Law banning auction price guides ‘insane’: McGrath

HIGH-PROFILE real estate agent John McGrath has stepped up his campaign against proposed legislation in Queensland banning agents from suggesting price guides on residential auction properties, claiming the move could destroy the Sunshine State’s auction market. The Property Occupations Bill and the Agents Financial Administration Bill 2013 is now before the Queensland parliament and could […]

Gold Coast’s elite homes fail to dazzle

THE Gold Coast prestige home market is expected to lag the recovery of the broader market and struggle for the next 18 months after one of the city’s top luxury auctions finished with barely a sale this week. The Ray White Surfers Paradise Prestige Event was held at the Palazzo Versace on Thursday night. But […]

Leigh Seymour adds $44m to carpark holdings

LEIGH Seymour, the daughter of property veteran Kevin Seymour, has amassed a portfolio of carpark investments worth $120 million after this week purchasing Brisbane’s McWhirters carpark for $44m. Ms Seymour also owns Festival in Brisbane and the Victoria University carpark at 300 Flinders Street in Melbourne. She said the McWhirters property, purchased on a yield […]

Brisbane prestige property market booming with over $300m in listings

MORE than $300 million in prestige property has poured on to the Brisbane market as the state’s economy moves into property-led recovery mode. Some of the city’s most lavish residences have been listed for sale and millions of dollars’ worth of luxury penthouses have sold in the past few weeks. In pictures: Brisbane prestige homes […]

QLD: Development site sale, 11 Breakfast Creek Road, Newstead, Brisbane

WATPAC Developments has sold a develpoment site to the Tatts Group for $8 million in Brisbane’s riverside suburb of Newstead. The sale was in line with Watpac’s stated strategy to gradually sell down non-core development sites and repatriate capital back into existing businesses. The site has approval for a 16-storey office tower with 17,860sq m […]

PIF continues to grow with expansion into Queensland

The Property Industry Foundation (PIF) is continuing its national roll-out with the opening of its Queensland branch. Starting in New South Wales in 1996, PIF expanded into Victoria and now raises over $1.5million per year. “We are thrilled to be expanding the Property Industry Foundation. It has had fantastic support and achievements in both New […]

Mulpha, Sol Kerzner ‘close’ to Hayman deal

HAYMAN Island is not about to be sold but its Malaysian conglomerate owner Mulpha is understood to be negotiating to strike a management agreement with South African billionaire Sol Kerzner, who controls one of the world’s most upmarket hotel resort chains, One&Only, as well as Dubai’s Atlantis The Palm Resort. Hayman Island managing director Lloyd […]

Market Report Inner Brisbane Apartments June Quarter 2013

Overall, the June 2013 quarter saw another period of strong unconditional sales results despite the recent uncertainty and distractions associated with the current political environment. With numbers undoubtedly propped up by seven new project releases entering the market during the quarter (a supply of 625 apartments), the June quarter recorded 539 unconditional sales. There does […]

Global titans vie for room at Sofitel Brisbane

MAJOR global hotel groups, including Ascendas, United Overseas Land and a New Zealand company called Colwall, are said to be among those competing to buy the Sofitel Brisbane hotel, being offloaded by Brookfield as part of a wider portfolio sale thought to be worth about $600 million. Pan Pacific Hotels owner United Overseas Land, controlled […]

Hamilton Island a hot market for high-end property

FRESH from pumping $350 million into redeveloping Queensland’s Hamilton Island, the billionaire Oatley family last night revealed real estate sales on the resort were up 30 per cent on the previous year. The family’s Hamilton Island Enterprises had sold $35m worth of real estate on the island in the past 12 months, while tourism bookings […]

Brisbane Sofitel set to net $220m

MORE than $220 million is expected for Brookfield’s Sofitel Brisbane Central hotel, given several Singaporean groups have expressed strong interest. Singapore-based LaSalle Investment Management is understood to have shown enthusiasm for the 429-room CBD hotel in Turbot Street, as has a wealthy Indonesian investor based in New Zealand. But price expectations are below those originally […]

