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Australian retail, office prices fall as rents decline, NAB says

Posted on 20 February 2013

Australian retail and office property prices fell in the three months to Dec. 31 as rents declined, a private survey showed. Retail property capital values dropped 1.4 percent in the last quarter of 2012, while industrial property values slipped 1.2 percent and offices weakened 0.6 percent, according to a National Australia Bank Ltd. survey released today. Rents eased in all markets in the period, led by a 2.1 percent decline in retail, NAB said.
Retail sales unexpectedly fell for a third month in December, the longest stretch of declines in 13 years, a government report showed Feb. 6. The Reserve Bank of Australia cut the benchmark interest rate to 3 percent in December, matching a half-century low, in a bid to spur non-mining areas of the economy…………………………………Full Article: Source


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