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TRANSCRIPT
1 Property Market Report—March 2012
March quarter 2012
Property Market Report
Queensland
About This Report
PRP Valuers and Consultants 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.
We regularly undertake valuations of residential property for mortgage
purposes, as well as for development funding purposes. We also undertake
valuations of commercial, retail, industrial, hotel and leisure and special purpose
properties for many varied reasons, as set out later herein.
Please contact a Director of our relevant office for any valuation or consulting
quotations and advice.
Economic Fundamentals 2
Brisbane CBD Office Market 3
Gold Coast Office Market 5
Retail Market 6
Industrial Market 7
Residential Market 9
Hotel and Leisure Market 12
About Preston Rowe Paterson 16
INSIDE THIS ISSUE:
2 Property Market Report—March 2012
The Australian economy continues to
record moderate growth, despite the
global outlook remaining cloudy.
Slightly below trend, GDP increased
by 2.3 percent over 2011, with the
December quarter recording a 0.4
percent increase. Lower than
expected GDP growth is a partial
reflection of the extreme weather
conditions experienced earlier in the
year.
Another disappointing month for retail
spending in February 2012, as total
retail sales rose by a mere 0.2
percent. Welcomed rises were seen in
Food Retailing, Department Stores
and Other Retailing, whilst falls were
recorded in Cafes & Restaurants,
Clothing Retailers and Household
Goods Retailing.
The unemployment rate rose to 5.2
percent in February. Job figures fell by
15,400, underpinned by falls in part
time employment, as fulltime jobs
remained flat. The participation rate
fell from 65.3 percent to 65.2 percent,
with the decline concentrated in
Males, whilst total hours worked rose
by 1.4 percent.
The RBA held the official cash rate
unchanged at 4.25 percent, and
explained that despite easing interest
rates by 50 basis points in late 2011,
the current pace of output growth is
somewhat lower than earl ier
anticipated. The RBA stated that it
would wait for Q1 CPI data before
considering a further step in easing
monetary policy.
Consumer sentiment tumbled in
March, with the Westpac-Melbourne
Institute index recording a 5 percent
decline over the month. The index fell
from 101.10 in February 2012 to 96.1 in
March 2012. Domestic economic
conditions and employment listed as
Survey respondents main concerns.
The Consumer Price Index (CPI)
remained unchanged in the
December 2011 quarter, compared
to a 0.6 percent rise experienced in
the September quarter. A significant
rise was recorded in domestic holiday
travel and accommodation with a 7.3
percent increase. Not surprisingly falls
were observed in fruit and vegetables
with falls of 13.4 percent and 5.0
percent respectively.
Economic Fundamentals
-3
-2
-1
0
1
2
3
4
5
0.0
50,000.0
100,000.0
150,000.0
200,000.0
250,000.0
300,000.0
350,000.0
400,000.0
Se
p-0
6
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
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8
Ju
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8
Se
p-0
8
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8
Ma
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9
Ju
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9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
% C
ha
ng
e
GD
P M
illio
ns
Gross Domestic Product
Gross Domestic Product Seasonally Adjusted % Change Seasonally Adjusted
Source: ABS/PRP Research
3,000
3,200
3,400
3,600
3,800
4,000
4,200
4,400
4,600
4,800
5,000
75.0
80.0
85.0
90.0
95.0
100.0
105.0
110.0
115.0
120.0
125.0
130.0
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
De
c-0
8
Ma
r-0
9
Ju
n-0
9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
QLD
Tu
rno
ve
r ($
millio
n)
We
stp
ac
-Me
lb In
stit
ute
Co
nsu
me
r Se
nti
me
nt
Ind
ex
QLD Turnover and Consumer Sentiment
Consumer Sentiment Index QLD TurnoverSource: ABS/PRP Research
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
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c-0
8
Ma
r-0
9
Ju
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9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
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Ju
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Se
p-1
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c-1
1
Ma
r-1
2
Un
em
plo
yme
nt
Rat
e %
Un
em
plo
yed
pe
rso
ns
Unemployment (Rate and Persons)
Unemployed Persons Unemployment RateSource: ABS/PRP Research
3 Property Market Report—March 2012
total space in the Brisbane CBD office
market has risen by 1.4 percent, rising
from 2.04 million sqm in the six months
to January 2011 to 2.07 million sqm in
the six months to January 2012. A
Grade stock saw the sharpest in-
crease in occupancy levels over the
year, rising by 4.9 percent. B Grade
still dominates the market with 40.4
percent of share; however A grade
space has been in demand in the six
month to January 2012, rising to 39.2
percent of market share. C Grade
space saw a marginal decline in oc-
cupancy rates, falling from 220,646
sqm to 220,220 sqm in the six months
to January 2012.
Commercial Office Market
Stock (m2) Vacancy % Stock (m2) Vacancy %
Total (All Grades) 2,071,240 6.16% 1,136,347 7.63%
Premium 140,015 2.65%
A Grade 812,629 4.05% 526,795 3.09%
B Grade 837,034 7.49% 411,912 13.36%
C Grade 220,220 8.36% 175,622 8.79%
D Grade 61,342 16.09% 22,018 0.00%
Brisbane Commercial - Stock & Vacancy
Precinct/GradeBrisbane CBD Brisbane Fringe
-30,000
-10,000
10,000
30,000
50,000
70,000
90,000
Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12
Au
dit
ed
Ne
t A
bso
rpti
on
12
mo
nth
s to
...(
sqm
)
Brisbane CBD Office Market
Net Absorption
Source: PCA/PRP Research
6.8%
39.2%
40.4%
10.6%3.0%
Brisbane CBD Office Market
Premium A-Grade B-Grade C-Grade D-Grade
Source: PCA/PRP Research
BRISBANE CBD OFFICE
MARKET
Supply In the six months to January 2012,
39,400 sqm of office space entered
the Brisbane CBD office market follow-
ing the completion of 123 Albert
Street. When construction reached
completion in early 2012, The Dexus
owned 26 level building, added
38,500 sqm of Premium office space
to the Brisbane CBD office market. Rio
Tinto committed to 25,000 sqm of
space in 2008, whilst recent agree-
ments were reached with QTC and
Urbis to secure 4,000 and 1,500 sqm
respectively.
