as long as recession is not imminent, it makes sense that traditional valuations like PEs are higher than their long-term average. Similarly, it makes sense that property yields are lower than normal, but the fall in Australian housing yields has been extreme relative to commercial property & shares.
Read MoreStrong cash flow, positive leasing spreads and lower debt costs are delivering superior returns for Dexus Property, which is currently enjoying a robust outlook for office and industrial assets.
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Securities in property group, Mirvac fell more than 3% yesterday after investors gave the interim result a thumbs down.
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The recent upsurge in home lending in the closing months of last year has helped US-controlled mortgage insurer, Genworth to a sharp rise in December half-year premiums and earnings.
Read MoreAt its meeting in Sydney today, The Reserve Bank will have noted the sharp rise in house prices in January as it hopes for the increases to flow through to help consumers feel more upbeat and confidence through the so-called wealth effect.
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FNArena provides a weekly update of Australian listed real estate trusts (REIT) and property developers, current pricing yield and valuation data.
Read MoreReal Estate Investment Trusts (REITs) have performed well during 2019. With some looking quite expensive here, Dexus (ASX:DXS) is a stock which not only looks to be reasonable value here, but has a trading profile that indicates further upside.
Read MoreHome ownership has long been considered critical to building wealth in Australia. So, does it matter if young people are taking longer to get into the mortgage belt?
Read MoreIn May 2017, the federal government announced their intention to help younger Australians saved for their first home by giving them the ability to build part, or all, of their deposit inside of superannuation. This initiative was appropriately named the First Home Super Saver Scheme.
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The combination of rate cuts, the election and a modest regulatory relaxation have helped turn property prices back up, but the upswing is likely to be constrained.
Read MoreA 5% increase in home loan lending in August, compared to July surprised a little on the upside yesterday as the two rate cuts from the Reserve Bank seem to have dragged new home buyers, investors and people looking to trade up back to the housing market.
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Diversified developer Stockland has been hit with a dose of reality from the weak retail sector, sagging housing market and soft apartment values.
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The decision by shopping centre operator, Vicinity to flog off more of its malls isn’t surprising given the sale late last year of 11 malls had no real impact on its weak returns which plunged more than 70% in the year to June and saw it cut its final distribution.
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Shared office space used to be just that: cheap digs for start-up enterprises. Now it’s a burgeoning property sub-sector.
Read MoreMirvac’s securities enjoyed a very good day out yesterday in the wake of the property and retailing groups solid 2018-19 result.
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While many listed companies have rolled out charts showing a mountain of work available, the infrastructure boom may not be the gift to Australian contractors the market is assuming.
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Small Queensland residential developer Villa World has agreed to be taken over by private equity-backed Avid Property.
Read MoreThe Reserve Bank monetary policy meeting in Darwin today will have a tiny bit of good news to consider (and ignore) – the slide in house prices again slowed last month with small rises being recorded in Sydney and Melbourne for the first time 21 months.
Read MoreProperty group GPT is raising up to $850 million in a placement and share purchase plan for retail holders to help it lift its stake in the Darling Park and Cockle Bay Wharf complex in Sydney’s western CBD.
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