Total dwelling commencements fell 11.8 per cent (seasonally adjusted) to 40,720 dwellings in the June quarter, the latest building activity data released by the Australian Bureau of Statistics (ABS) showed.
This was driven by a dip in new private sector houses, which fell 6.6 per cent to 25,162 in the June quarter, as well as new private sector other residential, which fell by 19.6 per cent to 14,529.
Over the 12 months to the 2023 June quarter, total dwelling commencements were down 15.4 per cent, while new private sector houses plunged 17.4 per cent and new private sector other residential fell by 11.9 per cent.
Dwellings under construction fell 1.4 per cent to 237,779 dwellings in the June quarter, with new houses accounting for 101,820 of the dwellings under construction.
Additionally, the number of dwellings completed (seasonally adjusted) was down 7.5 per cent in the June quarter to 41,669.
Driving this was a significant decline in new private sector other residential, which was down 20.1 per cent to 13,379.
Private sector new house completions fell by 1.6 per cent to 27,213, following a rise of 3.9 per cent in the March quarter and are down 3.1 per cent for the year.
On the other hand, the total value of work done rose by 0.3 per cent in the June quarter and 4.6 per cent over the 12 months to the June quarter to $3.15 billion.
This was driven by a 1.2 per cent rise in new residential building to $15.9 billion (following a 0.4 per cent decrease in the March quarter) and a 0.2 per cent rise in non-residential building to $13.1 billion.
Construction cost growth slows down
The ABS data has followed the recent release of CoreLogic’s Cordell Construction Cost Index (CCCI), which revealed that there has been a sharp slowdown in the pace of construction cost growth, indicating that pressures could be stabilising in the building sector.
The index, which tracks the cost to build a typical new dwelling, returned to a quarterly growth rate of 0.5 per cent for the September quarter, the smallest lift since the three months to June 2019 and half the pre-COVID-19 decade average of 1.0 per cent per quarter.
This took the annual growth in the index to 4.0 per cent, below the recent quarterly peak of 4.7 per cent this time last year.
CoreLogic head of Australia research Eliza Owen said while construction costs have remained high, the ongoing level of increase has normalised.
“This is the fourth consecutive slowdown in the quarterly pace of growth for residential construction costs,” Ms Owen said.
“The slowdown in new dwelling approvals also points to mixed news for the construction industry next year. On the one hand, this will free up capacity for material and labour resources, but it will also mean greater competition for new jobs.”
Ms Owen noted that the recent slowdown in the growth rate of construction costs is broadly in line with the “new dwellings” cost sub-component of the ABS CPI figures.
“This ABS CPI sub-index saw a peak in the March 2022 quarter at 5.7 per cent, and has since slowed to just 1.0 per cent through the June quarter of 2023,” Ms Owen said.
“The cost of new owner occupier dwelling purchases comprises the largest weighting in the CPI ‘basket’, so the continual easing in the CCCI may also be a forward indicator of inflationary pressures easing in the building sector.”
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A dwelling is a self-contained unit or a place of residence that accommodates occupants, such as a house, apartment, condominium, or other substantial structure.
Sales and profits at GSK (LSE: GSK) beat
expectations in the second quarter of 2023, with the firm
reporting respectively a 4% and 8% increase from the same period
of last year.
Britain’s second-largest drugmaker took in £7.2
billion ($9.2 billion) sales for the period, with £2.2 billion in
profit, leading to an adjusted earnings per share (EPS) result of
Headquartered in West London, GSK has a broad
range of products,…
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As Laurentian Bank of Canada LB-T searches for potential takeover suitors, its Canadian retail business is not the main attraction. Instead, the emerging jewel is its U.S. commercial financing business, Northpoint Commercial Finance NPNTQ, which has been its fastest-growing division.
Since Laurentian purchased Northpoint in 2017, its U.S. segment has ballooned to contribute just under a quarter of the bank’s revenue.
