The Myer Centre generates more retail spending and retail employment than any other building in the CBD, and the major modern office buildings provide the employment base that maintains the economic vitality of the city of Adelaide.



The reality is that it is the modern retail and commercial foundations of the city that drives Adelaide’s future, and it is the opportunity to purchase quality goods as well as to visit our cultural delights that attract visitors to the CBD", Mr Moulds said.

Adelaide’s future relies on the ability to value both the new and the old not to have a narrow and short-sighted view of a modern city", Mr Moulds said. In particular, the civic centre displayed a high degree of user satisfaction and efficient use of capital expenditure. After an extensive assessment, the project took out the prestigious Property Council Rider Hunt award, presented in Adelaide this evening by the Premier, Mr Olsen.

The development is of a contemporary nature in a deliberate attempt to reverse the conservative association of civic buildings. Adelaide core office vacancy rates have dropped by 2.9%, to 17.6%, the lowest since July 1992. Mr Bryan Moulds, Executive Director of the Property Council of Australia (SA) Division said that this was the third consecutive fall in vacancy rates in the Adelaide CBD.Real estate Appraisers can't be promoters for any client.

Mr Moulds said that the CBD vacancy rates also reflect an improved vacancy factor for the Adelaide frame which has experienced a decline of 3.6% since January 1998, resulting in the lowest level since January 1990, of 11.9%. Mr Moulds said that increased property interest is evident in the quality end on the property market, a fact reflected in there being only 1,400 square metres of office space available in premium grade office accommodation in Adelaide.

Analysis undertaken by the Property Council and PricewaterhouseCoopers has shown that Adelaide has well and truly entered into a strengthening phase in the property cycle. The latest Property Council of Australia research shows increased tenant interest in office location in the City of Adelaide.

The figures for the frame area around the heart of the City are also at a seven-year low. Mr Moulds said that the continued fall in vacancies reflect the strengthening interest in the advantages of a CBD location and should encourage the government and the City council to continue to pursue aggressive business attraction schemes for the State’s capital Mr Moulds said that the vacancy rate in the central part of the city now stood at 16.8% and the frame area at 11.8%.



The fall in these figures were partially offset by a slight rise to 11.9% vacancy in the fringe office area surrounding the city. Business is now taking advantage of the quality space available at competitive rates in the CBD While Adelaide’s vacancy rates remain the highest of the mainland’s capitals, it was one of the few CBD’s to record a consistent fall in the past 12 months. Mr Moulds said the interest in quality space continues to be high and only 1,000m² of premium quality space was available in the CBD in December.

Mr Moulds said these figures should also be read in conjunction with recent strong investment activity in the Adelaide commercial market. Recent sales figures for 1998 showed continued strong growth following a buoyant 1997. Two in three Australian adults own a $73 billion stake in our commercial property market, according to a report released in Adelaide today. The Property Council of Australia, the Shopping Centre Council of Australia and the Investment Financial Services Association commissioned the joint six-month study. When you walk into your local shopping centre, factory or office block, chances are you own a stake in it," Ms Schwartz said

Significantly, most people don’t know where their superannuation money goes every week and certainly don’t know they are part owners of the large properties they work, shop and holiday in. Whether you’re a builders labourer or a company executive, you are likely to be a property investor. Householders currently hold more than 24 million investor accounts and many of them don’t even know it.More than 80 per cent of the nation’s workforce contributes to a superannuation fund," Mrs Ralph said. When you add up the figures, the average Australian worker has almost $5000 invested in commercial property of some kind through their superannuation.

Retail and office property is by far the most popular choice for investors, with up to 88 per cent of funds poured into these developments. Industrial and hotel property make up the balance. For dependable and profiting reports, you must take administrations from expert property valuers.

Governments and parliaments must realise that anti-property policies and laws hit ordinary Australians not just the "usual" multi-million dollar companies which politicians generally perceive as the typical owners of major commercial and retail developments. The Property Council of Australia has called on the South Australian Government to rule out levying stamp duty on top of GST inclusive prices – a policy that will increase the cost of a new home and rental costs for small businesses.

