BLACKBURNE Property Group is stepping up its development activities, with the launch this month of a $44 million apartment project in East Perth and a further two projects in the inner suburbs on the way.
New research shows suburban office vacancies are nearly three times higher than in Perth’s inner city, potentially opening the door for local property owners to capitalise on the hot demand for office space.
Continued investment in resources projects will drive a recovery in the Western Australian and Queensland residential property markets in 2012, property developer Mirvac says.
Cedar Woods Properties has maintained its interim dividend of 11 cents per share, despite a 55 per cent drop in net profit for the six months to December 31.
The state’s peak real estate body has scoffed at claims of a rental crisis in Perth, with its latest research showing the vacancy rate for rental properties steady at 2.5 per cent.
Shopping centre giant Westfield is upbeat about the future of retail sales in Australia despite overriding consumer caution and economic uncertainty abroad.
THE challenging residential property market has been stuck at or below the long-term average turnover for the past four years, according to the Real Estate Institute of Western Australia.
BHP Billiton has become a property player in the Pilbara with plans to develop more than 2.5 hectares of land in the centre of South Hedland, including a five-storey residential complex.
Two long-awaited and much-debated marina proposals have inched closer to becoming reality, with Cedar Woods’ Mangles Bay getting an environmental thumbs-up, and the state government committing to advance 30-year-old plans to develop an 850-pen facility at Ocean Reef.
The Carramar Village shopping centre in Wanneroo has hit the market, with CBRE Perth appointed as selling agents.
The Woolworths-anchored shopping centre comprises a gross lettable area of 5,429 square meters and includes 14 specialty stores.
It was completed in 2009.
The Guildford Hotel Redevelopment Group is seeking to overturn redevelopment conditions proposed by the City of Swan for its plan to restore the historic fire-damaged hotel, saying the $7 million project’s viability is at risk.
Expectations of a strengthening housing sector have been helped by new figures showing a rise in the value of new home loan commitments to a two-year high, economists say.
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