The Montreal-based bank received interest in Northpoint from potential acquirers even before it recently started exploring the possibility of a sale, according to five sources. They said Northpoint could be the cornerstone of a possible deal, but if suitors are interested only in this division, Laurentian will have to weigh whether what remains of its operations will be compelling enough for public shareholders to own.
The Globe and Mail is not naming the sources because they are not permitted to discuss the confidential sale process.
Laurentian Bank confirmed in a press release on July 11 that the country’s ninth-largest lender is “conducting a review of strategic options” after The Globe reported that the bank is exploring a sale.
Northpoint’s business has been a boon to Laurentian’s earnings, especially after COVID-19 pandemic lockdowns spurred spending on recreational activities. The company lends to manufacturers and dealers of recreational vehicles, trailers, power sports products and other equipment. Northpoint’s largest markets at the time of the 2017 acquisition were Texas, Florida and California, as well as a small unit in Ontario.
Revenue in Laurentian’s U.S. segment – which is made up of Northpoint, as well as a separate equipment financing business that Laurentian owned prior to the acquisition – has surged to $55.2-million in the recent second quarter from $4.7-million at the end of 2017 after the deal closed. In less than six years, the U.S. arm went from contributing just 6 per cent of Laurentian’s total revenue to 22 per cent, according to financial statements.
The division’s assets have also ballooned, climbing to $4.8-billion in the most recent quarter from $1.3-billion in 2017.
Over that same period, Laurentian’s Canadian business has remained relatively stagnant. While its revenue has fluctuated over the years, it booked $201.9-million in the second quarter, a 20-per-cent drop from the end of 2017. And its total assets grew 1 per cent.
“This was a great success, tremendous success for the bank,” chief financial officer Yvan Deschamps said in French in response to a shareholder question during the bank’s annual meeting in April. He said that since the bank bought Northpoint, the business has grown five times its initial size to nearly $5-billion in assets.
But for all the success the business has seen in recent years, it could face a tougher market as the threat of a recession looms and rising interest rates dampen demand for loans, especially for discretionary items such as recreational equipment.
Laurentian also faces challenges in its home market. It is at the midway point of a three-year strategic overhaul led by chief executive officer Rania Llewellyn, who took on the role in 2020 after its share price underperformed rivals for years.
A key tenet of the plan is to focus on niche specialties, especially in commercial markets – which account for about half of Laurentian’s total loan book – and equipment and inventory financing. The bank is also under pressure to strengthen its weak core deposit base – a cheaper source of funding – while grappling with slower loan growth and rising expenses, two trends that are weighing on profits across the sector.
Laurentian has made some headway in growing its deposit base. In the second quarter, the bank’s deposits grew 5 per cent from the same period a year prior, largely driven by customers stashing cash away into accounts that pay higher interest rates.
Among Canada’s Big Six banks, there appear to be few candidates that are likely to chase a deal to buy Laurentian. Royal Bank of Canada’s RY-T excess capital is earmarked for its pending acquisition of HSBC Canada. Canadian Imperial Bank of Commerce CM-T has said it is focused on building its existing business and in building its capital reserves under a tighter regulatory environment. National Bank of Canada NA-T is focused on expanding outside of its stronghold in Quebec.
Bank of Nova Scotia has signalled its interest in building its personal and commercial businesses in Quebec, but has also been tasked with improving funding issues that are similar to those of Laurentian. While Bank of Montreal BMO-T has been expanding its commercial unit, it may be tied up with integrating its purchase of California-based Bank of the West.
Toronto-Dominion Bank TD-T, however, has the means to buy Laurentian. The bank is sitting on $18-billion in excess capital and it recently terminated its $13.5-billion deal for Tennessee-based First Horizon Corp.
Canada’s second-largest lender boasts a peer-leading core deposit base, which provides it with cheap funding, and it has shown recent interest in specialty commercial financing, having acquired Wells Fargo’s Canadian equipment finance business in 2021. Adding Northpoint could help TD expand in the U.S.
