Global accounting giant KPMG and insurance group CGU have joined a host of firms searching through Perth’s 400,000-plus square metres of vacant office space for new homes.
The great Australian dream of owning a home is becoming more of a fantasy, with fewer than half of adults expected to become a home owner in the next few years.
Housing affordability in Perth improved 3.2 per cent in the June quarter amid slowing population growth and stagnant property values as Western Australia emerges from the post-resources boom slowdown.
Rental rates for residential properties in Perth have fallen by 23 per cent over the past three years, the largest fall for any major capital city since World War II, while the vacancy rate has hit a new high.
Listed Perth company Fastbrick Robotics is moving a step towards disruption in the construction industry, with the company building a commercial prototype of its truck-mounted bricklaying robot.
One of Perth’s newest office precincts is in line to get a fresh face, with Charter Hall seeking to build a second tower at Raine Square, part of a $150 million redevelopment plan.
House prices are expected to continue falling in Western Australia, with a survey of property professionals showing sentiment in WA is by far the worst of any state.
LandCorp has released design guidelines for the redevelopment of Bassendean Oval, flagging development of up to eight storeys around the Swan Districts Football Club home ground.
The state government has flagged the possibility of a broad inquiry into the use of imported building materials after confirming today that roofing panels supplied by Chinese company Yuanda to Perth Children’s Hospital contained asbestos.
Cedar Woods Properties has won its second big job for South Australian government agency Renewal SA, having been appointed to redevelop 40 hectares of land at Port Adelaide.
Governments, including local councils, and schools appear to be the biggest clients of building, construction and maintenance firm CPD Group which collapsed in May.
Building will start next year on a $600 million redevelopment of Karrinyup Shopping Centre, with construction giant Brookfield Multiplex adding the big ticket job to its portfolio of works.
Perth-based apartment developer Finbar Group has flagged a near-70 per cent fall in net profit for FY16, on the back of investment property impairments.
Quest Serviced Apartments is continuing its aggressive march on Perth, anchoring a hotel and new retail development at the Millstream Arcade in South Perth.
Fresh evidence of post mining boom malaise in Western Australia’s property sector has emerged, with listed mortgage provider Australian Finance Group reporting a 13.4 per cent fall in the number of home loans in WA over the 2016 financial year.
Chinese property developer and investment group Zone Q Investments has added a CBD office tower to its growing Perth portfolio, buying Westralia Plaza for $87 million.
The Shire of Peppermint Grove expects to have Pankaj and Radhika Oswal’s Taj on the Swan torn down by October, after sending out tenders for demolition of the unfinished structure today.
Building contractors Aurora Project Group and TR Homes have won a combined $12.6 million worth of work in rural Western Australia for the state government.
The City of Perth Library and Public Plaza and the State Buildings have shared the George Temple Poole award at the WA Architecture Awards held on July 1.
The controversial Subiaco Pavilion site has been put up for sale, six years after the present owners bought the former markets and fought an extended battle to develop a high-rise apartment block.
State Development Minister Bill Marmion has told protestors outside parliament that the environmental watchdog would review the government’s plan to extend the buffer zone around the Kwinana industrial area.
Fleetwood Corporation has boosted its manufactured housing portfolio after facing pressure from activist investor and substantial shareholder Sandon Capital Investments to bolster its performance.
