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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jul 29, 1969
Page
3
Real Estate Institute reviews commercial property policies in a period of tight rent control as 5 percent land rent remains inflexible. Amendments target industrial lease sites and restrictions through purpose clauses plot ratios and building heights, creating confusion and little encouragement for investors.
In Canberra a redevelopment debate focuses on land release and valuation. MP J R Fraser criticizes current land valuation by Treasury and urges reforms to reduce rents from five to three percent or lower. The Canberra Chamber of Commerce suggests abolishing land rents and adopting a rating system instead.
The chamber says rents lack a fixed sliding scale and unimproved valuations. It urges reducing commercial lease terms to 40 to 50 years and backs a government land redevelopment resume and release plan. Auctioneer Webster supports 20 year revaluation with rent flexibility, while critic McKillop notes dual valuations add cost. Florina Building example cited.
The article discusses Crown land lease valuations and their impact on redevelopment plans in Canberra. Unimproved land rent at 53,000 and rating valuation at 98,000 create disincentives, as shown by Capitol Canberra Theatres Ltd shelving a $2 million Civic Theatre project after a likely 340,000 revaluation. Despite hesitation, market activity remains high with nearby Florina Building block and Alinga Street sites trading, while Northbourne Avenue parcels trade at lofty prices amid expected near-term revaluations. The piece criticizes Interior Ministers and public servants for failing to acknowledge or address the emerging problem.
The ACT Eden Monaro Branch of the Real Estate Institute highlights the Agents Ordinance of 1968 and its impact, praising the ACT Agents Board and urging public reliance on qualified members. It discusses leasehold system flaws, Treasury secrecy, planned central area review, and potential reforms to rents and rates for Canberra.
The Eden Monaro branch draws its members from a large territory including Goulburn to Batemans Bay and Narooma, Moruya, and Cooma. It has 104 members in the area, with 52 member firms, and operates largely autonomously, making its own decisions and handling its own problems.
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