The Brisbane CBD supply pipeline
looks set to return to more positive
territory in the coming years with
111,000 sqm of additional space ex-
pected to reach completion over
2012. 64,000 sqm is forecast to come
on line with the completion of the GPT
Wholesale Office Fund/Abu Dhabi
Investment Authority joint venture at
111 Eagle Street, with a further 28,200
sqm after the completion of 145 Ann
Street. An additional 18,800 sqm of
refurbished office space will further
bolster current CBD office market
levels. Looking further into the supply
pipeline, 2013 completion levels sof-
ten to sub 20,000 sqm, before return-
ing to more buoyant levels in 2014.
Net Absorption/Vacancy Lev-
els Brisbane CBD vacancy levels firmed
1.2 percentage points in the six
months to January 2012, falling from
7.4 percent recorded in the six months
to July, to 6.2 percent in the six months
to January 2012. Lower grade stock (c
& d) in Brisbane CBD office market
experienced a softening in vacancy
rates over this period, with D grade
recording the most marked increase
in vacancy rates, lifting from 10.5 per-
cent in the six months to July to 16.1
percent in the six month to January
2012. On a more positive note B
grade vacancy rates tightened from
10.9 percent recorded in the six
months to July 2011 to 7.5 percent in
the six months to January 2012.
Occupancy levels In the 12 months to January 2012,
4 Property Market Report—March 2012
Demand/Leasing Activity With record levels of expansion by the
resources sector and a renew confi-
dence is other sectors, net absorption
was well above historical long term
averages. Just over 54,000 sqm of
space was absorbed in CBD office
market over the six months to January
2012, taking the 12 months total ab-
sorption rate to over 92,000 sqm. Since
January 2010, approximately 187,000
sqm of space has been absorbed in
the Brisbane CBD office market. As
supply levels increased by only
118,000 sqm over this period, declin-
ing vacancy rates resulted. Looking
into further detail, 37,000 sqm of A
grade space was absorbed in the six
months to January 2012, with B grade
space seeing robust demand with
over 21,000 sqm of take-up.
Reinforcing confidence in the market,
demand levels remained buoyant in
the first quarter of 2012, with several
large leasing deals transacted over
the three months to March. Dominate
players in the market include the pro-
fessional services and the enormous
presence felt by the resource sectors.
Xstrata secured just under 2,500 sqm
of premium space from GPT Group at
111 Eagle Street, whilst late March
saw Arrow Energy leasing 14,800 sqm
at the same address, on an eight year
lease for an undisclosed rent.
Not forgetting the professional ser-
vices sector, Queensland Treasury
Corporation leased just over 3,800
sqm of space from Dexus Property
Group at 123 Albert Street, for re-
ported par $725 sqm pa for a period
of seven years and after 20 years at
300 Queens street, BDO has commit-
ted to 6,000 sqm of refurbished space
at 12 Creek street for a period of 12
years.
Following trend of decentralisation
activity by core service providers and
public sector industries, a number of
tenants are moving outside the CBD
and relocating to the suburbs &
Fringe. The bank of Queensland has
pre-committed to leasing 12,500 sqm
of space at the new “Gasworks” de-
velopment at Newstead Riverpark in
the Brisbane Fringe. The development
is expected to begin construction in
2013 and scheduled for completion in
February 2014, with rents believed to
be in the low $500 per sqm bracket.
The Macquarie Group has leased
3,200 sqm of space at 825 Ann Street,
Fortitude Valley from Laing O’Rourke
for undisclosed terms. The Building is
now 100 percent precommitted and
is expected to reach completion in
mid 2012.
Rents A robust leasing environment and
tightening vacancy rates in the Bris-
bane CBD have underpinned rental
growth in both premium and A grade
space. Premium grade rents have
increased by over 2 percent in the last
twelve months to sit between $700 -
$825 sqm pa. A Grade office space in
the Brisbane CBD attracts rental rates
of between $625 - $725 sqm. In the six
months to March 2012, Lower grade
office space (b) has transacted rang-
ing between $500 -$625 sqm.
Investment Activity Strengthening tenant demand com-
bined with a robust economic growth
outlook over the medium term, has
caught the attention of both the do-
mestic and the offshore investor alike.
Five major transactions were re-
corded by PRP Research in the Bris-
bane Office Market, during the first
quarter of 2012, with a total transac-
tion value of $291 million. The most
notable transaction to occur during
this period was the purchase of 215
Adelaide Street, Brisbane by US based
Preamerica Real Estate Investors for
$134.5 million. The 30,000 sqm office
tower was purchased from GIC on an
approximate passing yield 8.5 per-
cent. A further notable transaction to
occur during the first quarter of 2012
was The Hines Global REIT purchase of
144 Montague Street in South Brisbane
for a reported $88 million. The 15,000
sqm building was purchased from
Empricia Management Trust on an
initial yield of 8.5 percent.
379 Queen Street sold in March 2012,
for a reported $21 million to
Kingsmede Pty Ltd. The 15 level, 5500
sqm commercial tower is fully leased
with a net income of approx $2.4 mil-
lion per year, representing an initial
passing yield of around 11.5 percent.
An undisclosed private investor pur-
chased 20 Wharf Street for approxi-
mately $11.3 million in January this
year. Chesterton International bro-
kered the deal for vendor, NEXTDC on
an initial passing yield of 8.3 percent.
The final transaction to have occurred
in the first quarter of 2012 was sale of
the Becton office Fund’s 369 Ann
Street for approximately $36.25 million.