Property Council Executive Director Bryan Moulds said the West Australian Government had introduced the policy as a test case for all States and territories to follow in the next few months. The NSW Government has also confirmed it will also adopt the proposal. The Property Council has written to the State Government, asking them to rule out this insidious policy which has surfaced in Western Australia," Mr Moulds said.



This system will increase the cost of building a new home as well as potentially inflate rents for commercial property when the increased taxation burden begins to bite. That would particularly hurt young couples wanting to build a home for the first time as well as the thousands of small businesses that rent commercial property in South Australia. It’s believed Australia’s stamp duty Commissioners met behind closed doors this week and agreed that Western Australia would be the stormtrooper for this legislation.

This proposal attempts to gain a direct financial advantage from the GST system, despite the ACCC’s strict guidelines saying the full effect on any tax cuts must be passed on through lower prices, Mr Moulds said. The most critical thing to focus while purchasing another private or business property is the property estimation, which is not quite the same as the offering cost of the property. Furthermore, under the GST deal between the Government and the State Premiers, the states agreed to abolish all indirect taxes including stamp duties in return for a growing GST revenue base. The Property Council would hope the South Australian Government honours this agreement and rejects the stamp duty policy.

Furthermore, under the GST deal between the Government and the State Premiers, the states agreed to abolish all indirect taxes including stamp duties in return for a growing GST revenue base. The Property Council would hope the South Australian Government honours this agreement and rejects the stamp duty policy. Mr Moulds said, that while the overall vacancy rate in the CBD had risen slightly to 18.1% since the January survey, this was attributable to the impact of occupancy of the EDS building in the July figures. He said that the EDS tenancy, while a transfer from other stock in the city had actually been for greater space than they had previously occupied.

This continues a renewed interest in the western part of North Terrace following the university and Playford hotel developments that will be further strengthened with the redevelopment of the convention centre", Mr Moulds said. Mr Moulds said that other recent leasing activity such as major leasing deals involving Boral in No1 King William Street and further new tenants in EDS will flow through in the Property Council’s December figures.

The Survey figures show that there is a vacancy rate of only 1.3-% in premium grade space in the central area of the city, resulting in only 640 square metres of space being available at the top end of the market in Adelaide. Mr Moulds also said that this was matched by a vacancy rate of 9.8% in the frame area around the central core of the city. This was the lowest vacancy rate since 1994, with only 1300 square metres of A-Grade space available in this area.



Mr Moulds said that an analysis of the activity levels over the past couple of years in the city confirm that new businesses and renewed business confidence had been returning and the city. Contrasted with somebody who purchased the same kind of property valuer online, however refinances as and when it is fitting to do as such, he viably controls his advantage rate at a scope of 2% - 3.5% all through the entire credit residency. He said that initiatives that the City Council and State Government had begun in recent times were beginning to show success. Mr Moulds said that the Property Council were working closely with the City Council on studies to identify new and future business accommodation needs, and supported the recent City Council proposals for "smart building upgrade" incentives.

Mr Moulds said that such actions were essential as the higher quality space was consumed. It meant the need for upgrading of the older and lesser quality buildings to suit emerging business tenants was now imperative for building owners to meet the market. He said that it was clear from Property Council studies in Adelaide and other cities, that those buildings that were not upgraded to suit new business needs in terms of quality of space, technological infrastructure and services would face long term decline.

It is for these reasons that we are anxious to see the Council and State Government continue to strive to make working, shopping and visiting the city attractive to all", Mr Moulds said. Mr Moulds also pointed out that the fringe areas around the city had experienced steady office take-up activity over the past two years to July.

He said that vacancy rates in the fringe had remained steady at 8.6%, but it was significant that in the last six months there had also been withdrawal of a previously occupied office building on Greenhill Road for conversion to new residential development.