But TD has a reputation as a prudent, risk-averse bank when it comes to acquisitions, and the cost of integrating a bank that is still turning around its businesses could deter a deal.
(ANSA) – ROME, JUN 23 – In the first quarter of 2023 the
House Price Index (IPAB) measuring the evolution of residential
property prices in Italy increased by 0.1% over the previous
quarter and by 1.1% over the same quarter of the previous year,
according to preliminary estimates released by the national
statistics institute Istat on Friday.
This represents a deceleration over the fourth quarter of 2022,
when annual growth stood at 2.7%, Istat said.
The annual increase was driven mainly by growth in prices of new
homes, which accelerated from 4.5% in Q4 2022 to 5.4% in Q1
The growth in the prices of existing homes instead decelerated
from 2.3% in Q4 2022 to 0.4% in Q1 2023.
The increase in the IPAB occurred in a context of a decline of
sales volumes, added the statistics institute.
According to data on sales published by the Real Estate Market
Observatory (OMI) of Italy’s inland revenue office, the number
of real estate units sold in the residential sector in the first
quarter of 2023 fell by 8.3% over Q4 2022, when the decline on a
quarterly basis stood at 2.1%, Istat said. (ANSA).
ALL RIGHTS RESERVED © Copyright ANSA
THE PRICES of old dwellings in housing companies continued to decline in Finland in March.
Statistics Finland on Wednesday published data indicating that the prices declined by 6.6 year-on-year in the large cities and by 4.2 per cent in other parts of the country, translating to a nationwide decline of 5.8 per cent.
Vantaa and Tampere recorded the most notable drops in house prices, 8.6 and 7.6 per cent, respectively. Prices in Turku, by contrast, fell the least, by only 2.4 per cent from the previous year.
Anu Rämö, a senior statistician at Statistics Finland, pointed out that the price development aligns with that witnessed in January and February: “Prices fell in all regions, more in large cities than other parts of the country,” she summarised in a press release.
Finnish real estate agencies brokered 29 per cent fewer sales in March 2023 than in March 2022, adding up to a drop of 33 per cent in brokered transactions for the period between January and March.
The prices of old dwellings fell by 5.8 per cent year-on-year in large cities and 4.8 per cent in other parts of the country in the three-month period. The development was driven particularly by the capital region, with the prices falling by 7.0 per cent in Vantaa, 6.2 per cent in Helsinki and 5.9 per cent in Espoo.
Rämö stated that one-room flats have been especially affected by the price development. In Helsinki, she highlighted, a studio in a block of flats costs presently about as much as it did four, to five years ago.
The sales of new dwellings in housing companies crashed by 71 per cent year-on-year between January and March. Their prices, however, decreased only moderately from the previous year, by 2.0 per cent.
The Bank of Finland reported that Finnish households drew down 1.2 billion euros worth of housing loans in March. While the total represents a drop of 690 million euros from the previous year, it was higher than in either January or February.
About 100 million euros of the loans were granted for investment purposes. The average interest rate on new housing loans crept up from the previous month to 3.9 per cent.
Juho Keskinen, an economist at the Mortgage Society of Finland (Hypo), described the mood in the real estate market as cautious and real estate sales as unusually sluggish.
“In January to March, sales were at their lowest level since the recession years of the 1990s, and the accelerating decline in prices is not over yet. Higher prices and interest rates are steering residents to cut back on their space needs because the square metres of your home cause a larger dent to your pocketbooks by largely defining interest costs and maintenance charges,” he commented.
Keskinen predicted that the market mood will not improve until interest rates level off toward the end of the year.
Aleksi Teivainen – HT
The commercial real estate market, especially in the office building sector, is about to enter a perfect storm of declining occupancy rates, lower rents, high interest rates and less access to credit. This in turn will challenge banks and other financial firms that lend to the industry as well as pension funds that have significant exposure.
There is a narrative that the U.S. Federal Reserve will keep raising interest rates until they “break something.” Well, with their rate hikes, the Fed has put at risk not just breaking the commercial real estate industry – but shattering it.