An undisclosed private investor pur-
chased the 6,700 sqm office block on
an initial passing yield of 10.04 per-
cent. With long term growth drivers in
place for the Queensland economy
and demand set to remain strong,
good quality assets are expected to
continue to attract attention from
investors.
215 Adelaide Street, Brisbane was purchased
by Preamerica Real Estate, for $134.5 Million.
5 Property Market Report—March 2012
GOLD COAST OFFICE
MARKET
Supply An additional 931 sqm was added to
the Gold Coast Office Market in the
six months to January 2012 with the
completion of a two storey office
complex at Via Roma Isle of Capri.
The Gold Coast office Market now
consists of 473,700 sqm of space, of
which 21.8 percent is vacant. The
2012 supply pipeline remains positive
with an anticipated 3,192 sqm of ad-
ditional space due to complete over
the year. Just under 2,000 sqm of
office space will be added to the
market with the completion of 237
Scottsdale Drive Robina, which is ex-
pected in the first half of this year. A
Further 1,200 sqm of space will come
on line when 82 Marine Parade South-
port completes during the June quar-
ter.
Demand/Vacancy Levels In the six months to January 2011 just
over 3,200 sqm of space was ab-
sorbed in the Gold Coast Office Mar-
ket, taking the 12 month total to 9,888
sqm. Positive net absorption and
scarce new supply has led to a 0.6
percent tightening in the Gold Coast
Office Market vacancy. Vacancy in
this market fell from 22.4 percent re-
corded in the six months to July 2011
to currently sit at 21.8 percent. B
Grade vacancy saw the most marked
improvement, tightening by 1.9 per-
cent points over the six month period.
However in stark contrast D Grade
office vacancy weakened by 9.8
percent over the six months to Janu-
ary 2012. Vacancy rates in the Gold
Coast D Grade Office Market rose
from 12.6 percent in the six months to
July 2011 to 22.4 percent over the six
months to January 2012.
Occupancy B Grade space dominates occu-
pancy levels in the Gold Coast Office
Market, with 39.6 percent of total sup-
ply. A and C Grade space equate for
28.8 and 28.0 percent of the market
respectively. Little change has been
seen in total occupancy levels over
the last 12 months. A mere 2.7 per-
cent increase was seen in occupancy
levels over the 12 months to January
2012, however looking closer at a sub-
market level, A Grade stock posted a
13.9 percent increase in occupied
stock over the period whilst D Grade
saw its third decline recording nega-
tive growth of 11.1 percent over the
period.
Investment Activity PRP Research did not record any sales
or lease transactions over 2,500 sqm or
par $5 million that occurred during the
three months to March 2012.
-20,000
-10,000
0
10,000
20,000
30,000
40,000
50,000
Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12
Au
dit
ed
Ne
t A
bso
rpti
on
12
mo
nth
s to
...(
sqm
)
Gold Coast Office Market
Net Absorption
Source: PCA/PRP Research
0.0%
28.0%
39.6%
28.8%
3.7%
Gold Coast Office Market
Premium A-Grade B-Grade C-Grade D-Grade
Source: PCA/PRP Research
6 Property Market Report—March 2012
Demand Total Retail turnover in the state of
Queensland saw a 2.1 percent in-
crease over a 12 month period to
February 2012, with robust growth
seen in ‘Other Retailing’ categories
and Food Retailing alike. “Other retail-
ing” underpinned by buoyant in-
creases in both Pharmaceutical, Cos-
metics etc and Newspaper, Book
Retailing, saw a 6.9 percent increase
over the 12 months to February 2012.
Food Retailing grew by 5.2 percent
over the 12 month period, to its high-
est level ever recorded. A growth
spike was also seen in Cafe and Res-
taurant Retailing, however falls were
recorded in Household Good, Depart-
ment Stores, and Clothing and Foot-
wear Retailing. Clothing and Foot-
wear recorded the largest decline
over the 12 months to February 2012,
falling by 5.7 percent, whilst Depart-
ment Store and Household Good
Retailing fell by 5.4 percent and 3.3
percent respectively.
Investment During the three months to March
2012, PRP Research recorded four
major retail transactions within the
Queensland Retail Sector, with a total
market value of $452.2 million. Most
Notably, Late March saw CFS Retail
Property Trust announce the sale of a
50% share of the Myer Centre in Bris-
bane, to Unlisted Property Trust, ISPT
for $366 million, representing an initial
yield of 6.5 percent. The six level CBD
Regional Shopping Centres provides
63,700 sqm of retail space, and
houses Myer, Target, Coles, and 180
additional speciality retail stores. Prior
to this sale, LaSalle Australia Core Plus
Fund purchased Nerang Mall Shop-
ping centre in February 2012 for a
reported $23.4 million. The 8,700 sqm
neighbourhood shopping centre has
been purchased from Mr Henry Yuen
on a yield in excess of 10 percent.
Mid March, saw Stockland’s purchase
Centro Townsville at Aitkenvale in
North Queensland for approximately
$36.5 million. The 13,650 sqm Subre-
gional shopping centre was pur-
chased from the Centro owned MCS
17 Syndicate on an initial yield of 8.3
percent. The centre is anchored by
Kmart and Coles and contains a fur-
ther 25 specialty shops. Increased
investment activity exhibits a renewed
confidence in the retail property sec-
tor despite weakened consumer
spending and increased online retail-
ing. Particular interest has been
placed on Queensland and the re-
source states for investment opportu-
nity, as stronger economic growth is
forecast.