Mr Moulds said that, coupled with recent announcements of new residential conversion commitments to the former ETSA building on Greenhill Road; the take up of apartments in the city; and commencement of building work on the former tax office in King William Street there was clearly new interest in the centre and near city area as places to live.

The Executive Director of the Property Council in South Australia, Mr Bryan Moulds, said that entries were received from shopping centres throughout metropolitan Adelaide and involved centres of all sizes from the major regionals through to local neighbourhood centres. In presenting the award Mr Moulds said that the winner of the shopping centre of the year award must demonstrate excellence in its marketing campaigns and its commitment to maintenance and management of the centre.



Munno Para Shopping City also won individual awards in marketing and housekeeping during the night. The excellence awards recognise marketing campaigns by shopping centres in such things as awareness campaign and grand openings, working with the community in through charity events and school holiday entertainment, sales promotions for fashion, food and competitions, and for retailer communication and training.

Good Housekeeping Awards, sponsored by Prestige Property Services, recognise best practise by shopping centres in maintaining and managing their centres. Judging criteria take into account the quality of cleaning and maintenance of, public eating areas such as food courts, mothers and babies change rooms, carparks, gardens and toilets.

A total 23,800 square metres of space was withdrawn from the Canberra Region market in the past 6 months of which 42% will not be returned to the market. It is anticipated that a further 3,800 square metres of new space and 46,400 square metres of refurbished space is due to be supplied within the next two years.

Property Council members should be aware that the ACT Duties Bill 1998 is due to be debated in the Assembly tomorrow, Thursday 18th February 1999. The Property Council received the working drafts of the ACT Duties Bill 1998 and the Duties (Consequential and Transitional) Provisions Bill 1998 on the 6th January 1999. During consultation with OFM, we were assured that we would be provided with the amendments to the Bill before it was tabled in the Assembly.

These amendments were received yesterday giving the PCA only 24 hours to review. We are concerned however that the proposed amendments do not include changes to sections 77-94 – Landholder Entities. The Property Council is concerned that this situation is not only anomalous with the NSW model, but may also discourage investment in the ACT due to the potential of stamp duty being payable on relevant acquisitions in the entity at a future time.

The Property Council recommended that the ACT adopt (at least in substance) the NSW land-rich provisions." Property valuation guidance serves to settle on veritable choice and if you need to make your home more worth for offering then taking everything in record you ought to perform the structure for re-attempt and breaker some a more clear number of traps to your home other than can upgrade some space to make it stunning.

Ernst and Young has been appointed to provide business advice for the project and an approach to the market by July is planned. A preferred provider should be selected by the end of September. property valuer course taking a gander at full house to release up that its surveyed cost in the current degree field. The Property Council strongly believes that the Government should defer the debate on the ACT Duties Bill and also defer the start date of 1st March 1999, to allow due and reasonable time to assess this Bill.



The Property Council of Australia is concerned also with the coverage of the legislation and believes that it is unfair in that if does not apply to works undertaken for the ACT Government or Commonwealth Government – the burden falling unfairly on the private sector alone.

We believe that the Bill is far too broad ranging in its coverage of building work and urge you strongly to delay debate on this issue until the industry can further investigate its impact. Other guests included the Chief Minister, Kate Carnell, Senator Margaret Reid and Tom Reid, Gary and Cathie Humphries, Brendan and Glenda Smyth, and Leader of the Opposition Jon Stanhope. National Archives – East Block will now enter the National Awards, the winner to be announced at the Property Council Congress in Melbourne on August 31st. Sally received a Property Council Education Course to the value of $2,850. In addition Richard’s steadying influence at Division Council meetings on a wide variety of issues have contributed to the sound management of the ACT Division of the Property Council of Australia.

Members were updated on the following issues this week from the ACT Division. Members can recieve extra copies of full update by contacting the ACT Division Office. The Government with the support of independent MLA’s, Paul Osborne, David Rugendyke and Trevor Kaine have defeated the proposed bill to amend the appeals process under the Administrative Decisions (Judicial Review) Act 1989.

