The developer hopes to take its fight to the High Court

GOLD Coast property developer Sunland Group yesterday sought special leave to appeal to the High Court to overturn a Victorian Court of Appeal judgment on a controversial 2007 land deal in Dubai. The $63 million purchase of a block known as D17 in the Dubai Waterfront development has led to criminal prosecutions against four Australians […]

Marina market lures Rich list investor Chris Ellis

Former Macquarie banker Andrew Hooper-Nguyen and his business ­partner, the co-founder of ASX-listed Excel Coal, Chris Ellis, have purchased AMP Capital’s Spinnaker Sound Marina in Queensland. Ellis ranked No. 184 on the 2013 BRW Rich 200 list. AMP Capital’s Select Property Portfolio 2 held the 138-berth marina at Sandstone Point, Deception Bay with the intention of developing […]

Oyster Cove mansion a real pearler

AN OPULENT Gold Coast mansion which no one has lived in since it was built four years ago, is being offered for sale by its Malaysian owners. The home is one of three houses sitting alongside each other at Oyster Cove, which Malaysian-based conglomerate Sime Darby built to house its executives when on the Gold […]

Gold Coast glints with golden opportunities

Excess stock on the Gold Coast is being soaked up as confidence returns and buyers cash in on the lower prices on offer. ”It’s been the best start to the year that we have had for five or six years,” says CBRE’s Gold Coast residential projects managing director Chris Litfin. ”I’ve been doing this for […]

Bidders come out on top in luxury property auction

Over $13.8 million worth of luxury property was snapped up by bidders at the Ray White Surfers Paradise prestige auction on Thursday. No less than 300 people gathered to place bids on eleven properties at the prestige auction, a part of “The Event” series held annually. Earlier last week, 72 of the 103 homes and […]

Bellagio La Villa listed for January 31

The grandest of current listings across Australia is unquestionably the Tallebudgera estate Bellagio La Villa, the home of the horse racing enthusiast and property developer Paul Sweeney and his wife, Viki Farrar. It is listed for January 31  Ray White auction as a court-ordered separation sale. No price guide has been given for the 17-hectare estate, set some […]

Con Makris is $52 million lighter with purchase of Marina Mirage

The Gold Coast’s Marina Mirage shopping centre was bought by the South Australian property mogul Con Makris for $52 million. The deal comes as good news for the Gold Coast as a sure sign of renewed commercial buyer interest in the area. According to Con Makris, conditions have never been better for buying commercial property […]

Gold Coast takes the cake in Queensland property market

The Gold Coast property market shone this year, comprising the top five most expensive homes sold in Queensland – and three of the top five units. Brisbane only accounted for two dwellings on the list, both apartments in Newstead, according to new information from the Real Estate Institute of Queensland. A three-level waterfront home at […]

BlackRock office assets sale hints at rosy outlook

Private property syndicates and small-to-medium superfunds are in due diligence over more than $300 million worth of prime national office assets that are being sold by the asset manager BlackRock. The sales campaign for the assets closed last Friday and the prospective buyers have 20 days to register an offer. It comes amid an improving […]

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 […]

Sunland boutique projects find niche market but Gold Coast house-and-land sales slump to 27-year low

There were just 239 sales of vacant residential land and house-and-land packages on the Gold Coast over the September quarter, according to the latest Prodap report. Of these 239 sales, 56 were house-and-land packages, with vacant lot sales totalling 183. Report author Bill Morris says the Gold Coast residential land market continues to under-perform, though […]

RP Data identifies Australia’s Top 25 Richest Suburbs

In the weekly RP Data Property Pulse out yesterday, research director Tim Lawless revisits one of the all-time favourite property-related topics – Australia’s Property Rich List. Using median values analysis for houses rather than median prices, Mr Lawless identifies where the most expensive locations are in Australia for home ownership. In compiling the data, he has […]

Versace hotel to sell for $68.5 million

Sunland Group has entered into a deal to sell the Palazzo Versace Hotel on the Gold Coast to private investors for $68.5 million. Having flagged the sale in April, it was initially priced closer to $80 million. While not disclosing any names, the sale is conditional on approval from the Foreign Investment Review Board and […]

Asian buyers buoy Gold Coast

A Malaysian businessman has bought $13 million worth of apartments in Soul Tower at Surfers Paradise on the Gold Coast, adding to growing investment in the city from Asia. Soul’s developer, Shaun Juniper, said the influx of Asian buyers has saved the depressed Gold Coast property market from a further crash and helped drive almost […]

Chinese buyers await FIRB approval to secure Palazzo Versace

Two Chinese companies have struck a $68.5 million deal with Sunland Group for the world’s first fashion house-branded hotel, Palazzo Versace. Property Observer reported three weeks ago that offshore Chinese investors were eyeing up the hotel, with the market tipping $60 million plus. The Chinese investors include a construction group and a travel company, but the $68.5 […]

Gold Coast and Sunshine Coast show no signs of turnaround as more homes worth less than purchase price: RP Data

An increasing percentage of recent Gold and Sunshine Coast home buyers would get less than what they paid for homes if they were to sell them now, according to the latest RP Data Value Accumulation report. The quarterly report compares the original purchase prices with the current estimated value of property as at June 2012 […]

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 […]

Queensland pub owner Robert Fraser-Scott’s Paradise Point mansion receivership listing: Title Tattle

The Queensland hotel and pub owner Robert Fraser-Scott has lost control of his prestige Sovereign Island residence (pictured above). It’s been listed for October 10 auction under instructions from Ernst & Young through Ray White Surfers Paradise agent Shaun Kaddatz. The property has its own website, Last November Fraser-Scott thought he’d sold his mega-mansion, albeit for less than half what it […]

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 […]

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: Commercial Lease Update

Current +/- Movement $AUS/$US 103.48 -0.06 Cash Rate 3.50 Steady 90 Day Bill 3.56 -0.02 10 Year Bond 3.068 +0.005 ASX 200 4325.8 -8.0 New South Wales Milsons Point Commercial Lease (SMH 8-9 Pg.46) GoEnergy has leased a 119m² office at 6A Glen Street, Milsons Point under a two year term for $480/m² gross. Pyrmont Commercial Lease (SMH 8-9 […]

Chinese investors eyeing up Sunland’s $60 million-plus Palazzo Versace on Gold Coast

Sunland’s flagship Palazzo Versace hotel has received considerable offshore buying interest since its marketing began in April this year. A Chinese group is in due diligence considering its acquisition of the luxury Gold Coast hotel. The market is tipping $60 million plus for the Palazzo Versace hotel, which was the world’s first fashion house-branded hotel when launched in 2000. It recently underwent a multimillion-dollar […]

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 […]

LANDSBURYS DAILY WRAP: Industrial and Commercial updates

Current +/- Movement $AUS/$US 104.91 +0.42 Cash Rate 3.50 Steady 90 Day Bill 3.61 Steady 10 Year Bond 3.398 -0.01 ASX 200 4383.4 +19.09 New South Wales Barangaroo Development Update (AFR Pg.42) The Barangaroo Development Authority will launch an international design competition for the Central Precinct of the Barangaroo urban renewal project next week. The Central Precinct […]

Property investors guide to the suburbs dominated by tenants – highlighting private and government landlords

By Tim Lawless Friday, 20 July 2012 The proportion of dwellings that are rented has remained fairly consistent across Australia over the past decade, based on figures from the 2011 census. Rented dwellings comprised 27.6% of all occupied homes back in 2001; 10 years later the proportion had risen by only slightly more than one […]