Retail Market
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
3500.0
3750.0
4000.0
4250.0
4500.0
Fe
b-1
1
Ma
r-1
1
Ap
r-1
1
Ma
y-1
1
Ju
n-1
1
Ju
l-1
1
Au
g-1
1
Se
p-1
1
Oc
t-1
1
No
v-1
1
De
c-1
1
Ja
n-1
2
Fe
b-1
2
Mo
nth
ly P
erc
en
tag
e C
ha
ng
e (
%)
Re
tail T
urn
ov
er $
millio
n
Queensland Retail Turnover
Retail Turnover % Change
Source: ABS/PRP Research
-0.08
-0.06
-0.04
-0.02
0
0.02
0.04
0.06
0.08
0.1
0.12
Nov-2011 Dec-2011 Jan-2012 Feb-2012Mon
thly
% C
hang
e
Food Retailing Household goods Clothing, Footwear Department Stores Other Retailing Cafe, Restaurants
Queensland
Turnover
% Monthly Change
Source: ABS/PRP Research
50% share of Myer Centre in Brisbane was
purchased by ISPT for $366 million, on a yield
of 6.5 percent
7 Property Market Report—March 2012
Leasing Activity: Brisbane A renewed confidence in the Queen-
sland industrial property market, on
the back of increased investment in
the resources sector and positive eco-
nomic growth saw leasing activity
trend upwards in the three months to
March 2012. PRP Research recorded
a number of major transactions that
occurred over this period. The Austra-
lian Mud company, a subsidiary of the
Imdex Group has leased just under
3,000 sqm of space at 67 Wolston
Road in Sumner Park. The industrial
facility was leased for a five year term,
with a five year option, for a net rent
of approx $95 per sqm pa. The AMC
will relocate to its new premises at
Wolston Road after outgrowing its
current premises at Neon Street.
DHL Express has pre-committed to
4,300 sqm of space in Brisbane’s Air-
port Precinct. Construction of the $15
million project will commence in May
this year and is located at the corner
of Lomandra Drive and Boronia Road.
Engineering and construction giant
Clough will lease a 46.9 hectares site
at 70 Darlington Drive, Yatala on a five
year term, reportably worth $1.8 million
plus per year . The facility comprises of
9,500 sqm of factory, and 1,800 sqm of
office space.
Supply The South East Queensland Industrial
land Monitoring Program identified as
at December 2010, 8,852 hectares of
industrial land that currently exists in
the South East Queensland industrial
land area, with a further 5,594 hec-
tare of potential industrial land supply
available within in the region. It is esti-
mated that industrial land consump-
tion in the four years to December
2010, was 120 hectares per annum,
However estimated annual consump-
tion of industrial land in South East
Queensland for the six months to De-
cember 2010 has declined to 41 hec-
tares (or approx 82 hectares per an-
num). It is predicted that for a 5 to 15
year time frame, 3,940 hectares of
land will be required to meet esti-
mated average consumption.
Tenant Demand
Fluctuations in demand for logistics
and warehouse space can partly be
explained by ebbs and flow in port
activity. Brisbane Port activity contin-
ues to see growth in full import and
export TEU’s. Since the 2007-2008 Fi-
nancial year, TEU activity has grown
by 10.7 percent in the Port of Bris-
bane. Last year, TEU’s activity saw
exceptional growth with an 8.5 per-
cent increase. The number of TEU’s in
the Port of Brisbane has grown from
639,800 in the 2009-2010 Financial
year to 694,000 in the 2010-2011 finan-
cial year.
As a percentage of Queensland’s
gross state product, income derived
from the manufacturing sector de-
clined by 0.4 percentage points in the
12 months to June 2011. June 2008
saw the trough of total factor income
from manufacturing as a percent of
gross state product, falling to 11.5
percent. Although total factor income
from manufacturing rose to its highest
level recorded, Queensland Gross
State product also saw robust growth
over the year, resulting in a decline in
percentage total. A fall in manufac-
turing income is consistent with the
declines seen in average consump-
tion levels for industrial land over the
six months to December 2010.
Industrial
0
5000
10000
15000
20000
25000
0
50000
100000
150000
200000
250000
300000
Jan
-19
91
Jan
-19
92
Jan
-19
93
Jan
-19
94
Jan
-19
95
Jan
-19
96
Jan
-19
97
Jan
-19
98
Jan
-19
99
Jan
-20
00
Jan
-20
01
Jan
-20
02
Jan
-20
03
Jan
-20
04
Jan
-20
05
Jan
-20
06
Jan
-20
07
Jan
-20
08
Jan
-20
09
Jan
-20
10
Jan
-20
11
Ma
nu
fac
turi
ng
Inc
om
e $
mill
ion
Sta
te P
rod
uc
t $m
illio
n
Queensland Manufacturing Income
V's Gross State Product
Queensland Gross State Product Manufacturing Total Factor IncomeSource:ABS/PRP Research
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Jan
-04
Jan
-05
Jan
-06
Jan
-07
Jan
-08
Jan
-09
Jan
-10
Jan
-11
Nu
mb
er
of
TEU
's
Port of Brisbane -
Container Trade - TEU's
Import ExportSource: Port of Brisbane /PRP Research
8 Property Market Report—March 2012
Leasing Activity: Gold Coast An undisclosed construction com-
pany, linked to Queensland’s boom-
ing resources sector has leased 5,500
sqm of industrial space plus 660 sqm
of office space at 32 Demand Ave-
nue in Arundel on the Gold Coast. The
property is expected to fetch net
$450,000 per year in rental income for
the owner, equating to $82 plus per
sqm pa .
Investment Activity Undoubtedly one of the largest trans-
action in Queensland industrial his-
tory , Springfield Land Corporation has
purchased half of the high-tech Po-
laris Data Centre in Greater Springfield
for a reported $110.5 million. The pur-
chase give Springfield Land Corpora-
tion 100 percent ownership of the
14,000 sqm building. Tenants include
British Gas, AAPT and Suncorp, who
will retain one third of the floor space.