Over the next five years, more than US$2.5-trillion in commercial real estate debt will mature, according to The Kobeissi Letter, which tracks and comments on global capital markets. Some US$1-trillion of that debt is believed to be in need of rolling over in the next two years.
Much of this debt was financed when interest rates were almost zero. Now, it needs to be refinanced at much higher rates and in a market with less liquidity.
If rising interest rates and a huge impending rollover of debt were not foreboding enough, the industry is facing radical societal changes of a magnitude not seen since the development of the modern skyscraper.
The Toronto market provides an illustration.
Skyscraper after skyscraper rose over the past several decades, changing the city’s skyline. There had always been a willingness for banks, corporations, law and consulting firms to pay a hefty premium to be located in the financial district.
These days, the advent of new technology has lessened the need for a highly concentrated financial district. In the meantime, workers have enjoyed sticking to their home offices.
These are global trends, and the declining rates of commercial real estate occupancy can be seen across Canada. Downtown office vacancy rates across the country jumped to 17.7 per cent at the end of last year, from 10.2 per cent before the pandemic, according to Capital Economics.
Commercial real estate is a deceptively simple business. There are a few parameters that make the difference between success and failure.
First, occupancy levels. The higher percentage of space one can rent the higher the revenue. Second, how much rent being charged. This is subject to supply and demand.
Next, since most commercial real estate is financed largely by debt, the level of interest rates is critically important, too. Like financial institutions, commercial real estate companies must be conscious of the maturity profiles or their assets and liabilities. The second to last thing a commercial real estate company wants is to be caught in long-term leases while their debt has a short average maturity while rates skyrocket. The last thing they want is to have tenants leave and rents fall while rates soar.
Unfortunately, nearly everything seems to be going wrong right now.
All this suggests the industry is entering a cyclical bear market. Vacancy rates are rising and will continue to rise as the economy weakens, putting downward pressure on rents and top-line revenue. As debt matures, interest costs will explode. Companies that became addicted to cheap interest rates will have to adjust.
Lenders such as banks and pension funds will see their collateral values decline as the value of buildings plummet. Loan-to-value ratios will drop, making lenders unwilling or even unable to refinance borrowers. This will put further pressure on the financial system.
Commercial real estate booms and busts aren’t anything new.
Between the fourth quarter of 2009 and the last quarter of 2022, the Fed’s commercial real estate index, which reflects the value of buildings, rose by 128 per cent, or about 6.5 per cent annually. During the financial crisis, the index dropped almost 40 per cent from the third quarter of 2007 to the 2009 bottom. In the previous bear market from the end of 1989 to the end of 1993, the index fell by 26 per cent.
But now, the adoption of remote working will make for a particularly challenging period ahead. The days where anyone with enough capital could thrive in commercial real estate are over.
Investors would be wise to underweight commercial real estate investment trusts in their portfolios, or at least be conscious of debt levels and leases coming due relative to loan maturities in the near future. Office REITs are trading at an almost 40-per-cent discount to net asset value, so the market is already signalling problems ahead. Those looking for buying opportunities should seek out names with low levels of leverage.
Be mindful, too, of how much exposure banks in one’s portfolio has to commercial real estate.
We are in for a bumpy ride.
Tom Czitron is a former portfolio manager with more than four decades of investment experience, particularly in fixed-income and asset-mix strategy. He is a former lead manager of Royal Bank’s main bond fund.
UK Commercial Property REIT Ltd – London-based commercial property investor – In the quarter to December 31, net asset value falls. NAV per share as at December 31 decreases 22% to 79.7 pence per share from 101.5p at September 30. NAV total return is negative 21%, compared to negative 7.9% a quarter ago. Reports a 12% rise in earnings per share to 0.82 pence as at December 31, up from 0.73p on September 30. Declares dividend of 0.85 pence per share for the quarter, up from 0.75p a year prior.