Queensland hotel for sale by receivers

The former L’Academie Hotel in Fortitude Valley is being offered for sale via an Expressions of Interest campaign from CBRE. CBRE’s Glenn Price and Darren Collins are marketing the Freehold hotel, which is no longer trading, under instruction of Matthew Joiner and Gerald Collins of BDO as receivers and managers. The hotel has a long […]

GPT Group sells Fotitude Valley site for $103 million

GPT Group has finally sold out of its bulky goods retail investments after offloading the Fortitude Valley Homemaker Centre for $103 million. It was previously reported that billionaire John van Lieshout had bought the Brisbane property through his private firm Unison Projects. But Unison Projects managing director Jonathan Levy denied the company was the purchaser. […]

Brisbane unit prices dropped 4% in December quarter: REIQ

Brisbane’s median unit price decreased 4% to $389,000 over the December 2012 quarter but posted a mild 0.3% increase over the year, according to the latest figures from the Real Estate Institute of Queensland (REIQ). REIQ CEO Anton Kardash said a marked rise in the number of sales of units priced between $250,000 and $350,000 […]

Landmark New Farm home sells for $4.5 million

One of Brisbane’s most well known riverfront homes has changed hands for only the fourth time since its construction at the end of The Great Depression. After more than a year on the market, The Moorings – a Tudor-style mansion at 1 Riverview Court, New Farm – sold for a rumoured $4.5 million in November, […]

Centruria sells 601 Bourke Street for $29.1m and acquires 19 Corporate Drive for $23.3m

A private European fund has acquired 601 Bourke Street, in Melbourne’s CBD for $29.1million. The 11-level building at 601 Bourke Street has 7980 square metres of net lettable area and basement parking for 26 vehicles. Jones Lang LaSalle agents James Kaufman and Rob Anderson and CBRE agents Mark Coster and Mark Granter brokered the sale. The vendor, Centuria […]

This week sold $40m worth of 7-Elevens

More than $40 million worth of 7-Eleven service stations have been snapped up at auctions in Brisbane and Sydney this week. Both auctions attracted crowds and achieved 100 per cent clearance rates. A young private Taiwanese buyer was notably competitive in the purchase of a 1200 square metre station opposite the Gabba cricket ground in Brisbane, […]

Alceon keeps focus in Underwood

Venture capital and advisory group Alceon, which counts former Babcock & Brown founder Phil Green among its backers, is finalising the purchase of about $80 million worth of retail centres in Queensland with joint venture partners. Alceon and syndicator Harvest Property have snapped up a hotel and neighbouring retail complex at Underwood, south of Brisbane, […]

Dexus secures $290m equity from super fund

Dexus Property Group’s main wholesale property fund has secured a $290 million equity commitment from State Super Financial Services (SSFS). The move comes as Australian real estate investment trusts emphasise their capacity to raise third party capital, which provides them with a valuable fee stream and backing for their major projects. The capital secured from […]

2012 Interior Design Excellence Awards (IDEA) winners revealed

Inside magazine announced the winners of the 2012 Interior Design Excellence Awards (IDEA) at its Gala Party tonight, held at the Seymour Centre in Sydney. This year’s top prize was awarded to Billard Leece Partnership and Bates Smart for the Royal Children’s Hospital in Melbourne. Setting a new benchmark for hospital design, this project is a deserving recipient of […]

Charter Hall nails Bunnings stores

Charter Hall Group and Telstra Super have teamed up to acquire a portfolio of seven new Bunnings Warehouse retail stores from Bunnings for $176 million. The pair also bought a $30.7 million Bunnings-anchored property at Stafford in Brisbane from Charter Hall’s unlisted Direct Retail Fund. The $207 million portfolio purchase was struck on an initial […]

Canadian and Abu Dhabi investment injection accompanies Westfield and AMP Capital’s $1.7 billion shopping centre restructure