Sydney based Fund manager Heath-
ley, purchased a nine hectare indus-
trial property at Richlands, from Trinity
Group for $24.5 million. The property
contains a 13,000 sqm building cur-
rently leased to John Holland (a sub-
sidiary of Leighton Holdings).
In February 2012, Dexus Wholesale
property fund purchased a 12,483
sqm industrial facility in Morningside
for a reported $19.7 million, reflecting
a yield of 8.25 percent. And Finally,
Mainfreight has purchased a 5.4 hec-
tare site at 20 Distribution Street, Lara-
pinta for a reported $15.8 Million.
Mainfreight secured the land adja-
cent to Woolworths distribution centre
from Australand, who purchased the
property in November 2010 for $12.25
Million.
The Polaris Data Centre in Greater Spring-
field sold for a reported $110.5 million to
The Springfield Land Corporation.
An undisclosed construction company
will lease 5,000 sqm of industrial space at
32 Demand Avenue, Arundel
9 Property Market Report—March 2012
Demand Population growth is a factor used in
establishing the demand for future
housing. The starting point in deter-
mining population growth is the popu-
lation statistics taken in the Australian
Bureau of Statistics 2006 Census. The
current population at 2006 was esti-
mated at 1.8 million persons in the
Brisbane Region. By the start of 2017
the population of Brisbane is forecast
to increase to 2.24 million, equating to
an additional 420,000 persons over a
ten year period, or an average of
42,000 additional persons per annum.
Changing demographics and house-
hold characteristics have an impact
of demand for housing within Austra-
lia. The A starting point for additional
households is the Census undertaken
in 2006 by the ABS. The Australian Bu-
reau of statistics indicated as at June
2006 there were approximately
671,600 households in the Brisbane
Region. In 2017 the ABS predicts an
additional 195,200 households will be
required to meet demand. This
equates to an average of 17,700
homes per annum. The ABS forecasts
that by 2017 the total number of
households in Brisbane Region will
reach 866,800 households.
Supply Land supply in the South East Queen-
sland Regional plan is currently limited
by new stock coming through. This
stock is often dominated by large lots
and premium product that meets only
the requirements for up-graders. In
2009 stronger demand was evident
for smaller lots in response to the first
home buyer grant; this supply how-
ever, was quickly taken up. Housing
supply in Brisbane is based on the
boundaries of the South-East Queen-
sland Regional Plan 2009-2031 (SEQ).
The SEQ Regional Plan is forecast to
accommodate growth to 2031. These
boundaries are assessed every five
years and extensions are based on
demand and sustainability.
As at June 2009, SEQ had 10,700 hec-
tares of land identified for future ur-
ban use in the supply pipeline with an
estimated dwelling yield of 122,000
lots. Potential land further down the
supply pipeline contains an additional
142,000 dwellings, with 35,500
Greenfield lots identified at the devel-
opment and subdivisional approval
stage.
In comparison to 12 months prior, the
total number of dwelling approvals in
the Brisbane Statistical Division de-
clined by 16 percent over the year to
December 2011. There were a total of
13,480 dwelling approvals in the 2011
calendar year, compared to 16,050
dwelling approvals one year prior. The
decline in total dwelling approvals
was underpinned by a 25 percent
decline in the number of ‘house’
dwellings. The number of non house
dwelling approvals fared better sliding
only five percent over the 12 month
period.
Construction activity in the Sunshine
state continues to decline, with a
further 17 percent fall in the number
of dwelling commencement occur-
ring in the nine months to September
2011 in comparison to the same nine
months, the year prior. The total num-
ber of dwellings that commenced
during the nine months to September
2010 reached 15,600 dwellings; how-
ever the nine months to September
2011 saw total dwelling commence-
ments decline by 3,660 dwellings, to
just under 12,000 dwellings. The num-
ber of new ‘house’ dwelling com-
mencements in the nine months to
September 2011 saw the largest year
on year decline falling 23 percent.
Residential
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Pro
jec
ted
No
.of h
ou
seh
old
s
Projected No. household - Brisbane SD
Family households Group households Lone person householdsSource: ABS / PRP Research
0
5,000
10,000
15,000
20,000
25,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
An
nu
al A
pp
rov
als
Brisbane SD Dwelling Approvals
Houses Other
Source: ABS / PRP Research
10 Property Market Report—March 2012
Market Affordability According to the HIA/Commonwealth
Bank Housing Affordability Index, The
December 2011 quarter, saw housing
affordability in Brisbane improved by
7.9 percent, well above the national
trend of a 2.2 percent increase. Bris-
bane recorded the strongest national
result ahead of Canberra at 6.1 per-
cent and the 4.6 percent improve-
ment seen in Melbourne housing af-
fordability, and now makes Brisbane
more affordable than Adelaide. Un-
derpinning the result was a fall in aver-
age required loan repayments. Re-
cent interest rate cuts by the RBA
along with lower house prices have
resulted in significant improvements in
housing affordability in Brisbane, as
the average requirement loan repay-
ment has fallen in Brisbane to $3078
per month, a drop of 7 percent since
last quarter. The ANZ Australian hous-
ing snapshot released in April 2012,
suggests that the outlook for Queen-
sland remains positive, with increased
investment in major projects resulting
in an upswing in economic conditions.
A tightening of fundamental and im-
proved affordability should result in
the Queensland housing market stabi-
lising over the next six months before
trending upwards.
Over the December 2011quarter, The
Brisbane median house price de-
clined by 0.6 percent, falling from
$427,500 in September to currently sit
at $425,000. The Real Estate institute of
Australia also recorded a year on year
decline of 5.6 percent for Brisbane
median house prices. Median ‘Other
Dwelling’ prices in Brisbane saw posi-
tive results over the quarter, rising by
1.9 percent, however experienced
slight falls year on year, declining 1.1
percent to sit at $376,000.
