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REIQ Journal : November 2008
8 Industry News GOLD COAST OFFICE VACANCY SET TO CLIMB With a hefty number of office developments in advanced stages of construction, recent research has revealed Gold Coast office vacancy rates could enter double figures by the start of 2009. Are you receiving the the To ensure you are kept fully informed of all the latest industry news, legislative updates and important compliance deadline reminders, make sure the @reiq.com.au domain is added to your email safe list. Memberlink emails are sent to all staff at REIQ accredited agencies approximately every two weeks and include relevant, timely and sometimes vital updates to keep you at the top of your profession. If you are not currently receiving memberlink, email firstname.lastname@example.org to have your details added to our database. Online listings become more interactive Effective online marketing has never been more vital than in today’s market. Agents need to ensure potential buyers start to connect emotionally with listed properties, even before they step foot inside. YouVu (youvu.com.au) now offers a unique web-based service that allows agents to list property on real estate portals in greater detail and visual depth than ever before. YouVu facilitates the inclusion of up to 150 images, 10,000 words, 25 videos, 25 virtual tours, transitioning slideshows, voiceovers and music – all for one property in a single URL. YouVu can be used for properties for sale or lease, executive accommodation, or holiday homes, and agents can personalise their listings with imported logos, styles, colours and fonts. Visit www.youvu.com.au for more information. REIQ Journal November 2008 According to Colliers International’s annual market indicators report for the Gold Coast, 44,169sqm of office space will be completed by the end of 2008, taking the total amount of available space to nearly 75,897sqm. Currently the vacancy rate is at 8.1 per cent, with net absorption of 2,039sqm over the last six months and 10,485sqm over the last 12 months. Colliers International Gold Coast’s office market specialist Leonie Smith says the major challenge now for the city’s office market is to rebalance supply with demand. “Although there is a significant volume of space to come online, there is evidence that the credit squeeze and rising construction costs have forced some developers to delay or forfeit their projects as they are no longer affordable,” she said. “Stakeholders in the marketplace have started to realise that these current financial conditions are credit driven and not specifically market driven, and the brakes on some new developments should release pressure on an intense environment.” Ms Smith said that in contrast to late last year when vendors and landlords had a large amount of control, buyers and tenants in the Gold Coast market have begun dictating terms, and will more than likely continue to do so. “An increased supply of high quality buildings, coupled with Brisbane’s exceedingly low vacancy rates, may see some tenants from Brisbane relocate to Gold Coast premises in search of lower rent and high incentives,” Ms Smith said. Correction The Office of State Revenue wish to correct an error in last month’s edition of the REIQ Journal. Extension of the transfer duty concession rate of 1 per cent for homebuyers, from $320,000 to $350,000 effective 1 July 2008, equates to savings of up to $750. The total savings in mortgage duty and transfer duty equate to $1,170.
December January 2009