The amendments proposed by Ms Kerrie Tucker MLA would have reintroduced an appeals process whereby, in theory, any person including those outside the ACT could have objected to any development proposal. However, the amount of empty office space has increased by 1% since January 2002 (up from 4.3%), resulting in the highest vacancy rate since July 2000. This was most noticeable in the Civic region, which saw an increase in vacancy from 6.6% to 8.46%.The Government should work on the principles of the OECD report, that is develop strategies for Civic (that) reaffirm Civic as Canberra’s pre-eminent business centre’" Ms Madew said. This was reflected in both A-grade and B-grade office space where vacancies rose substantially.

This stock is aging and the Civic revitalization policy suggests buildings should be with renewed and adapted to alternative uses. If you bring to the table your home then taking everything in account it is a key and simpler system for property valuation and rates to prompt on your home to know your home cost. The Office Market Report showed that the completion of new and refurbished stock resulted in a sizeable increase in total supply to now be now 1,480,000 (sqm), which makes Canberra the fourth largest office market in Australia in front of Adelaide and Perth.



The Property Council was a strong advocate for the business tax review before and after the last election. The restructured emergency services levy is a new tax burden on WA property owners. However, the levy has been used not just to replace existing funding, but to fund millions in extra, new fire services.

It is a blatant corruption of the intention of the levy which was to introduce a fairer funding base for emergency services. Funds are being spent on new salary increases, $10 million in administration costs, and new fire equipment. Property Council of Australia’s research conducted in April this year, aimed at evaluating the percentage change in the Fire Levy imposed on Western Australian shopping centres.

The Property Council believes there should be a directive to local governments by the relevant Minister to indicate that they should report to the State Government to provide an assurance to Western Australians that the savings are being returned to rate payers. An assurance was sought to reassure the Property Council that the cap will not be raised by a Labor Government. Otherwise, it is feared that the costs will increase annually and out of proportion to CPI, as has happened with the Perth Parking Levy. Mr Lenzo said a thorough review of the implications of the Labour Relations Reform Bill is recommended to consider the impact of the legislation on the unemployed and the WA economy.

A State Government working paper on population issues fails to set population targets for Western Australia’s metropolitan area. The Property Council is concerned that the new State Administrative Tribunal could develop into a slow, legalistic and costly dispute resolution body. Experience with the Victorian Civil and Administrative Tribunal is that industry has found there to be extensive delays.

The Victorian Tribunal has struggled to handle its workload and deliver timely decisions. Cost of the tribunal is also a concern as it has been reported that it will cost 4.6 million dollars to establish, and 2.5 to 3 million dollars to run each year. Likely impacts of the SAT on property related boards and appeals are contained on the following page.

Today, the WA Government claimed that it was worse off as a result of a 0.7% growth in federal grants, to the tune of $148 million dollars. property valuation is the process of finding house price by evaluating full property. Property Council Executive Director, Mr Joe Lenzo, said that the Government was receiving mountains more money from tax than it was 3 years ago, and was busy spending it.



In 2002, the Property Council advised the WA Government that there was $1300 million in new superannuation fund investment that could be directed to WA over the next 5 years. Not only will we face fewer new superannuation funds invested in WA, but the value of existing superannuation has been eroded. Today’s reports of multi-million dollar stamp duty windfalls being used to prop up the WA Government’s budget should be sounding loud alarm bells.

Until that time, stamp duty should be calculated on the GST-exclusive price of transactions. In a state budget submission being sent out this week, the Property Council strongly encourages the Queensland Government to use its Treasury to maintain pressure, especially in regard to the accelerated eradication of stamp duty as a priority area for state tax reform under the new arrangements. Land Tax is another issue dealt with in the submission that calls for further steps to eradicate the fundamental inequity of land tax.