Over the quarter, falls were recorded
in all zones of Queensland excluding
Inner Brisbane and Townville, where
median house prices rose by 6.3 per-
cent and 0.6 percent respectively.
The most prominent fall in median
house price over the December quar-
ter was recorded in Cairns, where
median house prices fell by 4.4 per-
cent. In comparison to 12 months
prior, all zones in Queensland experi-
enced falls year on year, with the
largest decline evident in the Gold
Coast market, falling by 8.0 percent.
Year on year results for median ‘Other
Dwelling’ prices were mixed. Falls
were recorded in all Queensland
zones excluding the Brisbane Outer
and Middle zones where increases of
5.6 percent and 0.8 percent were
seen respectively. All zones in Queen-
sland experienced increases over the
December 2011 quarter excluding
Sunshine Coast, Townsville and Cairns.
The largest increase over the quarter
was recorded in the Outer Brisbane
market, which rose by 8.3 percent to
sit at $325,000.
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
$0
$45,000
$90,000
$135,000
$180,000
$225,000
$270,000
$315,000
$360,000
$405,000
$450,000
$495,000
$540,000
$585,000
$630,000
$675,000
$720,000
$765,000
Brisbane Inner Brisbane Middle Brisbane Outer Gold Coast Sunshine Coast Townsville Cairns
Qu
art
erl
y P
erc
en
tag
e C
ha
ng
e (
%)
Me
dia
n H
ou
se P
ric
e
Median House Price by Zone
Median House Price Quarterly % ChangeSource: REIA/PRP Research
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
$150,000
$175,000
$200,000
$225,000
$250,000
$275,000
$300,000
$325,000
$350,000
$375,000
$400,000
$425,000
$450,000
Brisbane Inner Brisbane Middle Brisbane Outer Gold Coast Sunshine Coast Townsville CairnsQ
ua
rte
rly
Pe
rce
nta
ge
Ch
an
ge
(%
)
Oth
er d
we
llin
gs
me
dia
n p
ric
e
Median Price for Other Dwellings by Zone
Other Dwelling Quarterly % ChangeSource: REIA/PRP Research
11 Property Market Report—March 2012
Rental Market Positive results were seen in the
Queensland rental market over the
December 2011 quarter. The only
declines recorded over this period
were seen in two bedroom houses in
both the Outer Brisbane and Gold
Coast zones. Median rental rates for a
two bedroom house in Outer Brisbane
fell by 1.9 percent to $260 per week,
whilst Gold Coast two bedroom
homes declined by 7.2 percent to
$320 per week. With the exception of
two bedroom houses in the Gold
Coast, there were no declines in me-
dian house rents over the 12 month
months to December 2011. The most
significant year on year rise in median
house rents was recorded by four
bedroom houses in the Inner Brisbane
Zone. Inner Brisbane Four Bedroom
house median rent rose by 11.3 per-
cent year on year to sit at $690 per
week.
Rental rates for ‘other dwellings’ in
Queensland also remained positive
over the December quarter. Brisbane
Outer Zone, Other dwelling one bed-
room rental rates recorded the only
decline over the quarter, falling 4.8
percent to $200 per week. Most zones
remained unchanged over the pe-
riod; however a substantial increase
was recorded in one bedroom ‘other
dwelling’ rental rates in Townsville.
Townsville one bedroom other dwell-
ing median rental rates, increased by
8.7 percent over the quarter, to $250
per week. Year on year results also
proved positive for median rental
rates in the sunshine state. The most
momentous increase over the 12
month period was recorded for
Townsville one bedroom ‘other dwell-
ing’ median rental rates, rising by 25
percent to $250 per week.
$0
$100
$200
$300
$400
$500
$600
$700
$800
Brisbane Inner Brisbane Middle Brisbane Outer Gold Coast Townsville Cairns
Me
dia
n W
ee
kly
Re
nt
($)
Median Weekly Rents for Houses by Zone
2 Bed House 3 Bed House 4 Bed House
Source: REIA/PRP Research
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
Brisbane Inner Brisbane Middle Brisbane Outer Gold Coast Townsville Cairns
Me
dia
n W
ee
kly
Re
nt
($)
Median Weekly Rents for Other Dwellings by Zone
1 Bed unit 2 Bed unit 3 Bed unit
Source: REIA/PRP Research
12 Property Market Report—March 2012
QUEENSLAND/BRISBANE
Supply Supply levels in the Queensland Hotel
Motel and Service Apartment market
have remained relatively flat since the
March 2009 quarter, when over the
three years prior 4900 new rooms
flooded the market. The 12 months to
December 2011, saw a decline in the
total number of rooms available, fal-
ling by 1.3 percent. There are cur-
rently just over 61,000 rooms available
per night in the Queensland Hotel
Motel and Serviced Apartment mar-
ket. Deloittes Access Economics states
that Brisbane Hotel Motel and Ser-
viced Apartment market “outlook is
characterised by a relatively high
volume of new hotel projects that are
due for completion over the next two
to four years” Increased supply is ex-
pected to negatively impact occu-
pancy rates.
It is reported that with North Queen-
sland resources boom driving de-
mand for local accommodation in
Townsville and the area’s surrounding
mining towns, two new properties in
Townsville will open during May. The
Country Comfort City Oasis and
Chifley Plaza Townsville will offer 4 &
4½ star accommodation, as well as
function and conference facilities.
Demand Occupancy rates in the Queensland
Hotel Motel and Serviced Apartment
Total Stargraded market grew by 2.1
percentage points in the 12 months to
December 2011 to 66.9 percent. Oc-
cupancy rates peaked in the Decem-
ber 2006 quarter at 69.3 percent.
Looking further into Stargraded detail:
Occupancy rates over all stargrad-
ing’s in the Queensland Hotel Motel
and Serviced Apartment market grew
excluding 5 Stargraded, which de-
clined slightly by 0.1 percentage
points. Surprising results were seen in
1&2 Star combined occupancy rates
over the December quarter, rising 7.1
percent in comparison to 12 months
prior, to 57.2 percent occupancy.
