Push for strata reform in WA

With the number of strata properties on the rise in Western Australia, reform advocacy groups are pushing for legislative changes that they say are long overdue. Reforms were announced in New South Wales this week that allow pets in units, curb smoking on apartment balconies and prevent the installation of noisy timber and tiled floors. […]

Challenger Life buys Bunbury Forum for $143m

CHALLENGER Life has bought the Bunbury Forum shopping centre in Western Australia for $143 million. The deal, flagged by The Australian last month, comes after Challenger recently acquired a stake in Federation Centres’ shopping malls for $602m in a partnership deal with the Abu Dhabi Investment Council. Challenger controls the listed Challenger Diversified Property Group. […]

WA: Industrial lease, 923 Cockburn Road, Henderson, Perth

RESOURCES project and financing specialist Vicon Services has moved to a new industrial facility in Perth’s south-west at an annual rental believed to be about $340,000. The property is a two storey office building and 3000sq m of concrete hardstand. The warehouse has two gantry cranes. Ray White Commercial agent John Zafiropoulos said that Vicon […]

Andrew Forrest digs in as council heritage row holds up manor renovations

MINING magnate Andrew Forrest has overcome formidable obstacles in his bid to transform Western Australia’s vast north into a mining powerhouse, but his battles to renovate his house, Pine Lodge, in Perth’s Cottesloe are proving just as challenging, after the local council stalled his plans to renovate his heritage home. The 19th century single-storey brick […]

Nigel Satterley buys historic Chiritta home in Perth’s Peppermint Grove for $17.5m

For more pictures see Gallery Millionaire Perth property developer Nigel Satterley has snapped up a $17.5 million bargain buying one of Western Australia’s most historic and prestigious homes for well below the listed price. The prestigious Peppermint Grove property of Chiritta which dates back to the late 1890s was bought by Mr Satterley on Tuesday […]

Dunsborough land sale represents residential opportunity

Seventy hectares of prime land within the Dunsborough Lakes Estate has hit the market, offering a unique development opportunity in one of Western Australia’s fastest growing areas. CBRE and Knight Frank are jointly selling the properties, which comprise three proposed lots and one existing site, through an Offer to Purchase campaign. The land on offer […]

MGPA finalises acquisition of Optima Centre in Perth, Western Australia and is looking for further investments

MGPA, the private equity real estate investment advisory company, is pleased to confirm that it has finalised the acquisition of the Optima Centre in Perth, Western Australia, which it announced in January of this year. MGPA had been awaiting both Foreign Investment Review Board (FIRB) approval and financing arrangements before closing the deal. The Optima […]

Starhill Global steps up Perth presence with $48 million purchase

Singapore-listed Starhill Global Real Estate Investment Trust has bought Perth’s Plaza Arcade for $48 million. The calculated move should hold benefits for the trust who already own the David Jones Building next door. Starhill’s purchase of the Plaza Arcade has now positioned them to expand their holdings on Perth’s main retail area. Starhill is confident […]

Property giants consider slipping Aspen

Morgan Stanley and Blackstone have their eyes trained on the struggling Aspen Group, the property group based out of Western Australia. Institutional shareholders of Aspen Group have increasingly been intensifying the pressure for a buyout. According to senior sources, the two US heavyweights, as well as Cromwell Property Group and Frank Wolf’s acquisitive Abacus Property […]

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 […]

Luxury Balinese resort Ayana attracts attention of WA mining off-the-plan investors

The first integrated residential estate in Bali is proving to be popular with Australian investors, who join purchasers from the USA, Singapore and Japan. Ayana Residences, a new residential complex on the grounds of the luxury Ayana Resort and Spa in Jimbaran Bay in Bali, has had particularly strong interest from Western Australian based mining industry people given their proximity […]

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 […]

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 […]

Sydney and Perth rents hit record highs

Rental rates have surged in Sydney and Perth, which is good news for investors but bad news for tenants who are struggling with tightening budgets and cost-of-living pressures. Rents have increased markedly in the past quarter in Sydney and Perth, driven by lower vacancy rates, both cities reaching record levels, figures from Australian Property Monitors […]

Perth’s largest property for sale again

One of WA’s most expensive properties – failed billionaire Ric Stowe’s Devereaux Farm – is up for sale for the third time in as many years. The 2470-hectre sprawling property at Bullsbrook, one-hour north-east of Perth, was put on the market for $68 million in 2010 and was last year advertised for $50 million but was pulled […]

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 […]

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 […]

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 […]

Avalanche of foolish federal and state government decisions hurting fragile property markets: John Edwards

An apologetically “downbeat” John Edwards has slammed what he calls an “avalanche” of “foolish government actions” which he says could potentially cause undesirable outcomes for fragile property markets. His attack on government policies accompanied the release of Residex August property market results, where house prices fell 0.8%, with Perth the best-performing capital city with a gain […]

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 […]

NSW bargain-hunters looking for discounted central coast property could find gold

Buyers fossicking for discounted properties might strike gold on the NSW central coast. Or even gold bullion bars on Forresters Beach. Six months ago a good Samaritan beachcomber found a gold bar worth $18,000 on Forresters Beach and turned it into the police.  Although the bar had a serial number, the police were unable 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 […]

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 […]

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 […]

Property investors dominate NSW August mortgage activity, with first-home buyer strongest in WA: AFG

The AFG mortgage broking group processed more home loans in August than any month since March 2009. The company processed $3,071 million worth of mortgages in August – an increase of 10% on July figures and 7.4% on August 2011. AFG has 10% of the total national mortgage market. The lending data showed that the proportion of new borrowers […]

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 […]

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 […]

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 […]

Queensland and Tasmania the most extreme buyers’ market, with conditions balanced in Victoria and the ACT: CBA-RP Data

Buyers still hold the balance of power when it comes to buying homes according to the May quarter update to the Commonwealth Bank-RP Data Home Buyer’s Index (HBI) with Sydney still rated as a buyers market while Melbourne is rated as balanced. While conditions favour buyers, the latest index shows a modest improvement over the […]

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 […]