Macquarie Group has marked its fourth acquisition from a Dutch non-major... Inner Brisbane vacancy rates likely to remain elevated...
Macquarie buys up mortgages in $1bn deal
Macquarie Group agreed to buy the rest of ING Direct’s unbranded mortgages portfolio in a $1 billion deal with the Dutch lender, The Australian reports.
This will take its mortgage book well above the pre-GFC peak of $25 billion.
In 2013, Macquarie bought a $1.5bn book of non-branded mortgages from ING Direct, then acquired a $1.6bn portfolio in 2014 and in 2015 followed with another $1.5bn deal.
Macquarie chief executive, Nicholas Moore pledged to restore the bank’s pre-GFC grip on the sector back in 2014.
The string of acquisitions from ING means this target has been far exceeded, prompting questions about where the bank’s aspirations in the market now lie.
In depth: Doubling revenue in 12 months
Inner Brisbane vacancy rates likely to remain elevated
While the Real Estate Institute of Queensland predicts the ballooning vacancy rate in inner city Brisbane to fall back in line with historical trends, others aren’t so sure the rental market in the area will recover in the near future.
Recent figures from the REIQ revealed that over the December 2015 quarter, inner city Brisbane’s vacancy rate increased by 0.4% to 3.8%.
While that movement means the inner city rental market now fits the REIQ’s criteria for a weak rental market, chief executive officer Antonia Mercorella pointed to historical data in defending the area’s prospects.
“Twelve months ago, in December 2014, the vacancy rate was 3.8% - exactly the same as it is in this survey, December 2015 – and in the March quarter it returned to 3.1%. In December 2013 the vacancy rate rose to 4.1% and then the next quarter it fell to 3.1%,” Mercorella said.
But Simon Pressley, managing director of property investment advisory firm Propertyology, said the historical comparisons may not hold weight this time around.
“I’ve seen what the REIQ had to say and I’m not questioning the evidence they’ve used to make that claim, but I don’t think we’re going to see the same sort of occurrence this year where the vacancy rate is lower overt the march quarter,” Pressley said.
In depth: Enter the survey that sets the industry standard
Macquarie Group agreed to buy the rest of ING Direct’s unbranded mortgages portfolio in a $1 billion deal with the Dutch lender, The Australian reports.
This will take its mortgage book well above the pre-GFC peak of $25 billion.
In 2013, Macquarie bought a $1.5bn book of non-branded mortgages from ING Direct, then acquired a $1.6bn portfolio in 2014 and in 2015 followed with another $1.5bn deal.
Macquarie chief executive, Nicholas Moore pledged to restore the bank’s pre-GFC grip on the sector back in 2014.
The string of acquisitions from ING means this target has been far exceeded, prompting questions about where the bank’s aspirations in the market now lie.
In depth: Doubling revenue in 12 months
Inner Brisbane vacancy rates likely to remain elevated
While the Real Estate Institute of Queensland predicts the ballooning vacancy rate in inner city Brisbane to fall back in line with historical trends, others aren’t so sure the rental market in the area will recover in the near future.
Recent figures from the REIQ revealed that over the December 2015 quarter, inner city Brisbane’s vacancy rate increased by 0.4% to 3.8%.
While that movement means the inner city rental market now fits the REIQ’s criteria for a weak rental market, chief executive officer Antonia Mercorella pointed to historical data in defending the area’s prospects.
“Twelve months ago, in December 2014, the vacancy rate was 3.8% - exactly the same as it is in this survey, December 2015 – and in the March quarter it returned to 3.1%. In December 2013 the vacancy rate rose to 4.1% and then the next quarter it fell to 3.1%,” Mercorella said.
But Simon Pressley, managing director of property investment advisory firm Propertyology, said the historical comparisons may not hold weight this time around.
“I’ve seen what the REIQ had to say and I’m not questioning the evidence they’ve used to make that claim, but I don’t think we’re going to see the same sort of occurrence this year where the vacancy rate is lower overt the march quarter,” Pressley said.
In depth: Enter the survey that sets the industry standard