Occupancy rates in the Brisbane Tour-
ism Region Total Stargraded Hotel,
Motel and Serviced apartment mar-
ket continued on an upward trajec-
tory rising a further 1.8 percentage
points in the 12 months to December
2011, to currently sit at 77.2 percent.
Hotel and Leisure
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
De
c-0
6
Ma
r-07
Jun
-07
Se
p-0
7
De
c-0
7
Ma
r-08
Jun
-08
Se
p-0
8
De
c-0
8
Ma
r-09
Jun
-09
Se
p-0
9
De
c-0
9
Ma
r-10
Jun
-10
Se
p-1
0
De
c-1
0
Ma
r-11
Jun
-11
Se
p-1
1
De
c-1
1
Oc
cu
pa
nc
y R
ate
Queensland HMSA
Graded Occupancy
1 & 2 Star 3 Star 4 Star 5 StarSource: ABS/PRP Research
50%
55%
60%
65%
70%
75%
80%
85%
90%
9500
10000
10500
11000
11500
12000
12500
13000
13500
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
De
c-0
8
Ma
r-0
9
Ju
n-0
9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
Oc
cu
pa
nc
y
No
. of
Ro
om
s
Brisbane Tourism Region HMSA
Rooms and Occupancy - Total Stargraded
No Rooms Occupancy (%)
Source: ABS/PRP Research
$80
$100
$120
$140
$160
$180
$200
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
De
c-0
8
Ma
r-0
9
Ju
n-0
9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
Av
era
ge
Ro
om
Ra
te
Brisbane Tourism Region HMSA
Average Room Rate - Total Stargraded
Source: ABS/PRP Research
13 Property Market Report—March 2012
Deloittes Access forecasts occupancy
rates in the Brisbane hotel motel and
serviced apartment market will be
weighed down by increased supply,
and are expected to ease by 1 per-
centage point over 2012.
After falling 1.3 percent over the 12
months to December 2010, Queen-
sland Hotel Motel and Serviced Apart-
ment market total stargraded aver-
age room rate rose by 2.3 percent in
the 12 months to December 2011 to sit
at $156.22. This is the highest level
seen over the December quarter, with
average room rates rising in all star-
graded room. Average room rates
increased by 17.5 percent in the 1
stargraded Hotel Motel and Serviced
Apartment market to reach $122.39.
The 1&2 Stargraded average room
rates also saw significant rises over the
12 months to December 2011, in-
creasing from $84.39 in December
2010 to $97.47 12 months later.
After seeing a fall in average room
rates in the Brisbane Tourism market
over the 12 months to December
2009, average room rates have in-
creased for the second consecutive
year, rising by 3.6 percent over the
last 12 month period, a top of a 10.2
percent increase over the 12 months
to December 2010. Average room
rates in the Brisbane Tourism Region
total stargraded Hotel Motel and Ser-
viced Apartment market, reached
$178.34 in the December 2011 quar-
ter.
Investment Despite the positive outlook in hotel
accommodation created by the re-
sources sector, limited Transactions
activity has occurred in the 3 months
to March 2012. West Australian Hotel-
ier Peter Prendiville has purchased the
Grand Mercure Apartment complex
on Palmer Street in Townsville for ap-
proximately $20 million. With 106 dual
rooms, the 4 & ½ Star complex was in
the hands of Owenlaw mortgage
Investments. After the takeover the
Grand Mercure has been officially
rebranded to the Grand Hotel, Towns-
ville. The property was formally man-
aged by Accor Asia Pacific. It has also
been reported that The Metro Prop-
erty Group is negotiating to purchase
the Couran Cove Resort on Strad-
Broke Island for nearly $20 million.
Couran Cove closed after being
placed into voluntary liquidation. The
resort offers 158 water front units, con-
ference facilities and function rooms.
The Prendiville Group purchased the
Grand Mercure apartment complex on
Palmer Street in Townsville for approxi-
mately $20 Million.
14 Property Market Report—March 2012
GOLD COAST
Supply Supply levels in the Gold Coast hotel
motel and serviced apartment market
have remained stagnant over the last
10 years rising by a mere 3.6 percent
since 2002. Over the 12 months to
December 2008 the number of rooms
in the Gold Coast Tourism Region
grew by approximately 400 rooms,
resulting in declining occupancy rates
over this period. The number of rooms
currently available in the Gold Coast
hotel motel and serviced apartment
market is approximately around
13,300 rooms, down by 2.3 percent
since the peak in 2008.
Demand The Gold Coast hotel motel and ser-
viced apartment market has histori-
cally seen occupancy rates sit above
70 percent, however, due to in-
creased supply levels ,saw occu-
pancy dip to 68.9 percent in the De-
cember quarter 2008. The December
2011 quarter saw occupancy rates in
the Gold Coast hotel motel and ser-
viced apartment market sit at 70.9
percent. Occupancy rates in this mar-
ket fell by 1.2 percentage points over
the last 12 months and by 3.8 percent-
age points since the peak of the mar-
ket in December 2007.
After two years of declining average
room rates between December 2009
and December 2010, average room
rates moved to positive territory in the
12 months to December 2011 rising by
2.0 percent. Average room rates in
the Gold Coast Hotel motel and ser-
viced apartment market reached
$155.04 in December 2011. Average
room rates have declined by 2.8 per-
cent over the December quarter
since peaking at$159.52 in December
2008.
