It is great to be able to deliver a newsletter to our valued and expanding membership of the API in the nation’s capital.
So what a year! We have survived the longest election campaign in history and after a couple of weeks of the new government taking office, the world has not ended.
Consumer confidence has been the biggest influencing factor for the ACT economy and over the past 12 to 18 months and we have seen the Labor Government shed just over 4000 jobs in the public service in the past 12 months while constraining spending.
We can only hope that the new Coalition Government will get on with the job and stimulate business confidence across the country and not cut significant jobs in the Commonwealth Public Service.
The report card for the ACT property market has been mixed, with slow demand and increased supply.Our medium density market is in oversupply and we have no shortage of commercial office sites being land banked by developers who are anxiously waiting for the next government commitment.
The ACT Government has continued a tax reform agenda announcing mid-year initiatives that include lowering stamp duty, cutting land tax, increasing general rates and providing further incentives for first homebuyers.With the fall in interest rates to the lowest levels in 30 years, there are green shoots for the housing market emerging and some increase in commercial office leasing activity by corporates.
Despite the quiet times, the API has enjoyed great support and generous sponsorship from severalorganisationstosupport our CPD forums.
I would like to thank the following organisations and hope that you, as members, find the time to thank them when out and about in the community.
• Meyer Vandenberg Lawyers
• Amalgamated Property Group
• Land Development Agency
• St George Bank
• Opteon (ACT)
• Colliers International
• The Canberra Times
• Commonwealth Bank
• Molonglo Group
• ANZ Bank
• Savills (ACT)
• Heron Todd White
The focus in 2014 for the ACT Division of the Australian Property Institute is to deliver on the following:
• Increase membership by a further 20 members
• Deliver the most memorable CPD programme in living history
• Introduce a Young Property Professional Program in 2014 with about 3 to 4 events
• Deliver improved services and value for money to our great membership
As your Divisional President, I am pleased with the great work being done by your Divisional Council. There is always room for improvement and I am always available to take feedback on what we as an institute can do better for our members.I hope you enjoy this newsletter.