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REIQ Journal : December January 2009
10 Industry News REIQ Christmas business hours REIQ’s Brisbane head office and all regional offices will close for Christmas at 3pm on Wednesday 24 December 2008 and reopen at 8:30am on Monday 5 January 2009. Realworks support will be available from 9 am to 5 pm on Monday 29, Tuesday 30 and Wednesday 31 December. To contact the Realworks support team, phone (07) 3249 7350 or email email@example.com Commercial sales drop as global credit crisis hits home National commercial property sales in the first three quarters of 2008 totalled just $5.6 billion, 53 per cent down on the same period last year, according to research from CB Richard Ellis. The market has seen significant impacts from the global credit crunch and investor uncertainty. Retail property has been the most heavily impacted by the drop in trade, with sales down a massive 78 per cent on the same time last year. However, CBRE have reported that there are signs that conditions conducive to investing in real estate are returning, with the cost of capital coming down, rising yields, and the lower value of the Australian dollar adding further interest from foreign investors. Private investors continue to dominate purchases of commercial real estate in the present environment, accounting for 30 per cent of all acquisitions in the year to the end of September 2008. This was up from just 10 per cent in the same period in 2007. Australian commercial property sales year to 3rd quarter Australian commercial property sales year to September 10 12 14 0 2 4 6 8 2002 2003 2004 2005 2006 2007 2008 Source : CBRE Research & Consulting (October 2008) Includes sales over $5.0 million AUD$'s billion Turnover ytd to 3rd quarter 6 year average Code of Conduct to be established for personal details in property databases In recent years, the Queensland Government has expressed concern about the misuse of owners’ contact details in the Queensland Valuation and Sales (QVAS) database for marketing purposes. The government had proposed to remove owners’ details and other relevant material from the system – a plan that met with considerable objection from various industry sectors. Following lengthy consultation, the government has now agreed to the establishment of an industry-funded and administered Code of Conduct. Only data broker licensees who have signed up to the Code will be provided with personal details (buyer and seller names and service address) in QVAS electronic bulk data. The code will also include an independent Code Oversight Committee to receive and investigate complaints. A draft code is currently being finalised for consideration and endorsement by the government before the end of this year. According to the Department of Natural Resources and Water: “The Queensland Government has also determined that if a suitable Code of Conduct is not established, or if reviews of the Code Oversight Committee’s annual reports show that the access and use of personal information is not, in the Minister’s opinion, being appropriately controlled, then the provision of personal details in bulk supply of QVAS data will be discontinued.” The implementation phase will include a communication strategy to ensure a consistent approach that inspires public confidence in the Code of Conduct process. REIQ Journal December 2008/January 2009