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Inner city optimism is apparent

A COMBINATION of the Ralph report and GST may well see a rush of retirements prior to 30 June, as combined with the electronic age it all gets too hard says property valuation firm Herron Todd White chairman Kerry Herron.

Mr Herron said the Ralph report had generally been well received and given a tick by the property industry.

“It is a plus for listed property trusts, for negative gearing and, in the short term at least, for those likely to pay capital gains tax,” he said.

“As more of the fine print is read, there will be more losers, no doubt. There is a question mark for small syndicates and those who formed family trusts to protect assets have also missed out.

“Meanwhile, the economy is still performing well, top quality property is in very short supply and yield rates continue to edge downwards.”

Local Herron Todd White representative Garrick Smith said recent sales of commercial sites for potential residential use “reflects a continued optimism for inner city residential and enables a broader base in relation to the spread of developers risk”.

Mr Smith said retail properties were still sought after.

“Retail properties are tightly held, with investors scrambling for opportunities when they present themselves,” he said.

The industrial sector also continues to perform strongly.

Mr Smith said the most sought after properties were those with well located highway sites or properties developed with modern and flexible design such as warehouse plate height, provision for gantry crane and hardstand capacity.

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