AMP Capital managed funds have acquired Westfield’s interest in three of Australia’s best known retail assets, the Macquarie Centre in Sydney, Pacific Fair on the Gold Coast and Garden City Booragoon in Perth, for $1.025 billion. At the same time, the Westfield entities WDC and WRT have acquired AMP Capital managed funds’ interests in four centres […]

Homeowners confident but luxury market loses lustre

Australia’s housing recovery in 2012 is likely to remain a “main street” affair for some time to come. Luxury homes worth more than $1 million in non-mining states, which represent less than 5 per cent of all sales, will face structural headwinds deriving from the downgrade in earnings expectations in the financial services sector. Based […]

Tinkler bid for Brisbane office building collapses

A company controlled by Nathan Tinkler has failed to complete a $40 million deal to buy an office building in Brisbane. As foreshadowed by The Australian Financial Review early last month, Mr Tinkler’s Francis Street Holdings had planned to buy the 5500 square metre building overlooking the Brisbane River but was ­unable to settle on the deal after […]

Brookfield selling up shares in Australian retail market

Half of the shares of the Claremont Quarter shopping centre have been put on the market, valued at over $300 million, previously owned by Brookfield Asset Management, the listed North American property and infrastructure conglomerate. On December 31 2011, Brookfield had valued its share of the shopping centre, comprising of only the retail component, at […]

Fillip for rising home prices

House prices, already rising at their fastest rate in more than two years, could gather more pace thanks to the Reserve Bank of Australia’s cut in interest rates. Capital city dwelling values rose by 2 per cent in the three months to September, according to RP Data-Rismark, in a sign the central bank’s easing of […]

RNA development ‘up to three years’ late: QLD Premier Campbell Newman

Queensland Premier Campbell Newman today launched the first residential development at Brisbane’s $2.9 billion RNA Showgrounds regeneration, which aims to house people at the Ekka site by mid 2014. But Mr Newman said the construction should have started up to three years earlier, and would have if the city’s largest urban renewal project since South […]

Devine’s DoubleOne 3 Racks Up Over 50% In Sales

Developer Devine’s DoubleOne 3 development at Teneriffe has now sold over 50 per cent of its apartments, signalling renewed confidence in the Brisbane apartment market. The $58 million DoubleOne 3 apartment project in Teneriffe has achieved strong sales due to its blue-chip location and affordability, with apartments starting from $370,000. DoubleOne 3 sales manager David […]

Devine Constructions Wins National Building Award

Leading commercial builder Devine Constructions has confirmed its reputation for building excellence, winning a prestigious national award for its work on Stage 1 and 2 of the $500 million Hamilton Harbour mixed-use development. The Devine Constructions team took out the 2012 Australian Institute of Building (AIB) National Award for Residential Construction $100 million Plus against […]

Prices up, sales down: Brisbane’s real estate trend

Brisbane’s median house price has increased 21 per cent over the past five years, but the number of house sales has nearly halved. The number of houses sold in Brisbane fell from 21,413 in 2006-07 to 10,631 in 2011-12, according to figures compiled by the Real Estate Institute of Queensland. Meanwhile, the median house price […]

Foreigners biggest buyers of industrial assets

More than two-thirds of the $4 billion worth of major Australian industrial assets sold since 2010 were bought by foreign firms. Research from property consultant Urbis showed buyers from China, Malaysia, Singapore and Canada have dominated the marketplace, as Australia’s reputation as a safe haven for investment grows. “The main trend is that up until […]

Six of Australia’s top developers vie for tower

Six of Australia’s top developers will battle it out for the right to build a tower on Brisbane’s William Street, as part of the Queensland government’s multibillion-dollar CBD urban renewal project. The state government said it hoped to see work on the 1 William Street site by the end of the year, after listed groups Lend […]

Trinity CEO Craig Bellamy steps down

Trinity Group’s deputy chairman, Chris Morton, will take over as chief executive following the resignation of Craig Bellamy, who helped steer the Brisbane-based property investor through three stormy years. Mr Bellamy’s departure follows some high-profile resignations across the property sector, including those of Nick Collishaw at Mirvac and Matthew Quinn at Stockland. However, Trinity chairman […]