Although applauding the recent introduction of a 15% land tax rebate, The Property Council seeks further reductions and solutions to a number of other fundamental problems remaining. Outsourcing and Corporate Real Estate Strategy represents further concerns and the Property Council stresses that any financial windfalls from asset sales of annual cost savings from outsourcing should be used to fund pressing capital works or program initiatives for the benefit of the Queensland economy.Provide as much forward information as possible to facilitate improved long term budget planning.
The review be conducted by private sector consultants with experience in corporate real estate issues. A formal Government policy on this issue be developed based on the results of this review. Return some focus to the pressing needs of the capital city and public works projects of benefit to the entire state.



The Property Council, represented by QIC's Craig Newnham, has met with Council officers to discuss the proposals. The importance of maintaining quality control throughout the mall is not disputed, but unreasonably prescriptive approaches will only deter innovation and create a lack of diversity within the precinct. A submission to the BCC will be forwarded shortly and may offer a more constructive platform which meets with Council concerns about unsightly advertising but which does not restrict the rights of property owners and their tenants to enjoy the full value of their premises.

A full copy of the Property Council's June 1999 submission on the CityPlan can be found at policy submissions at this web site. The methodology of securing the property estimation, aides to gauge the possible deals value it would draw in, on the off chance that it were to be put on special in the open business sector. The vacancy rate hit a new cyclical low in the first quarter, most likely the lowest rate in a quarter of a century. For this, the market can thank a tidal wave of demand churned out by the overheated economy pitted against an interest-rateinduced decline in construction activity. Rent growth, which had moderated, picked up speed again. Absorption activity and rent increases were especially healthy for Class B properties in the nation's large central business districts.

Internet, communications, new media and other technology-related small businesses flooded into these long ignored properties, in some cases turning around entire neighborhoods in a matter of weeks. Rising interest rates, which have already reduced construction activity, may reduce tenant demand only gradually over the span of several quarters, keeping the market tight.

The overall market statistics are heavily influenced by a handful of big cities that are extreme landlord markets. Conditions are more balanced in most mid-sized cities and even a few larger markets such as Chicago, and should remain so in the near future. For landlords, the news could hardly be better. Demand for office space accelerated in the first quarter responding to the nation's never-say-die economic expansion.

As a result, rental rates, which had shown signs of moderating, spiked upward again. The average asking rent for Class A space, weighted by the size of each market that Grubb & Ellis tracks, increased by 10.2 percent in the first quarter compared with the first quarter of 1999.
There is hardly any doubt that from the investment perspective, buying land or real estate in Class A rents in the nation's central business districts jumped by a robust 16.4 percent, led higher by extraordinarily tight conditions in the nation's largest CBDs including Manhattan, Boston and San Francisco. You must have a clear understanding about the various income tax and property valuer rules with particular reference to capital gains, stamp duty and other such things which could impact the overall cost of the property and could also have a bearing on the returns that you will get from such investments.



Even more surprising is the performance of Class B rents, which posted a year-over-year gain of 13.5 percent, pushed by an incredible 21.5 percent gain for CBD properties. Some smaller downtowns such as Louisville also are benefiting from this trend. In the suburbs, Class B rents increased by a healthy 6.5 percent, evidence that new Class A construction is not cannibalizing tenants from older properties.

The nation's vacancy rate dropped by 70 basis points to 9.51 percent in the first quarter, the sharpest decline since the fourth quarter of 1996. Vacancy is at its lowest point since Grubb & Ellis began tracking this index in 1986 and most likely the lowest rate in a quarter of a century.

The Property Council today welcomed an announcement by the nation’s state and territory planning ministers that a national planning summit would be held toward the end of this year. Property Council CEO, Peter Verwer said “Australia is the most urbanised country in the world and deserves a national strategy that will improve its competitiveness”.
Australia’s growing infrastructure deficit, the hectic pace of urbanisation in Asia and the increasing need for sustainable development all point to the need for a bipartisan approach to an over-arching urban strategy”, Verwer said.


Such a strategy could then be integrated with equally important regional and rural regeneration programs. The Property Council said that federal,“It’s important that Australia recapitalise its national assets within the framework of a unified national approach in order to deliver the best outcomes for current and future generations of Australians,” Verwer said.