Chair Ken McCullagh says: “UK Commercial Property REIT’s high-quality, diversified portfolio, which is weighted towards sectors that benefit from strong underlying structural and societal drivers, coupled with our proactive approach to asset management have allowed us to deliver robust earnings growth in the final quarter and almost 20% over the year. This gives me confidence that, at an operational level, the company is well placed to weather the current economic headwinds and rising interest rates which have led to a rerating of real estate and therefore downward pressure on valuations.”
Looking into 2023, the company notes real estate opportunities for 2023 based on the pace of repricing in the UK. It expects UK headline inflation to have peaked.
Current stock price: 55.50 pence each, down 4.0% on Wednesday morning in London
12-month change: down 33%
By Xindi Wei, Alliance News reporter
Comments and questions to firstname.lastname@example.org
Copyright 2023 Alliance News Ltd. All Rights Reserved.
THIRD QUARTER 2022
FORWARD LOOKING STATEMENTS
The statements contained in this presentation that are not purely historical are forward-looking statements and involve a number of risks and uncertainties. Our forward-looking statements include, but are not limited to, statements regarding our or our management
team’s expectations, hopes, beliefs, intentions or strategies regarding the future. The information included in this presentation in relation to Atlas has been provided by Atlas and its management team, and forward-looking statements include statements relating to Atlas’ management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations of such words and similar
expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the ability to maintain the listing of the Company’s shares of Class A common stock on Nasdaq; (2) the ability to recognize the anticipated benefits of the business combination or acquisitions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain management and key employees; (3) costs related to acquisitions; (4) changes in applicable laws or regulations; (5) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors, including as a result of COVID-19; and (6) other risks and uncertainties indicated from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those under “Risk Factors” therein. Given these risks and uncertainties, you are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation.
Chief Executive Officer
30+ years of experience
Oversaw the delivery of infrastructure planning, engineering, architecture, construction management, environmental consulting and program management services as CEO, Atkins North America
Previously held the position of President of Shaw Environmental & Infrastructure’s Federal division
Chief Financial Officer
25+ years of experience in the construction, engineering and technical services industries
Previously served in Senior Executive roles at the Shaw Group and Atkins North America, most recently in Chief Financial Officer and Chief Operating Officer capacities
Chief Strategy Officer
15+ years of experience
Broad background in mergers & acquisitions, integration, finance, operations management, and sales with large engineering and consulting firms
High-Value Services in Growing Infrastructure and Environmental Markets
2021 REVENUE BY SERVICE LINE1
MACRO TRENDS DRIVING GROWTH
Testing, Inspection & Certification Services (TIC)
Environmental Solutions (ENV)
Program, Construction & Quality Management (PCQM) Engineering & Design (E&D)
Infrastructure Renewal of assets
Environmental & Climate Actions to
overdue for improvement,
sustain, remediate and
replacement and connectivity to
strengthen natural and built
ensure safety and reliability
assets and support the transition
to a low-carbon economy
- Transportation ▪ Education
1. Excludes subcontractor costs
Q3 2022 HIGHLIGHTS
Strong Organic Growth and Record Operating Results Highlight Long-Term Earnings Growth Potential
- Gross revenues up 16.9% YoY, driven by cross- selling, expanded services, contributions from M&A, and continued solid operational execution
- 10% YoY organic revenue growth
- Strong gross margin, excluding subcontractor costs, of 59.5%, up 70bps YoY
- Adj. EBITDA1 up 30.3% YoY, driven by higher revenues, benefits of scale, strong execution, and improved pricing; record Adj EBITDA1 margin of 20.3%
- Record backlog of $864M, up 14% YoY, excluding approximately $133M of new awards pending contract execution
1. Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are not financial measures determined in accordance with GAAP. For a definition of Adjusted EBITDA, Adjusted Net Income and Adjusted EPS and a reconciliation to our most directly comparable financial measure calculated and presented in accordance with GAAP, please see the Appendix included herewith.