Office rents ‘to fall as jobs drop off’

Office rents could fall 5 per cent over the next four years as white collar jobs growth outside the mining sector flags. The major office markets of Sydney and Melbourne will be among the worst hit with effective rents declining by between 8 per cent and 9 per cent, according to a Morgan Stanley analysis. Adelaide, […]

No suburbs with house prices under $420,000 within 20 kilometres of Sydney, Canberra and Darwin: RP Data

Buying a house in the cheapest suburb within 20 kilometres of the CBD will still cost at least $420,000 in Sydney, Darwin and Canberra, according to an RP Data report. Granville, south of Parramatta, is the cheapest suburb within 20 kilometres of Sydney’s CBD, with a median house price of $445,424. In Canberra, the cheapest […]

Property investors will thrive in areas benefiting from LNG boom

One reason the simplistic “mining boom is over” rhetoric is causing so much concern is that many people don’t understand what’s driving the resources sector. Essentially all that’s happened is that prices for iron ore and coal have fallen off their peak. In the overall context of the resources revolution, which will extend beyond my […]

WA and Queensland housing markets to get demographic boost, but four years of cloudy skies for Victoria: BIS Shrapnel

Immigration trends, vacancy rates, housing undersupply and employment prospects all favour Queensland and Western Australia to lead the next phase of housing market growth over the next two to three years, according to BIS Shrapnel. But the stars are not lining up in Victoria, with BIS Shrapnel’s team of forecasters and economists tipping up to […]

Four reasons Australia can’t keep up with housing demand

The Reserve Bank released its September quarter bulletin, which included a superb article outlining the bank’s research around supply-side constraints across the capital cities of Australia.  The report identifies four factors that are impediments to a responsive housing supply across the country: Complexity of the planning process that can create uncertainty, lengthy delays and risk for developers […]

Brisbane units market heading into downswing on property clock due to too many off-the-plan projects: Michael Yardney

The Brisbane inner-city apartment market is heading into a downswing due to the large numbers of off-the-plan projects currently being marketed in the Brisbane CBD and surrounding suburbs, according to property investment adviser Michael Yardney. Yardney, the director of Metropole Property Investment Strategists, places the Brisbane unit market at two o’clock on the property clock […]

Queensland set to follow NSW by scrapping $7,000 first-home owners’ grant in favour of $15,000 handout for new home buyers

The Queensland government will tomorrow announce plans to scrap the $7,000 first-home owners’ grant and replace it with a $15,000 handout only available for those first-home owners buying a new home. The details of the changes to first-home owner handouts, leaked to theCourier Mail, will be announced by Queensland Treasurer Tim Nicholls tomorrow when he […]

LANDSBURYS DAILY WRAP: Housing starts continue to decline while apartment construction increased 19%

Current +/- Movement $AUS/$US 104.71 +1.23 Cash Rate 3.50 Steady 90 Day Bill 3.58 +0.02 10 Year Bond 3.102 +0.03 ASX 200 4361.3 +35.51 New South Wales Parramatta Commercial Market Update (AFR Pg.37) Research indicates the vacancy rate for commercial space in Parramatta declined 0.4% to 8.7% in the six months to July, the lowest level in […]

Online residential listings rise 1.5% in August to 373,510, led by Melbourne, Sydney and Canberra

Vendors appear hopeful of better fortunes this spring selling season with the total number of residential properties listed for sale online rising 1.5% over August to reach 373,510, according to figures from SQM Research. This contrasts starkly with the same time last year, when listings fell 3.8% from 377,213 in July 2011 to 362,740 in […]