In its election platform, the Queensland Coalition made a commitment to tackle the inequitable impost by phasing out land tax. The professional valuers will add profit in their clients property transaction process when they will allotted to do so.This commitment has been restated in the print media since the by-election result. The Coalition promises to reduce the current $200 million land tax burden by $20 million per year over the next ten years under the bold initiative.

We are looking for a new program of nation building that involves the public and private sectors which is as bold as those developed in the post WW2 period. Governments at all levels need to work directly with the community and investors in order to achieve this goal within a triple bottom line framework.

The Mundingburra by-election result means that the Coalition could form a Government in Queensland. Regardless of which Party is in power after the Parliament resumes, ROZZA is looking for a better tax deal for members. ROZZA will, therefore, renew its efforts in Queensland. The plan is to encourage the Queensland Government to become the first in Australia to remove land taxes.

Queensland could provide a model for all other governments to follow. However, given that land tax returns around $1.7 billion to State and Territory Governments every year, ROZZA knows it will face an uphill battle to sell the concept to all States.



The Building Owners and Managers Association of Australia (ROZZA) represents the investment property industry. property valuation Property Valuation is the course of action which requires expert ability. In property valuation you will come to know the existing price of your property. Therefore while appointing a property valuer you should consider certain factors in them as property valuation process is a tough job which requires profound knowledge and good technical knowhow.

The investment property industry is a vital contributor to the Australian economy, especially as the service sector grows, as more regional headquarters are attracted to Australia and as the pool of superannuation funds increase. ROZZA has drawn on the resources of its 2000 members and professional staff in its national and regional offices to develop policy platforms around five key issues.

Establish a reform agency comprising governments and private sector participants charged with instituting a microeconomic reform program. Support a benchmarking project of Local Government performance, in line with the Accord between the Australian Local Government Association and the Commonwealth Government, signed in 1995; and Commit to support coordinated, Australia-wide reform of planning and development control legislation, as outlined in Planning for Change and States of Progress.

ROZZA's work, some of it still in progress, covers reform of the Building Code of Australia, industrial relations, project initiation, security of payment in the building industry and a range of ROZZA industry guidelines. Introduce an industrial relations system that draws on international best practice and that recognises the unique nature of the construction sector in order to foster industrial stability; Develop a small business strategy for the construction sector that focuses on financial solvency and business education for the industry's many small firms.

ROZZA's work focuses on cooperation with retailer groups and working with State Governments on lease legislation, ROZZA has also made submissions on recent proposals to amend the Trade Practices Act.Acknowledge that the shopping centre industry has worked constructively with retailers and State Governments to develop generally fair and reasonable lease legislation governing the business relationship between landlords and tenants.



Acknowledge that further Government intervention in the shopping centre industry either directly or through Government regulatory agencies, such as the Australian Competition and Consumer Commission (ACCC) is unnecessary. Commit to apply the competition policy agreement principles to promote further deregulation of shop trading hours. ROZZA's is committed to creating a more informed marketplace for tourism investors and operators. ROZZA believes that all property classes should operate on a level playing field and considers that existing taxation regimes and planning systems are impediments to future investment.

The Coalition's election victory sets the scene for implementing major policy reforms in our industry. During the election campaign, ROZZA's policy reform agenda was presented to John Howard and senior shadow Ministers. Many of them do not have a clear understanding of valuation and the impact it could have on his decision to buy a property. Key elements of the ROZZA package are ambitious tax reform, national reform of planning and development control legislation, an international best practice industrial relations system, removal of government intervention in retail industry and a realistic depreciation treatment of investment property. ROZZA has met more than half the likely Cabinet. The response to our policy package is encouraging.

Following the announcement of the new Coalition Ministry, ROZZA will visit key Ministers with our Policy Reform Package in hand. There is a huge amount of work to be done to get the reforms at the top of the new Government's agenda. ROZZA will be in there working hard.