Anecdotal evidence suggests that consumers are cutting back on their spending around Australia. And it’s likely that luxury items and overseas travel will be the most affected.
A recent article in The Age expounded “The Flight to Value” — where Australian Property Monitors reported a 24% drop in the median price for Toorak Homes, in the 6 months to September.
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With the recent financial turmoil, you’re seeing a number of potential buyers who have pulled back from the Commercial Property Market for the time being.
Therefore, for some properties, you are starting to see the “Neglect Effect” come into play.
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Even though things may be slowing in Queensland and over in the West … the Melbourne CBD Office market seems to be travelling quite well.
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There are a couple of questions on the minds of Commercial Property Investors at the moment.
And they go something like this.
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The various signals coming through on the economy are mixed. And we continue to hear more doom and gloom from the US.
Australia’s growth is likely to slow a little. However, on balance, we should now experience a soft landing — with the RBA saying this morning, that the rate rises may have done their job; and inflation looked as though it might have peaked.
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The Prime Minister’s “freezing” of parliamentary salaries is a clear endorsement of RBA Governor Stevens’ warning to curb our spending.
Last week, I mentioned the impact this could have on retail turnover — with a flow-on effect for growth in rental and sale prices for the Retail sector.
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Yesterday’s interest rate increase by The Reserve Bank carries with it some hardship for the outer residential suburbs around Australia.
Curbing inflation is clearly the RBA’s main aim. And from their additional comments yesterday, we now have confirmation that Australia is effectively seen as being shielded from the turmoil in the US.
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You probably saw that the “Full House” notice went up yesterday for the Property Workshop.
But there is provision for you to go onto a Wait List, if you missed out on reserving your seat — because, invariably a few people will drop out between now and March.
PLUS, if you do put yourself on the Wait List BEFORE the end of January … I will still honour the early-bird rate of $797 for a seat.
However, if you wait-list yourself AFTER 30 January … then unfortunately, it will have to be at the full rate of $1,100.
So, make sure you don’t miss out for a second time.
There has been much made of the poor US Retail Sales Data for December.
However, the figures were only down 0.4% on November. The most likely explanation being that some early Christmas shopping occurred November; and the increase in gift-card sales will not come through until early in 2008.
Clearly, the Sub-prime issues are having some effect. But, if you follow HS Dent at all — their view is that … “a short, mild recession is indeed likely, and we are arguably already in the middle of it.” (Update: Wednesday 16 January 2008).
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Well, here’s some good news on the next Property Workshop!
Following a barrage of emails from those of you who took off the week before Christmas … you will see that the early-bird registration has been extended until the end of January.
However, I suspect the “Full House” sign will be going up before then. Therefore, if you haven’t already reserved your seat … make your decision now — rather than miss out.
Looking forward to seeing you there.
Chris