LANDSBURYS DAILY WRAP: NSW, VIC and QLD developments update

Current +/- Movement $AUS/$US 101.87 -0.90 Cash Rate 3.50 Steady   90 Day Bill 3.55 +0.02 10 Year Bond 2.960 -0.09 ASX 200 4278.8 -24.71 New South Wales Clarence Street Development Site Sold (AFR Pg.48) Crown International Holdings has acquired a residential development site at 161-163 Clarence Street, Sydney from Brookfield Multiplex for $29 million. Crown is preparing a stage one […]

LANDSBURYS DAILY WRAP: Melbourne Developments Update

Current +/- Movement $AUS/$US 102.77 +0.20 Cash Rate 3.50 Steady   90 Day Bill 3.53 -0.02 10 Year Bond 3.050 +0.04 ASX 200 4303.5 -21.16 Victoria Yarra River North Wharf Development Update (AFR Pg.39) A $100 million mixed use development has been planned for the Yarra River’s North Wharf following a 99 year lease agreement between Asset1 WTC and […]

August puts a stop to national dwelling value growth: RP Data-Rismark

Dwelling values across Australia were unchanged in August, after values recovered slightly in June and July following the RBA’s back-to-back rate cuts. “During the seasonally slower month of August, value growth flat-lined,” RP Data research director Tim Lawless says. While Adelaide was the strongest performer during August, it was not among the seven of Australia’s eight capital cities registering capital gains […]

LANDSBURYS DAILY WRAP: Industrial Lease update

Current +/- Movement $AUS/$US 102.57 -0.60 Cash Rate 3.50 Steady   90 Day Bill 3.55 -0.03 10 Year Bond 3.007 -0.033 ASX 200 4329.7 +13.56 New South Wales Homebush Industrial Lease (AFR Pg.42) Nolan’s Transport has leased a 3,706m² industrial warehouse at 3-4/39 Hill Road,Homebush under a six year term for $105/m² net. Victoria Officer Retail Sites Put […]

LANDSBURYS DAILY WRAP: Torallo acquired Sydney King Street commercial

Current +/- Movement $AUS/$US 103.70 -0.02 Cash Rate 3.50 Steady   90 Day Bill 3.64 +0.02 10 Year Bond 3.118 -0.002 ASX 200 4356.4 -2.98 New South Wales King Street Office Building Sold (AFR Pg.48) Torallo has acquired a 1,531m² commercial property at 40 King Street, Sydney for $7.25 million ($4,735/m²). Tenants in the property which spans 294m² in […]

Mixed results as property took longer to sell in July than in June in all state capitals: APM

The average number of days property is lingering on the market increased in all state capital cities in July, according to APM. The increase was most dramatic in Hobart, where properties took an average of 185 days to sell in July, compared with 146 in June. Darwin in the Northern Territory was the only city […]

Queensland and NSW dominate the RP Data suburb locations where it is cheaper to buy than rent

There are between 238 and 1,759 suburbs across Australia where it’s potentially cheaper to buy than rent, according to RP Data research. Queensland and NSW dominate the comprehensive list, as do regions over capital city suburbs. It’s the outcome of home values being 5.9% lower than their previous highs and rental rates having continued to […]

Perth nudges out Sydney as the capital with the highest-priced land per square metre

In real estate there is no truer commodity than vacant land.  Houses and units inherently show a qualitative bias; the value of a house or unit is influenced by various factors such as the size of the home, the state of repair, the architecture, the attributes of the home such as number of bedrooms and […]

PMP Portfolio Sale Tipped To Generate Significant Buyer Interest

ASX-listed printer and publisher PMP Ltd is moving to capitalise on strong investor demand for industrial portfolios with the sale and leaseback of four facilities across Australia. CBRE has been appointed as the exclusive selling agent for the PMP portfolio, which includes properties at Moorebank in NSW, Clayton in Victoria, Wacol in Queensland and Bibra […]