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Technical analysis trends ATLAS TECHNICAL CONSULTANTS, INC.
|Short Term||Mid-Term||Long Term|
Income Statement Evolution
|Number of Analysts||5|
|Last Close Price||6,84 $|
|Average target price||15,17 $|
|Spread / Average Target||122%|
“There is a good appetite among the citizens of top cities for buying quality houses and thus there is significant buoyancy in the real estate market. There has been activity in the real estate market which is good news for the developers. Buoyancy is building on from one quarter to another in the current year,” said Samir Jasuja, Founder and Managing Director at PropEquity.
The new launches of residential property jumped 11 % in the third quarter of the ongoing calendar year in the top cities of the country as compared to the corresponding period of 2021.
The new launches stood at 83,241 units in the third quarter of 2022 as against 75,061 units in the same quarter of 2021. The sales in the third quarter of 2022, however, fell by 15% as compared to the immediately preceding quarter of the current calendar year when 97,745 units were launched, according to the report.
“Metropolitan cities such as Mumbai and Pune continue to top the charts. We’re experiencing a continuous surge in consumer sentiment towards property investments. The Q3 had seen a significant improvement in demand for housing and this would set the ball rolling for the next quarter as well. Despite the slight increase in overall interest rates, the demand for housing has not dipped,” said Shiwang Suraj, Founder & Director at Inframantra, a real estate consultancy firm.
The top cities or Tier 1 cities included in this report are Bengaluru, Chennai, Hyderabad, Kolkata, Thane, Mumbai, Navi Mumbai, Pune and Delhi-NCR (New Delhi, Gurugram, Faridabad, Noida, Greater Noida, Ghaziabad).
“During Diwali month we have sold inventory worth Rs 250 crore which is much more than our monthly sale of around Rs 150 crore. We don’t have much inventory left as the sales has been robust for the last few months,” said Migsun’s managing director Yash Miglani said.
The top three cities in terms of sales were Thane, Pune and Bengaluru. Thane saw sales of 21, 910 units in the third quarter of 2022, a jump of 32% from the same time period of 2021 but down 4% from the immediately preceding quarter.
Pune witnessed sales of 20,807 units in the third quarter of 2022, a jump of 9% from the same time of 2021 but down 1% from the immediately preceding quarter. Bengaluru saw sales of 15,297 units in the third quarter of 2022, a jump of 41% from the same time of 2021 and an increase of 5% from the immediately preceding quarter.
The top three cities in terms of new launches were Hyderabad, Thane and Pune. Hyderabad saw new launches of 16,931 units in the third quarter of 2022, a jump of 30% from the same time of 2021 and an increase of 7% from the immediately preceding quarter.
The total unsold stock in the top cities at the end of third quarter of 2022 went down by 12% as compared to the same time period of 2021. The total unsold stock at the end of third quarter of 2022 stood at 4,77,570 units as compared to 5,40849 units in the same time period of 2021. Delhi-NCR, Bengaluru and Pune saw the most decline in the unsold inventory.
Delhi-NCR had an unsold inventory of 37,494 units at the end of third quarter of 2022, down 32% from 55,156 units at the end of corresponding time period of 2021. Bengaluru had an unsold inventory of 54,612 units at the end of third quarter of 2022, down 25% from 72,476 units at the end of the same time period of 2021. Pune had an unsold inventory of 70,475 units at the end of third quarter of 2022, down 22% from 90,419 units at the end of corresponding time period of 2021.
Delhi-NCR, Kolkata and Chennai saw the maximum increase in weighted average price of homes (in Rs per square feet) in the third quarter of 2022 over the same period of 2021. The average price of houses in Delhi NCR stood at Rs 9,996 per square feet in the third quarter of 2022, a jump of 30% over the same period of 2021.
The average price of residential property in Kolkata stood at Rs 5,954 per square feet in the third quarter of 2022, an increase of 21% over the same period of 2021. The average price of homes in Chennai stood at Rs 6,956 per square feet in the third quarter of 2022, a jump of 16% over the corresponding period of 2021.