Property Digest, October 31, 2012

PUBLISHED : Wednesday, 31 October, 2012, 12:00am
UPDATED : Wednesday, 20 June, 2018, 5:16pm


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Jakarta's office prices ranked best in region

Jakarta offices overtook Beijing in the third quarter of the year to become the most attractive market in Asia Pacific, according to DTZ's fair value index. Beijing slipped to second, while Tokyo was ranked third. DTZ's index offers investors insight into the relative attractiveness of pricing in prime office, retail and industrial markets across the Asia-Pacific region, classifying markets as hot, warm or cold. The third-quarter update shows that 53 out of the 61 markets in the region are rated as either hot or warm, meaning that these markets are offering investors good value at current pricing. A wave of monetary easing measures across the globe has reduced borrowing costs and risk premiums, making real estate an increasingly attractive prospect for investors around the world. Peggy Sito


Australia's new-home sales slide further

Australian sales of newly built homes declined for a third straight month in September, underscoring the central bank's decision to resume lowering interest rates. Sales fell 3.7 per cent to 5,186 from August, when they dropped 5.3 per cent, the Canberra-based Housing Industry Association said, citing a survey of the nation's largest builders. "Interest-rate cuts should help foster a recovery in new-home sales" in the final quarter, said Harley Dale, HIA chief economist. The central bank reduced its overnight cash-rate target by a quarter percentage point to 3.25 per cent this month, ending a three-meeting pause. Traders are pricing in a 64 per cent chance it will be cut by a quarter percentage point to 3 per cent on November 6. Bloomberg