LANDSBURYS DAILY WRAP: Commercial and Industrial Update

Current +/- Movement $AUS/$US 103.83 -0.22 Cash Rate 3.50 Steady   90 Day Bill 3.63 +0.02 10 Year Bond 3.125 -0.03 ASX 200 4343.7 -5.30 New South Wales St Leonards Commercial Lease (AFR Pg.40) Customers 1-1 has leased 1,100m² of commercial office space at 170 Pacific Highway, St Leonards under a five year term for $270/m² net. Wetherill Park […]

Housing affordability at highest level since September 2009, led by improvements in Perth and Adelaide: HIA/CBA index

Perth and Adelaide have led a sixth straight quarter of improving housing affordability in the June quarter, taking the HIA-Commonwealth Bank Housing Affordability Index to its highest level since September 2009. The index improved by 1.1% (0.7 points) in the June 2012 quarter to be 10.6% (6.0 points) higher over the year with an index […]

LANDSBURYS DAILY WRAP: Hamilton Harbour Mixed Use Development Update

Current +/- Movement $AUS/$US 105.13 +0.67 Cash Rate 3.50 Steady   90 Day Bill 3.62 +0.01 10 Year Bond 3.227 -0.073 ASX 200 4383.7 +7.66 Queensland Hamilton Harbour Mixed Use Development Update (www.propertyobserver.com.au) Devine’s $500 million mixed use Hamilton Harbour development has achieved 425 residential apartment sales for the first two towers. Construction for the first two towers […]

Inner Brisbane apartment market picks up as Devine reports 90% of Hamilton Harbour towers sold out

Property developer Devine has reported sales of 425 apartments in the first two towers of its $500 million Hamilton Harbour mixed-use development and an overall better outlook for the inner-Brisbane housing market. Devine reported the sales success at Hamilton Harbour as one of the highlights of its financial year as it reported an underlying profit […]

Bulimba joins Brisbane’s exclusive million-dollar suburb club, helped by prestige waterfront sales: REIQ

The trendy riverside suburb of Bulimba has joined an exclusive group of just three Brisbane suburbs with a median house price of over $1 million, according to June quarter data from the Real Estate Institute of Queensland (REIQ). Bulimba recorded a median price of $1.07 million, a rise of 33.8% over the June quarter, helped […]

LANDSBURYS DAILY WRAP: NSW’s Green Square update, plus Victoria and Queensland’s big sellers

Current +/- Movement $AUS/$US 104.71 -0.49 Cash Rate 3.50 Steady 90 Day Bill 3.62 -0.01 10 Year Bond 3.313 +0.070 ASX 200 4281.2 -11.0 New South Wales Top Ryde Shopping Centre Update (AFR Pg.46) Receivers McGrathNicol will put to market the Top Ryde Shopping Centre via an expressions of interest campaign starting August 23. The centre was valued at […]

LANDBURYS DAILY WRAP: Queensland and Victoria are selling up

Current +/- Movement $AUS/$US 105.44 -0.30 Cash Rate 3.50 Steady 90 Day Bill 3.64 +0.03 10 Year Bond 3.233 +0.018 ASX 200 4312.6 +21.0 New South Wales Heathcote Ridge Development Update (AFR Pg.47) The Gandangarra Local Aboriginal Land Council has submitted revised plans for a $1 billion residential and commercial development spanning 850 hectares at Heathcote Ridge in the […]

Melbourne and Sydney lead 4.9% monthly drop in online residential listings suggesting market may be entering “recovery mode”: SQM Research

An almost 5% drop in residential properties listed for sale online over July, led by big monthly falls in Melbourne and Sydney, may indicate the housing market may be close to entering “recovery mode”, according to SQM Research. SQM Research calculated that online residential listings fell by 4.9% in July led by falls in Melbourne […]

Investor’s must-know guide to Australia’s top 50 rental suburbs

Brisbane’s Fortitude Valley has topped the list of suburbs with the highest proportion of rentals, with 70% of dwellings occupied by renters. It narrowly pipped Canberra’s City at 69.7% and Perth’s Northbridge at 69.3%. The other 30% of Fortitude Valley is made up of 20.6% owned with a mortgage, 6.7% owned outright, 2.3% not stated […]