50%
55%
60%
65%
70%
75%
80%
12500
12700
12900
13100
13300
13500
13700
13900
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
De
c-0
8
Ma
r-0
9
Ju
n-0
9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
Oc
cu
pa
nc
y
No
. of
Ro
om
s
Gold Coast Tourism Region HMSA
Rooms and Occupancy
No Rooms Occupancy (%)Source: ABS/PRP Research
$80
$90
$100
$110
$120
$130
$140
$150
$160
$170
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
De
c-0
8
Ma
r-0
9
Ju
n-0
9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
Av
era
ge
Ro
om
Ra
te
Gold Coast HMSA
Average Room Rate - Total Stargraded
Source: ABS/PRP Research
15 Property Market Report—March 2012
TROPICAL FAR NORTH
QUEENSLAND
Supply Over the 12 months to December
2011, supply levels in the Tropical
North Queensland Tourism Region,
Hotel Motel and Serviced Apartment
market declined by 5.0 percent. The
total number of rooms available in this
region fell to 10,900 available rooms, a
fall of 830 rooms since the peak of the
market in December 2004.
Demand
After four years on a downward trend,
the December 2011 quarter, saw posi-
tive growth in occupancy rates in the
Gold Coast Hotel Motel and Serviced
Apartment market. The 12 months to
December 2011saw occupancy rates
rise by 2.3 percentage points to 58.0
percent. Occupancy rates peaked
in the Tropical North Queensland Ho-
tel Motel and Serviced Apartment
market in December 2006 at 64.9 per-
cent, but have subsequently declined
by 6.9 percentage points.
Average room rates in the Tropical
North Queensland Hotel Motel and
Serviced Apartment market contin-
ued on a downward trend over the
December 2011 quarter, falling a fur-
ther 2.6 percent. Average room rates
in this market fell to $126.91 in Decem-
ber 2011, resulting is a decline of 12.1
percent since the peak of the market
in December 2007, when average
room rates reached $144.41.
$80
$90
$100
$110
$120
$130
$140
$150
$160
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
De
c-0
8
Ma
r-0
9
Ju
n-0
9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
Av
era
ge
Ro
om
Ra
te
Tropical North Queensland Region HMSA
Average Room Rate
Source: ABS/PRP Research
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
9000
9500
10000
10500
11000
11500
12000
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
De
c-0
8
Ma
r-0
9
Ju
n-0
9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
Oc
cu
pa
nc
y
No
. of
Ro
om
s
Tropical North Queensland Region HMSA
Rooms and Occupancy - Total Stargraded
No Rooms Occupancy (%)Source: ABS/PRP Research
16 Property Market Report—March 2012
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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 apartments/units)
Rural properties
Special purpose properties such as: nursing homes; private hospitals, service stations, oil terminals and refineries, theatre complexes; etc.
Extractive industries, land fills and resource based enterprises
Types of Plant & Machinery 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
Hotel furniture, fittings & equipment
Preston Rowe Paterson Australasia Pty Ltd ACN: 060 005 807
The information provided within this research report should be regarded solely as a general guide. We believe that the information herein
is accurate however no warranty of accuracy or reliability is given in relation to any advice or information contained in this publication
and nor any responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether expressed
or implied (including responsibility to any person or entity by reason of negligence) is accepted by Preston Rowe Paterson Australasia Pty
Ltd or any of its associated offices or any officer, agent or employee of Preston Rowe Paterson Australasia Pty Ltd.
17 Property Market Report—March 2012
Capital City Offices
Sydney (Head Office) Level 11, 80 Clarence Street
Sydney NSW 2000
PO BOX 4120, Sydney NSW 2001
P: 02 9292 7400
F: 02 9292 7403
Directors
Greg Preston
M: 0408 622 400
Greg Rowe
M: 0411 191 179
Associate Directors
Asset Management
Ben Greenwood
M: 0448 656 103
Commercial Valuation/Advisory
Neal Smith
M: 0448 656 647
Rachel Cooper
M: 0448 757 134
Residential Valuation
Ben Toole
M: 0448 886 335
Asset, Plant & Machinery Valuation
Greg Mason
M: 0448 757 046
Manager - Research & Marketing
Tammy Smith
M: 0416 004 964
Affiliate offices in Canberra, Perth,
Hobart, Darwin and other regional
areas.
Locally owned, Globally associated
Capital City Offices
Melbourne Suite 6.02, 488 Bourke Street
Melbourne VIC 3000
P: 03 9602 0517
F: 03 9602 1337
Directors
Neal Ellis
M: 0417 053 116
Damian Kininmonth
M: 0417 059 836
Adelaide Suite 4, 2A Daws Road
Adelaide SA 5043
P: 08 8277 0500
F: 08 8277 0533
Director
Rob Simmons
M: 0418 857 555
Brisbane Suite 16, 105 Vulture Street
West End QLD 4101
GPO BOX 1234, Brisbane QLD 4001
P: 07 3846 2822
F: 07 3846 2833
Director
Troy Chaplin
M: 0419 029 045
Regional Offices
Albury Wodonga
Daniel Hogg
M: 0408 585 119
Ballarat
Darren Evans
M: 0417 380 324
Cairns
Robert Cowell
M: 0410 693 799
E: [email protected] Richard Cowell
M: 0408 987 554
Central Coast/Gosford
Robert Dupont
M: 0418 681 874
E: [email protected] David Rich
M: 0413 052 166
E: [email protected] Joshua Smith
M: 0412 099 908
Geelong
Gareth Kent
M: 0413 407 820
E: [email protected] Stuart Mcdonald
M: 0405 266 783
Gold Coast
Troy Chaplin
M: 0419 029 045
Gippsland
Tim Barlow
M: 0400 724 444
E: [email protected] Alexandra Ellis
M: 0407 724 444
Mornington
Neal Ellis
M: 0417 053 116
E: [email protected] Damian Kininmonth
M: 0417 059 836
Newcastle
Robert Dupont
M: 0418 681 874
E: [email protected] David Rich
M: 0413 052 166
E: [email protected] Joshua Smith
M: 0412 099 908
Wagga Wagga
Michael Redfern
M: 0428 235 588