September 2009
5 posts
Melbourne vacancy 1.4% - or is it?
The REIV says Melbourne’s residential vacancy rate rose slightly in August to 1.4%, compared with 1.2% in July. However, data from independent sources suggests the vacancy rates are considerably higher.
The institute says vacancy rates in Melbourne have remained between 1.2% and 1.4% for over 12 months. “The last time we recorded a vacancy rate of over 2% was in December 2005,” it...
Adelaide vacancies tighten to 1.3%
Adelaide’s vacancy rate tightened to 1.3% in August despite reports of a quieter rental market, the Real Estate Institute of South Australia says.
Anecdotal evidence from property managers suggests the falling vacancy rate can be attributed to a smaller number of properties coming onto the market.
No section of the market had a vacancy as high as 2%. The central City market had a vacancy...
$43bil Gorgon officially approved
The largest single resources project in Australian history has been officially approved.
Gorgon gas project partners Chevron, Shell and ExxonMobil have announced they have made the final investment decision to build the first phase of the Western Australian development at a cost of $43 billion.
The decision was expected, given that the project partners have already handed out contracts worth...
Economic growth again confounds economists
The Australian economy grew 0.6% in the June Quarter, confirming that the nation has avoided a recession.
The growth rate was three times stronger than that predicted by economists – who have, yet again, got it spectacularly wrong by under-estimating the Australian economy. The concensus forecast among economists was 0.2% growth in the June Quarter.
The June Quarter performance follows 0.4%...
August 2009
5 posts
Building approvals up 7.7% in July
Residential building approvals rose 7.7% in July, following a 9.9% rise in June. Approvals for private homes rose for the 7th consecutive month, with 12,048 new homes approved in July, according to the Australian Bureau of Statistics.
The July figures included a 35% increase in approvals for apartments.
Economists had predicted a 3.3% increase in July, reinforcing their unerring ability to...
Survey reveals importance of The Shed
Half of Australian men say women don’t understand the importance of the Great Aussie Shed, the inaugural Bankwest “Shed Index” has found.
The latest Bankwest Social Indicator Report finds that the average Australian shed and its contents are insured for $15,900, while one in three people use their shed as a “dumping ground” for junk.
The Shed Index found – unsurprisingly – that 90% of primary...